If you are like most people you probably have no idea what TIC, or Tenancy in Common, is or what TICA is. TIC: Tenant in Common Association (TICA) is a trade association that serves common owners of property, or in more plain terms it is an association that protects the rights of multiple owners of real property. If one owner dies or wishes to sell their interest in the property, TIC: Tenant in Common Association (TICA) will help to protect those interests for the owner.
TIC: Tenant in Common Association (TICA) Functions and Duties
Firstly if you are a tenant in common you should apply for membership in TICA. It is a simple online process, and once you are a member you can take full advantage of all the services they provide. TIC: Tenant in Common Association (TICA) has representation in all fifty states in the United States with their main offices being in Indianapolis, Indiana.
Once you are a member in the TIC: Tenant in Common Association (TICA) you have access to four main benefits with other smaller benefits being associated with these. The first benefit is professional development. Membership allows you to interact with leading tenant in common professionals at annual conferences and symposiums as well as affording you the opportunity to speak with these professionals in times of need.
The second benefit is education. TIC: Tenant in Common Association (TICA) offers and extensive list of courses hosted at conferences and symposiums to help you understand your rights and responsibilities as a tenant in common.
The third benefit of membership is access to information from the association. TICA sends out quarterly newsletters with information on the latest news, alerts, and legislative rulings that are relative to tenant in common law.
The fourth, and probably the most important, benefit of membership is getting representation from members of TICA. TICA board members act as industry watchdogs and stay current with developments that affect you and your property. You can also call on these members to voice your opinions to local, state and in some extreme cases federal government to be sure that interests are protected.
There are plenty of other benefits from membership, but these four cover most of the problems that you may see as a tenant in common. TIC: Tenant in Common Association (TICA) is first and foremost there to protect you, but they can only do this if you become a member. If your property is important to you and you meet the criteria as a tenant in common, contact them to get started as a member and you will not regret it.
Author Resource:-
Kathryn R. Landry is a business writer for TIC Advisors, Inc. A company that can give you the most complete information on a 1031 exchange or TIC property ownership.
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