Definition of Tenancy By The Entirety



Tenancy by entirety is a kind of legal ownership of the property jointly by spouses (husband and wife). Legally the property is treated jointly owned and singly owned by each spouse at the same time. The tenancy by entirety assumes that the decision taken by either of the spouses is mutually agreed and if one of the spouses decides to sell or transfer the property to any other like their son, without the consent of the other, the tenancy by the entirety will prohibit that.

 


The real benefit of tenancy by entirety is that at the death of one of the spouses the property is automatically transferred to the other spouse.


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