Mortgage Services is your primary point of contact for all questions and concerns related to Princeton University’s Tenancy-in-Common Program.
Repurchasing TIC Equity
You may purchase all or a percentage of Princeton’s equity in your property at any time. Please contact Mortgage Services at (609) 258-3123 for information.
You are expected to maintain the property in good repair, and bear responsibility for all costs. Princeton does not share in these costs.
Qualified Major Improvements
You may request an adjustment in the proportionate shares of TIC ownership if you meet the criteria for qualified major improvements.
No capital project shall be considered for an equity change unless it is approved in advance by the University. We encourage you to contact Mortgage Services directly if you are considering any significant improvement to your property.
A “qualified major improvement” is one that costs 5 percent of the current appraised value of the property or $50,000, whichever is less, and qualifies for an adjustment to the cost basis of a property for federal income tax purposes.
Change in Status
The University’s TIC participation in your property is due and payable when you no longer are employed by the University (except for retirement), or no longer use the property as your principal residence. Normal standards require repayment of the TIC participation within 90 days of the end of your University employment.
When you retire, you may continue to participate in the TIC program as long as the property is your primary residence.
Under University guidelines, if you die while employed or die as a retiree,your surviving spouse or registered domestic partner may continue in the TIC program (with some restrictions).
Selling a Residence owned with TIC
If you wish to sell your residence to a third party, the price and conditions of the sale must be approved by Princeton prior to marketing the house. Upon closing, the net sale proceeds will be distributed to each party as follows:
First, Princeton will receive its proportionate share.
Second, the owners will receive their proportionate share, but only after having first fully satisfied all charges or liens against the property, including the Princeton mortgage.
As the owner of the property, you are responsible for funding any shortfall using your personal assets without affecting in any manner Princeton’s proportionate interest.