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June 1, 2017

Condo Conversion Still Possible for TIC Buildings

The Board of Supervisors suspended the city’s infamous condo conversion lottery in 2013 until 2024, replacing it with an expedited conversion for eligible TIC groups. However, you may not know is that some TIC groups are currently eligible to condo convert.

It all has to do with the date of your TIC agreement, says law firm Goldstein, Gellman, Melbostad, Harris and McSparran. Three- to six-unit buildings that had a signed TIC agreement in place as of May 1, 2013—and which meet new six-year owner occupancy requirements—will be eligible to condo convert over time. Owners will each need to pay the $21,000-per-unit fee, as well.

Buildings without a signed TIC agreement in place as of May 1, 2013 may never qualify for conversion unless the city resumes the lottery in 2024.

Of course, the devil is in the details when it comes to TICs in San Francisco. Check with your TIC attorney if you’re planning to sell or buy a TIC interest and are not sure about its condo conversion possibilities. The ability to condo convert will certainly boost resale value.

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