Tenants In Common - TIC
Definition of 'Tenants In Common - TIC'
The co-owners of an undivided interest in real property. Tenants in common each own a separate and undivided interest in the same real property and each has an equal right to the possession and use of the property. Upon the death of one tenant, his or her undivided interest passes to heirs through a probate proceeding; the interest does not pass to another tenant in common unless the surviving co-owner is an heir or a purchaser.
Investopedia explains 'Tenants In Common - TIC'
For example, if six people hold title to the property, each would own an undivided one-sixth interest. Each tenant in common holds his or her undivided interest in severalty, and can sell, convey, mortgage or transfer that interest through the right of partition.
Tenancy in common is one type of concurrent ownership where title to one parcel of real property is held by two or more parties. Other forms of concurrent ownership include joint tenancy and tenancy by the entirety.