joint ownership

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Joint Ownership

A situation in which two or more persons co-own a property. In other words, if two or more persons jointly own a property and one of them dies, the property does not become part of a decedent's estate; rather, the other owner(s) continue to own the property. A married couple may jointly own their house, for example. Likewise, two business partners may jointly own a business property. If two persons own an apartment complex and one of them dies, the whole of the complex belongs to the co-owner, and not the decedent's heirs. However, the decedent's liabilities may remain attached to this property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question.

joint ownership

Ownership of an asset, such as property, by two or more parties. Joint ownership of property has advantages and disadvantages compared with individual ownership. For example, the property automatically passes to the co-owners upon the death of one of the other owners. Also, with one type of joint ownership, one owner can sell the property without the permission of the other owners. See also joint tenancy with right of survivorship, tenancy by the entirety, tenancy in common.

joint ownership

Ownership of property by two or more people or entities. It includes tenants in common,joint tenants with right of survivorship,tenants by the entireties,and community property interests.

References in periodicals archive ?
On this basis the joint property is considered to be equally for all and for no one.
The possession of joint property disintegration of village community land passed throw several phases: the first individual property was the house, with its household, while the rest of the land was possessed in common.
Domestic partnerships are civil contracts that grant the kind of rights and responsibilities we all might someday need, but hope we never do - like the ability to visit a loved one in the hospital and to make lifesaving medical decisions, bereavement leave, the ability to share health insurance benefits with a lifelong partner, joint property rights, and child custody and visitation protections.
The retailer also plans to divest 2bn [pounds sterling] more of its property portfolio on a sale and leaseback basis, following the success of joint property ventures involving 5% of its floor space this year.
Reforming California's marital property system so as to give real force to the notion of joint property rights threatened to reach beyond the public and symbolic sphere into the private lives of husbands and wives.
According to the term sheet, both parties have agreed that intellectual property derived from the collaboration will be the joint property of AxCell and UOM, with AxCell retaining an exclusive option to negotiate an exclusive, worldwide, royalty-bearing license from UOM for any and all joint intellectual property.
The difference with married people is that according to most state laws, their property becomes joint property.
The best way forward for any couple taking the decision to live together or invest in joint property is to take legal advice about the consequences of separation.
She wants the same deal as Bruce Willis and Demi Moore - who were divorced last week - where she would keep all her cash and half of their joint property assets.
might be threatened under California's joint property laws.
2518-2(c) (4)(i) now permits a joint tenant to disclaim jointly held property not unilaterally severable on the same basis as joint property unilaterally severable.
12 (discussing 1978 amendments to the Bankruptcy Code and the power of the trustee to liquidate joint property without the consent or waiver of the nondebtor spouse).

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