Real Estate & Property stuff – what is a Survivorship Deed?

Question

I’m looking into info on my house and public records said it’s a survivorship deed

In: 0

Answer 1

Let’s say you and 3 siblings want to buy a vacation home somewhere. You each chip in an equal amount of money. You’d get a survivorship deed. Each person owns an equal “share” of the property and that share is non transferable by sale or will, essentially it is that person’s share until death. Upon the death of one of your siblings, their share gets divided equally amongst the remaining owners. The last surviving owner has 100% of the property.

What that could mean for your house, I don’t know.