A Survivorship Deed is a document that allows commercial or residential property owner(s) (the grantor or grantors) to transfer the property to two or more property owners (grantees). What this transfer does is create a joint tenancy among the grantees.

A Survivorship Deed works as follows:

• The grantor(s) transfers property to grantees who own it as joint tenants.
• Each grantee now owns an equal share in the property, but since these shares are not distinct, they cannot be transferred to anyone else (such as by sale or in a will).
• When one grantee passes away, their share is equally divided among the remaining grantees.
• The last living grantee will own 100% of the property.

List the information for the grantor and grantee(s)

After choosing which state you are creating your document in, the next step is to list the details of the grantor and grantee(s). LawDepot's questionnaire will prompt you to fill in basic information for both roles, including name and marital status for an individual, or the name, agent, and address for a corporation.

Include details about consideration

Consideration is listed in a dollar amount, and is what the grantee provides the grantor in exchange for ownership interest, or for being listed as the grantee in the Survivorship Deed.

The consideration is generally small ($1.00) if the intention is to give the full rights of property to the grantees as a gift.

Include a description of the property

The property description should include the county where the property is located, as well as the legal description of the property. Information about the legal description of the property can be found by consulting your local county clerk or registry office.

Once the document has been filled out, details about signing will need to be identified. Generally, the Survivorship Deed will need to be notarized in order for it to be executed. In some states, the deed may also need to be witnessed. You can check the requirements for your state by contacting your local county clerk or registry office.

The Survivorship Deed includes right of survivorship, which means that the surviving tenant has the right to the deceased tenant's interest in the property that they both initially had equal interest in.

With joint tenants with right of survivorship (can also be abreviated as JTWROS), the Survivorship Deed ensures that the surviving tenant receives the deceased tenant's interest in the property instead of it passing on to beneficiaries or heirs.