Tenants in Common (TIC) Agreement
What is tenants in common (TIC) Agreement?
A tenant in common (TIC) agreement is used to demonstrate the rights of people unconnected by marriage who own place together. One can own property with a parent, and may have the property classed in several different ways than as tenants in common ownership. If a provision in the TIC agreement is in conflict with a law regarding TICs, then the law often wins. So before signing, one must be certain that every part of the TIC conforms to the laws in one’s state or country.
If a tenant chooses to change the property and undertakes all expenditures, he or she may be entitled for a greater share of possession in the property. This, however, depends on the example TIC agreement established. Alternately, if a tenant willfully causes damage to property, the TIC agreement may cause the tenant to loose ownership rights. In these cases the TIC agreement usually states whether this is an acceptable use of the property and what financial obligations this might incur to all owners.
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