San Francisco real estate terms, in plain English.

Tenancy in Common · Condominium · Condo conversion · Disclosure package · Natural Hazard Disclosure · Preliminary title report · Contingency · Pre-emptive offer · Homeowners Association · Rent control · Soft-story seismic retrofit · Accessory Dwelling Unit · Compass Concierge

Tenancy in Common (TIC)

A form of shared ownership common in San Francisco where co-owners hold the whole property together and each has the exclusive right to occupy a specific unit, governed by a TIC agreement. TICs often price below comparable condos, with tradeoffs in financing, resale, and co-owner obligations. Review any TIC agreement with a qualified attorney.

Condominium (condo)

Individually deeded real estate: you own your unit outright plus a share of the building's common areas, with standard condo financing and a homeowners association. The most straightforward form of shared-building ownership to buy, finance, and resell.

Condo conversion

The legal process of converting a multi-unit building, often TIC-owned, into individually deeded condominiums under San Francisco's rules. Conversion can increase value and simplify resale, but eligibility is limited and rules change. Never buy a TIC counting on conversion.

Disclosure package

The set of documents a San Francisco seller typically provides before offers: seller statements, inspection reports, a natural hazard disclosure, a preliminary title report, permit history, and, for condos and TICs, HOA or co-ownership documents. Often a few hundred pages, and the place where a property's real story lives.

Natural Hazard Disclosure (NHD)

A California-required report stating whether a property sits in mapped hazard zones such as earthquake fault, liquefaction, landslide, flood, or fire severity areas. In San Francisco, liquefaction and seismic zones are the ones buyers most often ask about.

Preliminary title report

A report from a title company showing how title is held and what's recorded against the property: liens, easements, and exceptions a buyer would take title subject to. Worth reading closely before removing contingencies.

Contingency

A condition written into an offer that lets the buyer exit or renegotiate without losing their deposit, commonly for inspections, appraisal, or financing. In competitive San Francisco offers, which contingencies to keep or waive is a strategy decision with real risk attached. Decide it deliberately, not by default.

Pre-emptive offer

An offer made before a seller's published offer date, attempting to buy the property before other buyers respond. Common in San Francisco for well-priced listings. Sometimes it wins value; sometimes it overpays for speed. The right call depends on the property and your alternatives.

Homeowners Association (HOA)

The organization that governs a condo building or development: it sets budgets, collects dues, maintains common areas, and enforces rules (CC&Rs). HOA financial health, reserves, and pending special assessments belong in every condo buyer's review.

Rent control (San Francisco)

San Francisco's Rent Ordinance limits annual rent increases and restricts evictions for many buildings, generally those built before June 1979, with specifics that depend on the building and unit history. It significantly shapes the math on multi-unit investments. Confirm how it applies to any specific property with a qualified attorney.

Soft-story seismic retrofit

Structural strengthening of buildings whose ground floor (often garage openings) is weaker than the floors above, a known earthquake vulnerability. San Francisco has required retrofits for many multi-unit wood-frame buildings; whether the work is done, and done with permits, matters to value and safety.

Accessory Dwelling Unit (ADU) / in-law unit

A secondary living space on a residential property, such as a converted garage level or backyard unit. San Francisco has legalization paths for some existing unpermitted units. Permitted status drives value, insurability, and rentability, so verify it rather than assume it.

Compass Concierge

A Compass program that can front the cost of certain pre-sale improvements, like paint, staging, and repairs, repaid at closing. Useful when targeted prep would clearly help a sale; terms and eligibility apply.