real estate

Survivorship

Survivorship is a legal principle in joint property ownership where the surviving owner automatically inherits the deceased owner's share of the property. This right is most commonly found in joint tenancy with right of survivorship and tenancy by the entirety ownership structures.

Example

“When John died, his wife automatically inherited the entire house due to their joint tenancy with right of survivorship.”

Memory Tip

The SURVIVOR gets the ship (ownership) - survivorship = survivor gets ownership.

Why It Matters

Survivorship allows property to transfer automatically to the surviving owner without going through probate court, saving time and money in estate settlement.

Common Misconception

Not all joint ownership includes survivorship rights; tenants in common do not have survivorship, and each owner's share passes according to their will or state law.

In Practice

When married couples buy a home as joint tenants with right of survivorship, if one spouse dies, the surviving spouse automatically becomes the sole owner without needing to go through probate proceedings.

Etymology

From Old French 'survivre,' combining 'sur' (over/beyond) and 'vivre' (to live), meaning to outlive another.

Common Misspellings

survivershipsurviviorshipsurvivalship

More in real estate

Other real estate terms you should know

escrowA financial arrangement where a third party holds funds or a…foreclosureThe legal process by which a lender takes possession of a pr…mortgageA loan used to purchase real estate, secured by the property…real estateProperty consisting of land and buildings, or the business o…reitReal Estate Investment Trust — a company that owns income-pr…cap rateShort for capitalization rate — the ratio of a property's ne…

Also from the same team

Need financial definitions?

Clear definitions for 2,500+ finance, insurance, and investing terms.

MoneyTerms.app