Clear Answers and Explanations on Tenancy In Common (TIC)

What is a tenancy in common (TIC)?

The acronym TIC, which stands for tenancy in common and tenants in common, and also sometimes referred to as co-tenancy, refers to arrangements under which two or more people co-own a parcel of real estate without a “right of survivorship”. This type of co-ownership allows each co-owner to choose who will inherit his/her ownership interest upon death. By contrast, the type of co-ownership called joint tenancy requires that each co-owner’s interest pass to the other co-owners upon death. The broader terms fractional ownership, shared ownership, and co-ownership encompass all arrangements involving two or more owners, including tenancy in common and joint tenancy. READ MORE