Sec. 1. (a) This section applies to a written contract in which a husband and wife:
(1) purchase real estate; or
(2) lease real estate with an option to purchase.
(b) Except as provided in subsection (d), a contract described in subsection (a) creates an estate by the entireties in the husband and wife. The interest of neither party is severable during the marriage.
(c) Upon the death of either party to the marriage, the survivor is considered to have owned the whole of all rights under the contract from its inception.
(d) If:
(1) a contract described in subsection (a) expressly creates a tenancy in common; or
(2) it appears from the tenor of a contract described in subsection (a) that the contract was intended to create a tenancy in common;
the contract shall be construed to create a tenancy in common.
[Pre-2002 Recodification Citation: 32-4-2-1.]
As added by P.L.2-2002, SEC.2.