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Fractional: TICs For Vacation Home or Condominium
Vacation home co-ownership (sometimes also known as fractional ownership) is an arrangement where several individuals or families co-own and share use of a vacation condo.
What is a tenancy in common (TIC)?
The acronym “TIC”, which stands for tenancy in common, along with the terms “co-tenancy” and “fractional ownership”, refer to arrangements under which two or more people co-own a parcel of real estate without a “right of survivorship”. This type of co-ownership allows each co-owner to choose who will inherit his/her ownership interest upon death. By contrast, the type of co-ownership called “joint tenancy” requires that each co-owner’s interest pass to the other co-owners upon death. Will you be interested in this unit? Please participate in the poll below. Thank you.