The timing of the ownership interests in a piece of real estate property are very much different when comparing a Survivorship Deed to a Transfer on Death Deed.
A Survivorship Deed transfers immediate interest in a property from the current owner(s) to the current owner(s) plus two or more new owners. Each listed owner in a Survivorship Deed has a current interest in the property once that Deed is filed. Thus, all listed owners have the ability to sell his or her interest to a third party, or put a mortgage on his or her interest. A Survivorship Deed will avoid probate, but the current owner of the property is transferring interest in that property while still alive.
With a Transfer-on-Death Deed, the current owner retains all ownership in the property until death, at which time the property transfers to the person named in the TOD, outside of probate. This allows the owner to retain all interest in the property and prevent unwanted transfers or mortgages, while transferring it upon death without the need for probate.
Transfer-on-Death Deeds are only valid in about 30 states, so creating this Deed option is not available for all USA real estate properties.