What does the right of survivorship entail?

The right of survivorship refers specifically to the legal principle that, upon the death of one co-owner of a property, the surviving co-owner automatically gains full ownership of the deceased owner's share. This concept is commonly associated with joint tenancy agreements, where co-owners have equal rights to the property.

In this arrangement, the property does not become part of the deceased owner’s estate, and therefore is not subject to probate or the distribution process that typically follows death, allowing for a more straightforward and immediate transfer of ownership. This feature underlines the importance of survivor rights in property arrangements, ensuring that the surviving co-owner retains the full interest in the property without the need for legal intervention or settlement of the deceased's estate.

The other options do not accurately reflect the principle of survivorship. Transferring property to an heir after death refers to probate processes and estate law, which is distinct from the automatic transfer of ownership that occurs under the right of survivorship. The right to sell property regardless of ownership and the obligation of co-owners to maintain the property address different aspects of property ownership and co-ownership responsibilities but do not encompass the specific implications of the right of survivorship.