Assignment typically refers to the act of transferring one’s ownership interest in a property to another party. A TIC agreement usually involves multiple parties, each of whom owns an undivided share of the entire property, with the right to use and benefit from all parts of it.
When a tenant in common wants to sell their share or otherwise relinquish their rights to it, they can do so through an assignment. The process involves drafting and signing an agreement that specifies the terms of the transfer, including who will take over the ownership stake, when the transfer will take place, and how much the new owner will pay for it, if applicable.
In real estate, assignments are often subject to the terms of the original TIC agreement and any governing laws or regulations. For example, the other tenants in common might have a right of first refusal, allowing them the first opportunity to buy the share before it is sold to an outside party. Also, some jurisdictions have rules about how many owners a TIC can have, which could affect the ability to assign ownership.
It’s important to consult with a real estate attorney or professional when carrying out an assignment, as it can have significant legal and financial implications.