Tenants In Common

TENANTS IN COMMON (TIC)

The Chicago Commercial Center is proud to be a trailblazer in offering Tenants in Common (TIC) insurance and has several industry experts on staff to assist you with this product.

TIC is an arrangement 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.

This arrangement is favored by income property investors and real estate syndicators, who increasingly use TIC as a vehicle to facilitate income tax-deferred exchanges, a trend that has been propelled by recent IRS rulings recognizing certain tenancy in common structures as legitimate vehicles for these exchanges. Vacation home buyers and resort developers also use "fractional ownership" to share ownership and usage of vacation properties so that owners need not buy more than they can use and afford, but still get legal title to real estate, unlike traditional "time share" arrangements.

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Chicago Commercial Center, Chicago Title Insurance Company 10 South LaSalle Street, Suite 3100, Chicago, IL 60603 312.223.4CCC

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