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Tenancy in Common
When two or more people own property as tenants-in-common (TIC), they share in the property's tax benefits, any income it generates, and its growth in value, as well as expenses of ownership.
If one owner dies, that owner's share of the property becomes part of his or her estate, to be sold or distributed among heirs as the owner instructs.
TIC arrangements are a popular way to structure the ownership of real estate investments, in which two or more parties buy commercial property to generate income. However, siblings might also own family property in this way, as might business partners.