How are the decisions made in a tenancy in common?
All decisions are made by owner vote. Usually, a distinction is made between day-to-day decisions made by a majority, and major costs, such as high cost non-emergency repairs or changes in the allocation of usage rights or costs, made by unanimous vote. In larger tenant in common groups, it is not practical to hold an owner meeting each and every time a decision is necessary, so day to day operational matters are handled by elected boards or management committees. Major decisions require a majority, or unanimous vote by all owners, depending on the importance of the issue. How are T.I.C.s managed? It is imperative for the success of a T.I.C. that responsibility for each aspect of management be assigned to one person. In this context, informality generally translates into inaction, and dispute. In each and every case it is always advisable to have a formal management structure built into the co-ownership agreement, even if you plan on ignoring it and handling issues informally. That way
