Joint Tenants in Common(redirected from JTIC)
Also found in: Acronyms.
Joint Tenants in Common
A way for two or more persons to own property together. Joint tenants in common may own equal or unequal shares of the property (but shares are usually equal), and there are no rights of survivorship. That is, when one of the co-owners dies, his/her share of the property becomes part of his/her estate and passes on to heirs. This is an arrangement common in joint business ventures: if two persons own an apartment complex and one of them dies, the decedent's share of the complex passes to his/her beneficiaries and does not pass to the other co-owner.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved