Which of the following statements about Tenancy by the Entireties is TRUE?

Tenancy by the Entireties is a unique form of joint ownership that is available only to married couples. The distinguishing feature of this arrangement is that it grants full ownership rights to the surviving spouse in the event of one spouse's death. This means that if one spouse dies, the other automatically inherits their share, effectively allowing them sole ownership of the property without the need for probate. This characteristic is particularly beneficial as it simplifies the transfer of ownership and provides a safeguard for the surviving spouse's interests.

The other statements do not accurately reflect the principles governing Tenancy by the Entireties. For example, this form of ownership cannot be established between non-married individuals, and one spouse cannot unilaterally sell their interest without the other spouse's consent, as doing so would undermine the nature of this joint ownership. Finally, while it involves both spouses, it's not strictly necessary for both to be physically present at the closing since various legal arrangements can be made to execute the transfer in accordance with their agreement. Thus, the statement about providing full ownership to the surviving spouse is the only correct representation of Tenancy by the Entireties.