What does ‘right of survivorship’ signify in property ownership?

The phrase ‘right of survivorship’ is a key concept in property ownership that specifically refers to the arrangement in which co-owners hold property. When one owner dies, the right of survivorship ensures that their share of the property does not pass to their heirs or according to their will. Instead, ownership of the entire property automatically transfers to the surviving co-owner. This means that if there are two or more owners, upon the death of one, the surviving owner(s) assume full ownership, thereby simplifying the transfer process and avoiding the delays that can accompany probate proceedings.

This legal principle is often seen in joint tenancy agreements, where co-owners are treated as having equal shares in the property. Other choices do not accurately capture the essence of the ‘right of survivorship.’ For instance, the right to sell the property or to rent it does not inherently include the conditions of automatic transfer upon death, nor does the notion of dividing property among heirs reflect the mechanics of the survivorship principle.