Two Ways to Co-Own Property

If you co-own real estate with someone else, you can do this in two ways, as Joint Tenants (JT) or Tenants in Common (TIC).

JT means two persons, A and B, own equal shares of the property. If A dies, his share of the property goes to B.

TIC means one or more persons have an ownership interest in the property. If A dies, his share goes to his estate (the property to be distributed to his heirs).

Why Make a TIC Agreement

If you’re purchasing a home as TIC, you should get a TIC Agreement prepared that sets out the terms of co-ownership. This can prevent some very bad property disputes later on. A TIC will lay out:

  1. Ownership shares
  2. Expenses contributions
  3. Intended use of the property
  4. Repair and maintenance
  5. Terms of sale and distribution of proceeds
  6. Dispute resolution mechanism
  7. Co-owner death/incapacity
  8. Method for buying out other co-owner’s interest

We can help you with this.