Tenancy by the entirety

Tenancy by the entirety,

Definition of Tenancy by the entirety:

  1. Tenancy by the entirety can only occur when the owners are married to each other at the time the title is received. A tenancy by the entirety may be terminated by the death of one spouse, by divorce (resulting in the parties becoming tenants in common) or by the mutual agreement of the spouses.

  2. Joint-ownership of real estate that arises only between a husband and wife when the character of their ownership is not specified in the title document (deed or will). Both have equal right of possession and enjoyment during their lives as spouses, and the right of survivorship under which (upon the death of either one) the full ownership is automatically (without probate) transferred to the survivor. In this arrangement (1) neither spouse can unilaterally end the tenancy, (2) neither can transfer (convey) his or her share to a third party, and (3) creditor(s) of either spouse many not cause a sale of the property to collect the debt. This tenancy can only be terminated by divorce, a joint transfer of the property to a third party, or by a conveyance by one spouse of his or her share to the other. The inability of either spouse to unilaterally terminate the tenancy-by-entirety is the primary difference between it and joint-tenancy. Also called tenancy by the entireties or tenants by the entirety..

  3. Tenancy by the entirety is a type of concurrent estate in real property that occurs when the owners of the property are married. Each spouse has an equal and undivided interest in the property. In essence, each spouse mutually owns the entire estate. In the event that one spouse dies, the full title of the property automatically passes to the surviving spouse. A tenancy by the entirety permits spouses to jointly own property as a single legal entity.

Meaning of Tenancy by the entirety & Tenancy by the entirety Definition