Tenants in Common
1031 TIC Investment Overview
In a Tenants in Common (TIC) structure an investor owns an undivided fractional interest in real property and shares pro-rata in all the expenses and income of the property as well as depreciation benefits. TIC real estate investors receive a recorded deed for their fractional interests in the property. 1031 exchange investors may find suitable replacement property in the form of TIC ownership. And TIC offerings are often pre-arranged with financing allowing for a simpler and faster closing of 1031 exchange replacement property. Learn more about common TIC benefits and potential TIC risks.
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What is a 1031 TIC Exchange Property?
TIC Fractional Ownership of Real Estate
Tenants-in-Common (TIC) became popular in 2002 after the IRS issues Revenue Ruling 2002-22 governing the needed structure of TIC real estate. In a TIC structure an investor owns an undivided fractional interest in real property and shares pro-rata in all the expenses and income of the property as well as depreciation benefits. TIC investors receive a recorded deed for their fractional interests in the property.
1031 exchange investors may find suitable replacement property in the form of TIC ownership. Tenants in Common offerings are often pre-arranged with financing allowing for a simpler and faster closing of 1031 exchange replacement property.
Tenants in Common Fractional Ownership
The acronym “TIC”, which stands for tenancy in common and tenants in common, refers 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. The broader terms “fractional ownership”, “shared ownership, and “co-ownership” encompass all arrangements involving two or more owners, including tenancy in common and joint tenancy.
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