Property Ownership
Tenancy by the entirety in New York is available to:
AAny two co-owners
BLegally married spouses only✓ Correct
CDomestic partners registered with the state
DAny family members
Explanation
Tenancy by the entirety in New York is a form of co-ownership available only to legally married spouses. It includes the right of survivorship and provides protection from creditors of only one spouse.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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