At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.
*Survivorship: the right of a joint tenant or tenants to maintain ownership rights following the death of another joint tenant. Survivorship prevents heirs of the deceased from making claims against the property. See joint tenancy.
Example: Travers and Vance Mead are brothers who own an apartment building, with the right of survivorship. When Travers Mead dies, Vance Mead, through survivorship, becomes sole owner of the building.
At Equity Real Estate we are here to help you navigate the home buying and selling process. Give us a call with any questions!
*Barron's Real Estate Guides; Dictionary of Real Estate Terms