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TIC

A "tenancy-in-common" or "TIC" is a form of ownership for two or more owners. The individual interests do not have to be equal and the owners enjoy a proportionate right to the property. Tenants in common are considered direct owners and are listed on the deed. If the tenants in common invest in real estate, the owners receive a proportional share of the income, tax benefits, and appreciation of the property. Upon the death of one of the owners in a tenancy in common, title passes to the estate of the deceased owner. The beneficiary named in the will assumes the decedent's proportionate title to the property and become the new tenant in common along with the surviving tenants in common.

 

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