What is a survivorship deed?


A survivorship deed is a legal document that conveys a real estate title into the names of two or more joint tenants.

Upon the death of one of the tenants, the title for the property will automatically be transferred to the other party or parties on the deed. This type of deed is commonly employed when, for example, a couple purchases property together. If one partner dies, ownership of the property will automatically be transferred to the survivor. If the relationship changes before either of the partners die, as in the case of divorce, the deed can be redrawn, but will require the consent of both parties.
Q&A Related to "What is a survivorship deed?"
Basically a survivorship deed provides that upon the death of the co-owner, their interest passes automatically to the survivor bypassing probate.
A quitclaim deed is a legal title to a home. One of the primary purposes of owning property with right of survivorship is to avoid probate. Probate occurs when a person dies, and
Short answer/typical usage: Used when a husband and wife purchase a house together. When the first spouse dies, the other becomes 100% owner of the property without having to go through
Its always good to ask the person who you have in mind if he/she would object or be willing and able to stand in as guardian for your child in case of your untimely demise, as there
About -  Privacy -  Careers -  Ask Blog -  Mobile -  Help -  Feedback  -  Sitemap  © 2015 Ask.com