Real Property
A form of co-ownership available only to married couples, with the right of survivorship and protection from individual creditors.
Tenancy by the entirety is a special form of joint ownership available only to married couples in New York. It includes the right of survivorship. When one spouse dies, the property automatically passes to the surviving spouse. Neither spouse can sell, mortgage, or transfer their interest without the consent of the other. The property is also protected from the creditors of only one spouse, a creditor must have a claim against both spouses to place a lien on the property.
Exam Tip
Tenancy by the entirety = married couples only. Neither can sell without the other's consent. Creditors of one spouse cannot attach the property.
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Real Property
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