Tenants By Entirety FOR RENT

$18,000

2 Cornmarket St, Oxford, Oxfordshire OX1 3EX, UK

Posted by theviewspark

May 19, 2016

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Tenants by entirety is ownership in real estate under the fictional assumption that husband and wife are one person for legal purposes. This method conveys ownership to them as one person, with title transferred to the other in entirety if one of them dies. This method can only be used when owners are legally husband and wife.

Advantage
The advantage of this method is that no legal action need take place at the death of one’s spouse. There is no need for a will, and probate or other legal action isn’t necessary. (Read about how to avoid this expense in your estate plan in Skipping Out On Probate Costs.)

Disadvantage
Conveyance of the property must be done together and the property cannot be subdivided. In the case of divorce this type of title automatically converts to a tenancy in common, meaning that one owner can transfer ownership of their respective part of the property to whomever they wish. (Read about the dangers of fraudulent conveyances in Protect Your Personal Assets.)