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Main Real Estate Terms tenancy by the entirety

tenancy by the entirety



joint ownership of property by husband and wife, recognized in some states. Each has equal rights of possession and enjoyment, and right of survivorship when the other spouse dies. Although similar to joint tenancy, the most common form of property ownership by married couples, tenancy by the entirety treats the estate as a unit, which means that neither spouse can sell assets without the other's consent. Also, creditors cannot force the sale of property to satisfy debts of either spouse. The surviving spouse inherits the entire estate.

See alsocommunity property,joint tenants with right ofsurvivorship,tenancy in common Dictionary of Insurance Terms tenancy by the entirety

ownership of property by a husband and wife together- the law views the couple as one person. This can have a bearing on insurance claims. For example, if the wife willfully destroys property, her husband's claim may be denied by an insurer on the grounds that he is not separate from his wife for insurance purposes, and this constitutes destruction by the insured. Contrasts withtenants in common.

Dictionary of Real Estate Terms tenancy by the entirety

anestatethat exists only between husband and wife with equal right ofpossessionand enjoyment during their joint lives and with theright of survivorship-i.e., when one dies, the property goes to the surviving tenant. Recognized in some states.

Example: A married couple owns property as tenants by the entirety. Neither can convey his or her part of the property during their lives unless the other consents. A creditor of only one spouse is generally prevented from claiming property held by the other spouse in tenancy by the entirety. Divorced spouses become tenants in common.

See alsotenancy in common Dictionary of Business Terms tenancy by the entirety

estatethat exists only between husband and wife with equal right of possession and enjoyment during their joint lives and with the right of survivorship- that is, when one dies, the property goes to the surviving tenant. It is recognized in some states.

Related Terms: Dictionary of Banking Terms community property

property and income accumulated by a married couple and belonging to them jointly. The two have equal rights to the income from stocks, bonds, and real estate, as well as to the appreciated value of those assets.

Dictionary of Banking Terms joint tenants with right ofsurvivorship

ownership of bank accounts, real property, or personal property by two or more people, each having full right of usage-the most common form of property ownership by married persons. When a married couple opens a joint account, say a checking account, each has unlimited access, and can withdraw funds to the full amount in the account. When one owner dies, the property automatically passes to the co-owner,avoiding probate although estate taxes may be payable. Distinguish from tenancy by the entirety.

Dictionary of Banking Terms tenancy in common

joint ownership of property by two or more persons, without right of survivorship. This form of property ownership most often is used by partners in a business partnership, and by unrelated persons holding title to real property. Each party has an indivisible share of the property- when they die, their share is inheritable by their heirs, not by the other tenants. Also called tenants in common.

Dictionary of Real Estate Terms tenancy in common

joint ownership of property by two or more persons, without right of survivorship. This form of property ownership most often is used by partners in a business partnership, and by unrelated persons holding title to real property. Each party has an indivisible share of the property- when they die, their share is inheritable by their heirs, not by the other tenants. Also called tenants in common.

Referring Terms: tenancy in common
tenancy


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tenancy by the entirety