TENANTS IN COMMON - TIC
Co-owners of an undivided interest in real property. Each party has a separate and undivided interest, and is given the right to possess and use the property. Should one of the tenants die, his undivided interest will be given to heirs through probate proceeding. However, the interest will not be given to another tenant in common unless the surviving co-owner is an heir or buyer.
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Original Cost
It simply refers to the total cost associated in buying an asset.
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