Tenancy –

1. The possession or holding of real or personal property by right or title

2.  Possession or occupancy of land under a lease.

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Tenancy in common – ownership of property by two or more person in shares that may or may not be equal, each person having an equal right to possess the whole property but without the right of survivorship.  Also called estate in common.

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Tenancy by the Entirety – A form of joint tenancy for a married couple.  Co-ownership of property by spouses with a right of survivorship.  Also called estate by the entirety.

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Joint Tenancy – Property that is owned equally by two or more persons (called joint tenants) with the right of survivorship.  Joint tenants have one and the same interest; accruing by one and the same conveyance, instrument or act; commencing at one and the same time; with one and the same undivided possession.

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Homestead – The primary dwelling house or residence of the head of household plus adjoining land (160 contiguous acres outside of a municipality and ½ contiguous acre inside a municipality).

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Effective Date – The date upon which a contract becomes legally binding on all parties. 

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Closing – The process of transferring documents and monies to complete a real estate transaction in accordance with the contract for sale and purchase executed by the parties.