Which type of ownership requires consent from both spouses to sell the property?

Tenancy by the entirety is a form of ownership that is specifically designed for married couples, and it requires the consent of both spouses to sell or encumber the property. This type of ownership is characterized by the right of survivorship, meaning that if one spouse dies, the surviving spouse automatically inherits the deceased spouse’s share of the property, ensuring that ownership remains intact within the marriage.

In addition to requiring both spouses' consent to sell, tenancy by the entirety also provides a layer of protection from individual creditors, as the property cannot be claimed to satisfy the debts of one spouse without the other’s agreement. This ownership structure is unique to married couples and emphasizes the unity and joint decision-making aspect of their partnership.

Other forms of ownership, like severalty, joint tenancy, or tenancy in common, have different rules regarding the sale of the property. For instance, joint tenancy allows one owner to sell their share independently, potentially complicating the ownership. Understanding the nature and legal implications of these various ownership types is crucial for real estate professionals and potential buyers in Nevada.