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![]() This ensures that the property remains with a specific group of individuals or entities and there is no option for it to be given elsewhere unless this is explicitly changed by the owners. The reason these types of agreements have been created and are put into place with joint purchases is usually so that the ownership of the property can be preserved among the owners. How wills are impacted will be discussed in a later section. For example, if two people, Mark and Amanda, own a property together and Mark dies, then Amanda will become to sole owner of the property even if this is not detailed in the will because the two of them purchased the property together. At this time, the last remaining owner would own the property completely and would be able to do as they wish with it in their will. This continues on until there is only one owner remaining. The way that the right of survivorship works is that if a property is purchased and owned by two or more individuals and the right of survivorship has been included in the title to the property, then if one of the owners dies, the surviving owner or owners will absorb the share for the deceased's share of the property automatically. ![]() However, it can impact joint tenancy and tenancy in common differently, which will be detailed in a later section. ![]() Right of survivorship is an attribute of many types of joint property ownership today. You are likely wondering what right of survivorship is and how it can impact you if you are purchasing a property with another individual or individuals. ![]()
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