what does owning property as tenant in common mean
DEFINITION of 'Tenants In Common-TIC'. The co-owners of an undivided interest in real property. Tenants in common each own a separate and undivided interest in the same real property and each has an equal right to the possession and use of the property.REAKING DOWN 'Tenants In Common-TIC'. For example, if six people hold title to the property, each would own an undivided one-sixth interest. Each tenant in common holds his or her undivided interest in severalty, and can sell, convey, mortgage or transfer that interest through the right of partition.