Tenancy in Common (TIC)

Tenancy in Common (TIC) is a form of property ownership where two or more people own a share of a property. Each owner can have a different percentage of ownership, and they have the right to sell or transfer their share without needing consent from the other owners. Unlike joint tenancy, TIC does not include the right of survivorship; when one owner passes away, their share can be inherited by heirs rather than automatically going to the surviving owners. This arrangement offers flexibility but also requires clear agreements among co-owners regarding property use and responsibilities.