What is Tenant In Common

Tenants in Common are property owners who can purchase another property as a single individual. There is no limit as to the number of individual who can join together in this deal. Share among the partners can be either equal or unequal and every partner has the right over the property.

The Guidelines of a TIC: Agreement

A TIC: Agreement, or Tenants in Common Agreement, is an agreement that is used to establish the rights of people who own property together but who are not related by marriage. Any people who own property together but who are unmarried are considered as being tenants in common, and the TIC: Agreement is then used to cover them and to consider an entity, the property, that they own together.

There are certain issues that should be covered by this agreement, including the division of property into individual and group shares, formulas for determining each owners’ monthly payment in advance and periodically adjusting the amount, and provisions defining when a default has occurred and to then describe remedies to solve the problem.