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Right of survivorship
When one of the owners of a property passes away, the remaining owners automatically assume ownership of the property. This is known as the right of survivorship. It is a common feature of joint ownership, where two or more individuals own a property together. In such cases, the surviving owners do not need to go through the legal process of inheriting the deceased owner's share, as it automatically transfers to them. This can provide peace of mind to owners, knowing that their share of the property will be protected and transferred to their co-owners in the event of their passing.
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