Q: Can we take title to an investment real estate in PA as Tenants by the Entirety? We're married and living in PA. Thanks.
We were told by a title company that we cannot, because this is allowed in PA only for a primary residence. Is this correct? I looked online and can't find any code that would set these title restrictions in PA.
A: I know of nothing that prevents an investment property from being held as tenants by the entireties. However, if there is such a restriction, you can certainly own the property as joint tenants with right of survivorship, which, as a practical matter, would be virtually identical. Having answered your specific question, however, I would note that the decision to take title this way should be reviewed with a lawyer, as there could well be reasons, such as liability concerns, that might cause you to want to do something differently, such as to form a limited liability company, which could be owned jointly, and have the limited liability company own the real estate.
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