As used in this Part, unless the context otherwise indicates, the following terms have the following meanings.
1. Beneficiary. "Beneficiary" means a person that receives property under a transfer on death deed.
2. Designated beneficiary. "Designated beneficiary" means a person designated to receive property in a transfer on death deed.
3. Joint owner. "Joint owner" means an individual who owns property concurrently with one or more other individuals with a right of survivorship. "Joint owner" includes a joint tenant. "Joint owner" does not include a tenant in common without a right of survivorship.
4. Person. "Person" means an individual, corporation, estate, trustee, 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. "Property" means an interest in real property located in this State that is transferable on the death of the owner.
6. Transfer on death deed. "Transfer on death deed" means a deed authorized under this Part.
7. Transferor. "Transferor" means an individual who makes a transfer on death deed.