What is a Tenants in Common (TIC) Agreement?
A tenants in common (TIC) agreement is used to establish the rights of people unrelated by marriage who own property together. When unmarried people purchase property, they are considered as tenants in common. A few exceptions to this exist. One can own property with a parent, and may have the property classed in several different ways than as a tenants in common ownership. Usually, when two or more people own a property together, they need to establish a TIC agreement to fully list the rights of each tenant. It is important to realize that tenancy does not in this case mean physically occupying the property. One could have a TIC agreement with several people who share in the revenues of renting a property. Conversely, one of the owners might occupy the property, while another lives elsewhere. The problems of joint ownership can become complex and can be greatly eased by TIC agreements. The first importance is stating percentage of ownership. Without such a statement, all owners are co
