You may have seen this term on the deed to your home, but many people do not know what the term means.
It is similar to ‘Joint Tenancy’ in that it is a form of shared property ownership.
What makes it different from Joint Tenancy is that creditors cannot enforce a lien on the property if only one spouse owes the debt in question.
Spouse being the key word in that sentence. Tenancy by the entirety is reserved only for married couples and it can only be used for their primary residence.
If you and your spouse do not currently own your primary residence as tenants by the entirety you may want to change over to this type of tenancy.
I can help with that or if you are looking to buy or sell real estate or need to get a will and trust set up for you family please email at [email protected].