What is a tenancy in common (TIC)?
The acronym “TIC”, which stands for tenancy in common and tenants in common, 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. The terms tenancy in common, tenants in common, and TIC, can be confusing because they are used interchangeably to describe a variety of co-ownership arrangements with very different characteristics and purposes. The “tenant in common issues” critical in one context are often completely irrelevant in another, leading to confusion. To cut through the confusion, cre
