Tenancy by the Entirety (TBE) is one option among several ways of holding property with one or more others. TBE is only available for married couples who are treated as a single entity for tax purposes. In this usage, both parties have equal rights to the entire property, including these salient advantages:
A tenancy in common (TIC) is an arrangement between two or more individuals (the tenants in common) who share ownership rights to a piece of real estate.
Tenants in common, also referred to as tenancy in common, or TIC, is a traditional form of joint property ownership.
Many different entities can buy, own, and sell property. These include partnerships, joint tenants, and tenants-in-common or TICs. There is also tenancy by the entirety, or TBE.
Joint Tenancy is among the standard methods for two or more individuals to share property ownership. Married couples and investment groups often employ a joint tenancy arrangement. In this structure, each owner holds an equal share, and all are equally responsible for obligations. A further attribute of joint tenancy is the right of survivorship, which means that if one tenant dies, their share passes equally to the other tenants rather than to a designated heir. While each joint tenant owner has an equal share, each has an undivided interest, meaning that they have full use of the shared property.
Tenancy by Entirety (also called Tenancy by the Entirety) is a form of joint property ownership that’s only recognized in a handful of states.