Tenants In Common - TIC

AAA

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.

RELATED TERMS
  1. Joint Tenancy

    A type of property right where two or more people own or rent ...
  2. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  3. Asset

    1. A resource with economic value that an individual, corporation ...
  4. Joint Tenants with Right of Survivorship ...

    A type of brokerage account which is owned by at least two people, ...
  5. Tenants By Entirety - TBE

    A method in some states by which married couples can hold the ...
  6. Deed Of Surrender

    A legal document that transfers property ownership for a specified ...
RELATED FAQS
  1. What are the three "nets" of an NNN lease?

    A triple net (NNN) lease is a type of real estate lease in which the tenant is responsible for paying the building's property ... Read Full Answer >>
  2. What are the differences between single, double and triple-net leases?

    A net lease is a real estate lease in which the tenant pays, on top of his rent, one or more of the following expenses: property ... Read Full Answer >>
  3. Can you ask your landlord to remove a waiver of subrogation clause from your lease?

    You can ask your landlord to remove a waiver of subrogation clause, but you will both need to agree to its removal or the ... Read Full Answer >>
  4. Do landlords set up escrow accounts for their tenants' security deposits?

    Landlords must set up escrow accounts to hold tenants' security deposits if the accounts are required by the laws of the ... Read Full Answer >>
  5. Is a waiver of subrogation clause better for a tenant or a landlord?

    A waiver of subrogation clause is good for both a tenant and a landlord. A waiver of subrogation is a two-way agreement in ... Read Full Answer >>
  6. Will filing bankruptcy stop an eviction?

    Until 2005, landlords were required to cease all eviction proceedings when their tenants filed for bankruptcy. Bankruptcy ... Read Full Answer >>
Related Articles
  1. Home & Auto

    Tips For The Prospective Landlord

    Investing in rental property can generate serious income, but there's more to it than collecting rent.
  2. Retirement

    State Laws Dictate Division Of Joint Property

    In breakup, divorce or death, community or common law will determine how property is divided.
  3. Retirement

    Holding Titles On Real Property

    Find out how best to claim and convey ownership on your assets.
  4. Retirement

    Estate Planning Must-Haves For Unmarried Couples

    Society provides benefits to those who wed and punishes those who don't. Find out how to protect yourself.
  5. Home & Auto

    Housing Cooperatives: A Unique Type Of Home Ownership

    Co-ops are often less expensive than apartments and provide some unique benefits and drawbacks for owners.
  6. Taxes

    Tax Deductions For Rental Property Owners

    Besides creating ongoing income and capital appreciation, real estate provides deductions that can reduce the income tax on your profits.
  7. Retirement

    Estate Planning Basics

    Deciding what will happen to your assets when you pass away is a must - no matter how wealthy you are.
  8. Home & Auto

    5 Rental Red Flags

    Know what to look for before entering into a rental agreement.
  9. Budgeting

    Take Advantage Of A Housing Crisis - Rent!

    When a housing crisis strikes, the big winners are often the renters.
  10. Personal Finance

    How To Rent Your Home So You Can Pay Your Mortgage

    If you own your home, but temporarily can’t afford the payments, and can’t a find cheaper place to live, temporarily renting your home may be the solution for you.

You May Also Like

Hot Definitions
  1. Mixed Economic System

    An economic system that features characteristics of both capitalism and socialism.
  2. Net Worth

    The amount by which assets exceed liabilities. Net worth is a concept applicable to individuals and businesses as a key measure ...
  3. Stop-Loss Order

    An order placed with a broker to sell a security when it reaches a certain price. A stop-loss order is designed to limit ...
  4. Covered Call

    An options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset ...
  5. Butterfly Spread

    A neutral option strategy combining bull and bear spreads. Butterfly spreads use four option contracts with the same expiration ...
  6. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
Trading Center