TIC (Tenancy in Common)

Definition

A property ownership structure where multiple parties own fractional interests without survivorship rights, and each owner's share can be sold or mortgaged independently. It's perfect for groups who want to share property ownership but maintain complete autonomy.

Example Usage

The four investors structured their beach house as a tenancy in common, each owning 25%.

Origin

From common law property ownership structures

Fun Fact

TIC is different from 'joint tenancy with rights of survivorship,' where property automatically passes to other owners upon death—a distinction that has caused countless family disputes.

Source: Real estate law and property ownership

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