Closings glossary
Tenancy by the entirety
Joint ownership by spouses with a right of survivorship, where neither can transfer or mortgage the property without the other. It is the default for married New York grantees.
What is tenancy by the entirety in New York?
Quick Answer
The full definition
Joint ownership by spouses with a right of survivorship, where neither can transfer or mortgage the property without the other. It is the default for married New York grantees.
Also called: TBE.
Where does tenancy by the entirety come up in a New York City closing?
A Staten Island deed to a married couple creates a tenancy by the entirety, so a judgment against one spouse alone does not force a sale of the house.
What else should you read before closing?
In the glossary
- Tenancy in commonCo-ownership in undivided shares with no right of survivorship. Each share can be sold, mortgaged or left by will independently of the other owners.
- Fee simpleOwnership of land held indefinitely and freely transferable, subject only to recorded encumbrances and to government powers such as taxation, zonin...
- DeedThe instrument that conveys real property. Signature, acknowledgment and delivery make it effective between the parties, while recording is what pr...
- Judgment lienA lien created by docketing a money judgment against the owner. It reaches real property in the county of docketing and is a routine payoff item at...
- TitleLegal ownership of real property and the rights that come with it. A deed is evidence of a transfer of title, not title itself.
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