Tenants in Common (TIC)
Chapters in this video
What this video covers
- Why each tenant in common (TIC) owner holds a separate deed for their undivided fractional interest, not a divided physical portion of the property
- How ownership shares in a TIC do not need to be equal, and why the exam loves to test unequal splits like 99%/1%
- Why no co-owner's consent is required for another owner to sell, transfer, or bequeath their TIC interest
- What happens to a TIC owner's interest at death: it passes through their estate and into probate, not automatically to surviving co-owners
- How to distinguish TIC from joint tenancy with right of survivorship (JTWROS), and why the exam traps you with automatic inheritance on TIC
- Why a TIC is not a separate legal entity or partnership, and why each owner reports income and expenses on their own individual tax return instead of filing a partnership return
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