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Tenants in common (TIC) is a type of joint ownership which allows two or more people to own real estate together. Laws in certain states declare that two unmarried individuals own property as tenants in common unless they have agreed to a different form of ownership in writing. Under TIC deeds, the tenants all equally retain the right to access and possess the property.
Tenants in common hold one unity or requirement that is similar to joint tenancy. That unity is the right of possession. A common misconception is that tenants are like people who rent. The term tenants is this case is unrelated to rental property. Tenants in common can be between two or more persons who are related or who are unrelated; the relationship between the parties, if any, makes no difference. Husbands and wives can hold title as tenants in common.