Condo: The property is divided into physical parts and each unit has its own public record, and each owner has a deed that outlines which unit is theirs. Typically, a person only owns the inside of the unit and homeowners’ association fees cover common areas and the exterior.
TIC: With a TIC, the property is divided into percentages (including the external part of the property), but the property is recorded publicly as one dwelling instead of individual dwellings. The TIC agreement outlines how the property will be divided and who is responsible for what. The agreement, however, is not recorded in county real estate records.