TicX, a Tenant in Common Exchange, claims to be the solution to affordable housing
The recently launched online platform is the first of its kind which allows investors to acquire a share of a property while providing a market for trading shared interests which was previously not available.
‘Tenancy in common’ itself is not a new concept – it refers to the situation where two or more people co-own a property, through unequal or equal shares, which can be disposed of however they wish.
But in the past, only buyers have been able to purchase a property as tenants in common – ticX is the first trading platform where properties are legally able to be offered by sellers to multiple buyers.
Managing Director of ticX Tony Puls said the platform and its benefits are completely unique.
“We don’t buy properties and increase the price and put them back on the market to sell a fractional interest in them. We’re totally different because everybody owns a direct share registered on title. There’s no complex managed investment scheme. You’re not buying units in a unit trust. You’re buying a direct ownership share. We can drive past that house and say well I own 25% or 50% of that home.”
— Managing Director of ticX, Tony Puls told savings.com.au
So how does ticX work?
ticX is an online platform where a property can be listed and offered for sale to two or more co-owners and ownership shares in it can be bought and sold.
Only ticX members can do this. Membership is currently free, with no plans yet in place for how much or when a paid service will be introduced.
Read more here
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