Tenancy in Common (TIC) is a type of real estate ownership where two or more people own a property together. Each owner has an undivided interest in the property, meaning they each have the right to use the entire property. However, owners can leave their TIC interest to whomever they choose in their will, and they are not required to sell the property if one of the owners dies.
Tenancy in common is a popular ownership arrangement for people who want to buy property with friends or family members. It can also be a good option for people who want to leave their TIC interest to someone other than their spouse or partner.
Published: Sep 20, 2022
Updated: Sep 20, 2022