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What is meant by the "right of survivorship" in property ownership?

The automatic transfer of property to a co-owner upon the death of the other owner

The concept of "right of survivorship" refers specifically to how property is handled upon the death of an owner. When a property is owned jointly with the right of survivorship, it ensures that, upon the death of one co-owner, their share of the property automatically transfers to the surviving co-owner(s), rather than becoming part of the deceased's estate that goes through probate. This means that the surviving owner(s) will have full ownership of the property without any additional legal procedures, providing a seamless transition of ownership.

This concept is commonly found in joint tenancy agreements and is designed to simplify the transfer of property rights, reducing the complexity for the surviving co-owner who would otherwise have to deal with the deceased's estate. Other options do not accurately capture the essence of the right of survivorship; for example, allowing heirs to inherit property or dividing property among heirs are related to estate planning and inheritance laws but do not address the automatic transfer specific to co-owners with the right of survivorship.

Get further explanation with Examzify DeepDiveBeta

A provision allowing heirs to inherit property upon death

A legal requirement to divide property equally among heirs

A method to enforce property tax liens

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