Tenancy By The Entirety


DEFINITION of 'Tenancy By The Entirety'

A type of concurrent estate in real property that is unique in that it occurs where the owners of property are husband and wife. Each spouse has an equal and undivided interest in the property. In essence, each 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.

BREAKING DOWN 'Tenancy By The Entirety'

A tenancy by the entirely can only occur when the owners are husband and wife 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 husband and wife.

  1. Joint Tenancy

    A type of property right where two or more people own or rent ...
  2. Holdover Tenant

    A renter who remains in a property after the expiration of the ...
  3. Breach Of Contract

    Violation of any of the agreed-upon terms and conditions of a ...
  4. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  5. Tenants In Common - TIC

    The co-owners of an undivided interest in real property. Tenants ...
  6. Lease

    A legal document outlining the terms under which one party agrees ...
Related Articles
  1. Retirement

    State Laws Dictate Division Of Joint Property

    In breakup, divorce or death, community or common law will determine how property is divided.
  2. Budgeting

    Marriage: For Richer Or Poorer?

    Marriage can be like doubling an income, as long as you avoid doubling these expenses.
  3. Taxes

    The Tax Benefits Of Having A Spouse

    Check out the perks designed to promote and preserve your post-work savings - if you're married, that is.
  4. Personal Finance

    Marital Union; Financial Separation

    For a happy marriage, a financial separation may be the best solution.
  5. Home & Auto

    4 Ways To Value A Real Estate Rental Property

    Real estate rentals can be a profitable alternative to the buy-and-sell approach if investors know how to make accurate valuations.
  6. Economics

    Who is a Lessor?

    A lessor is the owner of an asset that is leased.
  7. Economics

    How Does a Modified Gross Lease Work?

    A modified gross lease is a rental agreement where, in addition to their rent, tenants pay a share of other costs associated with the property.
  8. Credit & Loans

    How Does a Lease Work?

    A lease is an agreement between two parties where the lessor owns property that it allows the lessee to use pursuant to terms of the agreement.
  9. Economics

    What is a Leasehold Improvement?

    A leasehold improvement is an alteration made to a rented space that customizes the space for the tenant.
  10. Economics

    What is Joint Tenants with Right of Survivorship?

    A type of brokerage account where a surviving member inherits the other member's share of account assets upon the death of that other member.
  1. Does renters insurance cover storage units?

    An all-perils renters insurance policy provides coverage for the contents of storage units. Most policies limit the amount ... Read Full Answer >>
  2. Does renters insurance cover mold?

    An all-perils renters insurance policy typically provides a low set amount of coverage for damage caused by mold as long ... Read Full Answer >>
  3. Does renters insurance cover dog bites?

    A renters insurance policy typically provides liability coverage, up to policy limits, for dog bites unless the coverage ... Read Full Answer >>
  4. Does renters insurance cover theft?

    An all-perils renters insurance policy provides worldwide theft coverage for personal property after a claim exceeds the ... Read Full Answer >>
  5. Does renters insurance cover bike theft?

    The theft of bicycles is covered under a renters insurance policy up to the insured limits. The theft should be reported ... Read Full Answer >>
  6. Does renters insurance cover moving?

    An all-perils renters insurance policy covers damage to items resulting from a covered peril during a move. Limitations and ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Quick Ratio

    The quick ratio is an indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet ...
  2. Black Tuesday

    October 29, 1929, when the DJIA fell 12% - one of the largest one-day drops in stock market history. More than 16 million ...
  3. Black Monday

    October 19, 1987, when the Dow Jones Industrial Average (DJIA) lost almost 22% in a single day. That event marked the beginning ...
  4. Monetary Policy

    Monetary policy is the actions of a central bank, currency board or other regulatory committee that determine the size and ...
  5. Indemnity

    Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability ...
  6. Discount Bond

    A bond that is issued for less than its par (or face) value, or a bond currently trading for less than its par value in the ...
Trading Center