One or more tenants can buy other members to terminate the lease. If tenants develop conflicting interests or instructions for the use, improvement or sale of the property, they must agree together to move forward. In cases where there is no agreement, a partition action may take place. The divisional action may be voluntary or judicial, depending on the cooperation between the tenants. The objective of the tic agreements is (i) to clearly define the rights and obligations of all parties, (ii) to anticipate potential problems related to the property and its co-ownership and (iii) to provide concrete procedures for resolving conflicts. If an agreement is particularly complex and the risks are high, a well-developed ICT agreement can and should be long and detailed. All costs saved through the development of a single or simple agreement will be lost 10 times if the agreement does not provide clear answers in the event of inevitable disagreement between co-owners. An ICT is created when the owners take possession of a property, the deed indicating the percentage of each owner. Although it is advisable to establish an ICT agreement before the lease in a common structure, it is not necessary. If there is no ICT agreement at the time of ownership, the characteristics of ICT are defined by state laws and common law, z.B. each ICT has the right to own all of the property, each can transfer its shares without the consent of other ITCs, and each will share all of the revenues and heritage charges according to the percentages of ownership indicated on its acts. It should be noted, however, that tenants can collectively waive their right to share as part of their ICT agreement.
A total waiver may be an unenforceable restriction on the alienation of property, but a court may recognize limited waiver declarations. B, for example by renouncing sharing rights for a specified period of time or under certain conditions. Individual tic loans have two important advantages over the old-world approach to group credit. First, a late payment or non-payment by one owner has no influence on another owner. A payment problem appears only in the credit holder`s credit report, which is at fault, and a bank lockdown only includes the owner`s ICT interest. Second, a sale or refinancing by one owner does not require the agreement or cooperation of another owner. As a result of these benefits, real estate agents report that CITs sell faster with individual tic mortgages and get prices at least 25% higher than CITs with group credits. Many people mistakenly believe that SACO leases, as common ownership percentages, control the resale prices of owners and/or distribute revenue when the entire property is resold or refinanced. Indeed, a well-developed SACO-ICT agreement never allows the percentage of property to control the return or refinancing of revenues, because such an agreement would be unfair to owners who invest intelligently in improving their place.
The individual resale price of an owner must always be left to the individual owner and his buyer and never be determined or influenced by his percentage of ownership or by an appreciation of the whole property.