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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.
BREAKING DOWN '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.REAKING DOWN '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.