Ownership of property by two or more
people in which the survivors automatically
gain ownership of a decedent's
interest. In the case of more than one
survivor, the decedent's share is divided
among the survivors. In addition, each owner
can sell or gift his/her share as he/she
wants, without the other owners' permission.
The right of
survivorship is the most important
characteristic of a
joint tenancy, where if one joint tenant
dies, his or her interest passes to the
surviving joint tenant and not to his or her
heirs or relatives.
A clause that might
be found in an agreement of purchase and
sale in which the buyer is subdividing the
land or the property and consequently,
requires permission to enter the property
for the purpose of surveying and conducting
soil tests before the completion of the
transaction.
The transfer of rights in a contract,
usually in writing, to another party. The
general rule of law is that all contracts
are assignable with certain rare exceptions,
e.g., personal service contracts are not
generally assignable.
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