Tenancy In Common (TIC)
Categories: Real Estate
You and your sister decide to go halfsies on a muskrat hunting lodge. Each of you owns an equal share in the property. In short, you have set up a tenancy-in-common relationship (you're still siblings, too...you've just added the tenancy-in-common thing).
The term refers to a situation where more than one person has an ownership stake in a property. Each stake is a separate thing; you can leave your share to your kid, and she can name Uncle Jerry as her beneficiary.
Tenancy-in-common can apply to both commercial and residential property. Sometimes the ownership split is 50/50, but it doesn't have to be. Maybe your sister put up some extra money to buy the place, and negotiated a 60% share. Which means she gets to pick the curtain colors.
