Percentage Ownership in Entire Building
When you buy a TIC dwelling, you do NOT own the unit. Instead, you have a percentage stake in the entire building along with other people who bought the other TIC dwellings in the building. For example, if you own a TIC in a 10 unit multi-family building, you will likely own close to 10% of the entire building’s title, not the unit itself.
What percentage you own is determined contractually, depending on many factors, including the floor of your unit on a multi-floor building, your unit’s square footage compared to others, and its desirability. The deed of the building will show your percentage ownership of the entire building when you buy the TIC. There is no individual deed for your unit, but the entire building itself.