This type of deed warrants that the grantor is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property. This form is used to convey property to joint tenants with the right of survivorship. The form is available in both word and word perfect formats.
Alabama Warranty Deed to Joint Tenants With Right of Survivorship
Category:
State:
Alabama
Control #:
AL-005-02-CP
Format:
Word;
Rich Text
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FAQ
A joint tenant can indeed sever the right of survivorship WITHOUT the consent of the other joint tenants.In order to sever the right of survivorship, a tenant must only record a new deed showing that his or her interest in the title is now held in a Tenancy-in-Common or as Community Property.
Property held in joint tenancy, tenancy by the entirety, or community property with right of survivorship automatically passes to the survivor when one of the original owners dies. Real estate, bank accounts, vehicles, and investments can all pass this way. No probate is necessary to transfer ownership of the property.
In title law, when we talk about tenants, we're talking about people who own property.When joint tenants have right of survivorship, it means that the property shares of one co-tenant are transferred directly to the surviving co-tenant (or co-tenants) upon their death.
What Is the Difference Between a Warranty Deed & a Survivorship Deed?A warranty deed is the most comprehensive and provides the most guarantees. Survivorship isn't so much a deed as a title. It's a way to co-own property where, upon the death of one owner, ownership automatically passes to the survivor.
With a Survivorship Deed in place, when one of the parties in a joint tenancy dies, the other party (or parties) takes over the deceased party's interest in the property instead of it passing to the deceased's heirs or beneficiaries.
Survivorship rights take precedence over any contrary terms in a person's will because property subject to rights of survivorship is not legally part of their estate at death and so cannot be distributed through a will.
Historically, the common law required that in order for a joint tenancy to be created, the co-owners must share the four unities of (1) time the property interest must be acquired by both tenants at the same time; (2) title - both tenants must have the same title to the property in the deed; (3) interest - both
Unity of time. Unity of title. Unity of interest. Unity of possession.
What Is the Difference Between a Warranty Deed & a Survivorship Deed?A warranty deed is the most comprehensive and provides the most guarantees. Survivorship isn't so much a deed as a title. It's a way to co-own property where, upon the death of one owner, ownership automatically passes to the survivor.