Q: What exactly is “tenancy-in-common” ownership?
A: In simple terms, tenancy in common (sometimes called tenants in common or TIC) is a way for two or more individuals to hold title to an individual property without a “right of survivorship”. This means that each individual co-owner gets to decide who will inherit their portion upon death (rather than co-owners interest passing to the other co-owners involved).
In application, this has become a popular style of ownership for individuals wanting to invest in commercial real estate. Each co-owner of the TIC receive the benefits of ownership (rental income, profit from future sale, etc) while leaving the day-to-day management to professional managers. If you’re considering entering into this form of commercial real estate investment, consult a real estate attorney in advance.
If you have any other questions feel free to call or email.
Take Care,
Dale Chumbley
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1 comment:
This makes perfect sense on Commercial transactions...my question however is have you seen residential owners engage in this type of transaction?
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