What is the definition of tenants by entirety
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What is the definition of tenants by entirety
Tenants by Entirety:
A registration in which each owner has a full interest in the account. Upon the death of one owner, the account passes to the survivor. This registration is restricted to spousal accounts and is not available in all states.
Ownership as tenants by entirety has the same legal effect as joint tenancy with rights of survivorship. If there are two people who own the property as tenants by the entirety that means that if one dies, the other one owns the property completely.
It applies to married couples only. A brother and sister can't own as tenants by the entirety. But they can own as joint tenants with rights of survivorship.
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