(a)
A revocable transfer on death deed transfers all of the transferor’s interest in the property on the transferor’s death according to the following rules:
(1)
Subject to the beneficiary’s right to disclaim the transfer, the interest in the property is transferred to the beneficiary in accordance with the deed.
(2)
The interest of a beneficiary is contingent on the beneficiary surviving the transferor. Notwithstanding Section 21110, the interest of a beneficiary that fails to survive the transferor lapses.
(3)
Except as provided in paragraph (4),
if there is more than one beneficiary, they take the property as tenants in common, in equal shares.
(4)
If there is more than one beneficiary, the share of a beneficiary that lapses or fails for any reason is transferred to the others in equal shares.
(b)
Property is transferred by a revocable transfer on death deed subject to any limitation on the transferor’s interest that is of record at the transferor’s death, including, but not limited to, a lien, encumbrance, easement, lease, or other instrument affecting the transferor’s interest, whether recorded before or after recordation of the revocable transfer on death deed. The holder of rights under that instrument may enforce those rights against the property notwithstanding its transfer by the revocable transfer on death deed.
(c)
A revocable transfer on death deed transfers the property without covenant or warranty of title.