Survivorship Deeds are based on Joint Tenant Agreements, and the right of survivorship arises from that connection. Here’s what you should know.
If you want to transmit your property rights with a survivorship deed, you must first arrange a joint tenancy. All Survivorship Deeds are based on Joint Tenant Agreements, with the right of survivorship arising as a result of that connection. Here’s what you should know if you are thinking about a Survivorship Deed.
You must first choose who will be engaged in the shared tenancy. Joint renters often have equal property rights and responsibilities. You may occasionally categorise this such that various renters have varying amounts of ownership, but in most states, ownership is shared evenly.
The Deed may be written as either a Quitclaim Deed or a Warranty Deed. You must select what you can transfer in your title and what will serve your objectives best. The Warranty Deed gives additional assurances, but it takes more effort to arrange. Because it is simpler, a Quitclaim Deed is often used in Joint Tenancy Agreements.
The joint tenants retain ownership of the property after the Deed is completed. The deed must be filed at the local courthouse to give enough notice, although failing to do so does not necessarily render the Deed null and invalid. When a joint tenant dies, his ownership stake is divided among the surviving tenants. This is what the survival right entails. The surviving divided their interests. When everyone but the last joint tenant dies, the last individual remaining will have complete ownership of the property. He or she may then leave that property to his or her offspring or to anybody else. The other joint tenants cannot transfer their stake since doing so would violate the right of survivorship, which is a major component of the Survivorship Deed.
