survivorship" What does this mean? Does it mean that when the two names die, the property will go back to the Grantors or their heirs? Also, can it be sold and money not go to Grantor? Thank you
Real Estate Attorney
Good question. The language is not standard for contemporary deeds that do not involve complex remainder interests. The language may be dependent on other language in the deed. Therefore, you should consult an attorney to decipher the meaning depending on your legal goals.
The language looks like an attempt to create a joint interest with right of survivorship, and Grantors tried to keep a future interest in the property should both of the Grantees die. However, that's not how a joint interest works. If the Grantors do retain a future interest, then you have a complex life estate. What does that mean? Again it depends on your situation and your goal for the estate.
The value of any interest in an estate that is not a fee simple (full interest) will be discounted if you can find a buyer at all. You can only convey the interest that you hold.
Hope this helps you decide whether you need an attorney and how that attorney may be able to help you.
Ian A. Taylor
The Taylor Law Office L.L.C. | (843) 314-4313
Pawleys Island, SC
Estates. Probate. Adult Guardianship. Foreclosure. Insurance.
The Rules of Professional Conduct for my state only allow me to provide general legal information regarding your question. I am unable to offer my services directly or specific answers to your question. The information provided is not intended to create an attorney/client relationship and shall not be construed as legal advice. Therefore, the resources or information given is provided as general information only. I caution Askers not to attempt to solve individual problems upon the basis of the information contained therein.
I am not a SC attorney, laws vary from state to state, therefore you should always consult a local attorney.
That means the two owners intended to create joint tenancy with rights of survivorship. That means if one dies, the other become the owner of the whole property. When the second person passes, the property will pass to his or her heirs.
If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.