For purposes of this chapter:
(1) “Beneficiary” means an individual that receives property under a transfer on death deed. “Grantee” has a corresponding meaning.
(2) “Designated beneficiary” means an individual designated to receive property in a transfer on death deed.
(3) a. “Joint owner” means an individual who owns property concurrently with 1 or more other individuals with a right of survivorship.
b. “Joint owner” includes a joint tenant and tenant by the entirety.
c. “Joint owner” does not include a tenant in common.
(4) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(5) “Property” means an interest in real property located in this State which is transferable on the death of the owner.
(6) “Transfer on death deed” means a deed authorized under this chapter.
(7) “Transferor” means an individual who makes a transfer on death deed. “Grantor” has a corresponding meaning.