Question

1. What is the special type of property ownership reserved for married couples? If property
is owned in this manner and one spouse dies, what happens to the property? What is necessary
for one spouse to sell their interest during the ownership?

2. If I take a temporary job in New York City that will last for two years, after which I will
return to my home in Bethesda and I want to rent an apartment for my time in New York, what is
the best type of tenancy for me to take and why? List two other types of tenancies that are not as
effective and why.

Answer 1

Ans 1. Married couples have a special way to jointly own property in some states that has advantages over regular joint ownership. If there is a married couple and they own property jointly, one should make sure that they have the right form of ownership. Joint tenants must have equal ownership interests in the property. Ownership by right of entirety is a special type of ownership only available to married couples. When one spouse dies, other spouse owns property without probate. Major limitation is that it is only available to married couples. Neither spouse can either sell or encumber the property on their own.

If one spouse wants to sell their interest during the ownership:

While the joint tenant with right of survivorship can’t will his share in the property to his heir, he can sell his interest in the property before his death. Once a joint tenant sells his share, this ends the joint tenancy ownership involving the share. The new owner is not a joint tenant, yet the rights of the other owners remain.