Trying to choose between a condo, a TIC, or a co-op in Russian Hill can feel like comparing three different languages. The forms look similar from the sidewalk, but the rules behind the front door affect how you finance, what you pay each month, and how easy it is to resell. You want a place that fits your budget, lifestyle, and exit plan without surprises. In this guide, you will learn how each ownership type works in San Francisco, what to expect in Russian Hill, and how to decide with confidence. Let’s dive in.

Quick comparison: condo vs TIC vs co-op

Use this as a snapshot. The real story depends on the specific building and documents.

What each ownership means

Condos: unit ownership plus an HOA

You own a defined unit in fee simple, along with an undivided interest in shared areas. An HOA manages rules, maintenance, and budgets through CC&Rs, bylaws, and meeting minutes. You benefit from clear title and a governance framework with known disclosure standards.

TICs: fractional ownership of a building

You own a deeded percentage of the entire property, not a separate legal unit. A TIC Agreement sets exclusive occupancy rights, cost sharing, decision-making, and remedies if an owner defaults. Enforcement relies on contracts, so you must read and understand the agreement in detail.

Co-ops: shares plus a proprietary lease

The corporation owns the building and you buy shares that give you the right to occupy a specific unit through a proprietary lease. A co-op board approves buyers and sets policies on subletting, renovations, and building finances. The building’s financial health directly affects shareholders and monthly costs.

Financing realities in San Francisco

Condos: the broadest options

Most lenders offer conventional, jumbo, and sometimes FHA or VA loans for eligible condo projects. Lenders will review the HOA’s budget, reserves, assessments, and any litigation. Condos usually provide the most flexibility for down payment and loan types compared to TICs and co-ops.

TICs: specialized and stricter

Financing exists, but options are fewer and underwriting is tighter. Many buyers need larger down payments and higher reserves. Some lenders require cross-collateralization or shared mortgage structures, while others will lend against your fractional interest. Expect careful review of the TIC Agreement and occupancy terms.

Co-ops: share loans and board oversight

Lenders that understand co-ops will evaluate the building’s financial statements, reserve levels, any underlying mortgage, and board rules. Loan products are more specialized than condo loans, but often more available than TIC loans. Board approval is part of the process and can affect timing.

Monthly costs and insurance

Condos: HOA dues and HO-6

You pay HOA assessments that fund operations, reserves, and any special projects. The HOA carries a master policy for the building. You typically carry an HO-6 policy for your interiors and personal property.

TICs: shared costs by agreement

Monthly expenses follow the TIC Agreement, which may or may not include formal reserves. Confirm how utilities, insurance, maintenance, and special assessments are allocated. Verify whether the building carries a master insurance policy and how deductibles are shared.

Co-ops: maintenance covers building needs

Monthly maintenance often includes building operations, insurance, reserves, and sometimes taxes or an underlying mortgage. You still carry interior and personal property coverage. Review how the co-op allocates costs and manages reserve planning.

Disclosures and due diligence

For all three forms, standard California disclosures apply, such as Transfer Disclosure Statements, Natural Hazard Disclosure, and lead-based paint for older buildings. You should also collect the governance and financial documents specific to the ownership type.

• Condos: CC&Rs, bylaws, rules, budget, reserve study, recent financials, meeting minutes, insurance, and any special assessment history.
• TICs: complete TIC Agreement, recorded deeds, occupancy/use agreements, insurance arrangements, maintenance and assessment records, meeting notes, and lender feedback on current loan options.
• Co-ops: articles and bylaws, proprietary lease, financial statements, budget and reserve study, board policies on subletting and pets, delinquency rates, and details of any underlying mortgage.

Inspections matter for all. In Russian Hill, older buildings often benefit from roof, foundation, pest, and seismic reviews. Always review title reports, recorded maps, and easements. For co-ops, confirm how transfers are processed and what title protections are available for share purchases.

Resale and marketability in Russian Hill

Condos tend to have the deepest buyer pool and the most straightforward financing, which supports faster resales in many cases. Investors and owner-occupants both participate in the condo market when building rules allow rentals. Pricing is easier to benchmark across similar projects.

TICs appeal to buyers who want classic architecture and a potentially lower entry price than a comparable condo. The tradeoff is a smaller buyer pool and more lending friction. TICs in Russian Hill can take longer to sell, especially if agreements are complex or building maintenance is deferred.

Co-ops vary based on reputation, governance, and finances. Well-run co-ops can command strong outcomes, while strict sublet policies or weak reserves can narrow the buyer pool. Board approval and corporate underwriting add steps to your resale plan.

Taxes, fees, and conversions

San Francisco uses tiered transfer taxes that apply to deeded sales and can also apply to certain share transfers. Confirm how the city treats your specific transaction type and price point. Property taxes are assessed on real property; for co-ops, taxes may be paid at the building level and allocated through monthly maintenance.

Some TIC owners consider condo conversion to improve marketability. In San Francisco, conversion requires owner approvals and compliance with local planning and tenant protection rules. It can be feasible, but it is not quick or simple, and it carries costs.

Which option fits your goals

Use these decision filters to quickly narrow your path:

• Financing needs: If you need FHA, VA, or lower down payment options, condos are most likely to fit.
• Time horizon: If you may sell in the near term, condos tend to be more liquid.
• Governance style: If you prefer formal structures and predictable rules, condos and well-managed co-ops can work. If you want more customized agreements, a TIC may appeal.
• Risk tolerance: TICs require comfort with co-owner interdependence. Co-ops tie your outcome to the corporation’s financial health. Condos separate unit ownership more cleanly.
• Renovations: Check approval processes and rules for all three types before planning major work.
• Pets and rentals: Confirm what is allowed, including any sublet or short-term rental restrictions.

Buyer checklist for Russian Hill

Documents to request

• All standard California seller disclosures and the most recent property tax bill.
• Condos: recorded map, CC&Rs, bylaws, budget, reserve study, financials, meeting minutes, and insurance declarations.
• TICs: recorded fractional deeds, the full TIC Agreement, occupancy/use agreements, insurance details, maintenance records, and lender guidance on current TIC loan products.
• Co-ops: corporate bylaws, proprietary lease, board minutes, financials, budget, reserve study, any underlying mortgage documents, and policies on subletting and pets.
• Inspections: building envelope, roof, foundation, pest, and seismic retrofit history, plus estimates for known needs.
• Title and legal: title reports and all recorded encumbrances or easements. For TICs, confirm remedies for default or changes in ownership.

Local red flags to check

• Deferred maintenance in older buildings, especially roofs, façades, plumbing, or seismic vulnerabilities.
• Parking and storage allocations that are unrecorded or informal. Confirm what is truly deeded or documented.
• Earthquake insurance. Many associations and corporations do not carry it, which shifts risk to owners.
• Tenant situations in TICs, including any rented units without formal agreements.
• Historic or landmark status that could affect remodeling or conversion plans.

How our team helps

You deserve a clear path from offer to close. Our team reads the fine print, from HOA reserve studies to TIC Agreements and co-op bylaws, so you can weigh costs, risks, and timelines with confidence. We help you match financing to the building type, clarify governance tradeoffs, and price your options using deep Russian Hill and citywide experience.

If you want seasoned guidance and a disciplined process, connect with the Missy Wyant Smit Corporation. Our team brings a boutique approach backed by enterprise tools to help you move decisively in San Francisco’s most competitive neighborhoods.

FAQs

What is the main difference between a condo, TIC, and co-op?

• A condo gives you a deed to your unit, a TIC gives you a deeded fractional share with occupancy rights, and a co-op gives you shares plus a proprietary lease.

How does financing differ for condos vs TICs vs co-ops?

• Condos usually offer the broadest loan choices, TICs rely on specialty lenders with stricter terms, and co-ops use share loans that also review building finances.

Are TICs always cheaper than comparable condos in Russian Hill?

• TICs often sell at a discount due to financing limits and smaller buyer pools, but the gap varies by building condition, location, and documents.

What should I review before buying into an HOA or co-op?

• Review governing documents, budgets, reserve studies, recent financials, meeting minutes, insurance, rules on rentals and pets, and any special assessments.

How do monthly costs compare among condos, TICs, and co-ops?

• Condos pay HOA dues and reserves, TICs share costs per the TIC Agreement, and co-ops pay maintenance that can include taxes or an underlying mortgage.

Can a TIC convert to a condo in San Francisco?

• Condo conversion can be possible, but it requires owner support and compliance with local rules, and the process can be lengthy and costly.