In one sentence
A form of co-ownership where multiple parties hold undivided fractional interests in a property, each freely transferable.
The longer version
Under a tenancy in common, several owners each hold a separate, undivided fractional interest in the same property, with rights to transfer their share. TIC structures appear in investment properties and 1031 exchange vehicles.
Lending to a TIC-owned property is complex, since multiple owners and their interests must be addressed in the loan documents and the collateral analysis.
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