Tenancy in Common (TIC)

A tenancy in common (TIC) is a form of co-ownership in which two or more people own an interest in real property. Each co-owner owns an undivided interest in the property, which means that they each have an equal right to use and enjoy the property. However, each co-owner's interest is not necessarily equal in value. For example, one co-owner may own a 50% interest in the property, while another co-owner may own a 25% interest.

The most important thing to remember about a TIC is that each co-owner is individually responsible for their share of the property taxes, mortgage payments, and other expenses. This means that if one co-owner fails to pay their share of the expenses, the other co-owners are still responsible for the entire amount.

There are a few advantages to owning a property in a TIC. First, it can be a more affordable way to purchase a home. For example, two co-owners may be able to afford a home that they would not be able to afford on their own. Second, a TIC can provide flexibility if one of the co-owners needs to move. The co-owner who is moving can sell their interest in the property to the other co-owners, or they can find a new co-owner to take their place.

However, there are also some disadvantages to owning a property in a TIC. First, it can be more difficult to make decisions about the property. For example, if one co-owner wants to make a major renovation to the property, the other co-owners may not agree. Second, if one of the co-owners dies, their interest in the property will pass to their heirs. This can make it difficult for the surviving co-owners to sell the property or make decisions about it.

Overall, a tenancy in common can be a good option for people who want to own a property with someone else. However, it is important to understand the advantages and disadvantages of this type of ownership before you decide if it is right for you.

Here are some additional things to keep in mind about TICs:

* Each co-owner is responsible for their own share of the property taxes, mortgage payments, and other expenses.
* A TIC can be more affordable than buying a home on your own.
* A TIC can provide flexibility if one of the co-owners needs to move.
* It can be more difficult to make decisions about the property in a TIC.
* If one of the co-owners dies, their interest in the property will pass to their heirs.