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 ?
However, joint ownership should always be regarded as a temporary solution, never as a permanent one, he said.
If you want to buy a home, but don't have a family member or friend willing to buy with you, there are joint ownership schemes around where you can meet like-minded people wanting to get on to the property ladder.
Nick Button, senior partner, said: "The general assumption of joint ownership is that it's a straightforward affair where the house is owned equally, but that's not always the case.
If the joint ownership involves spouses, it can result in additional death taxes by under-utilization of death tax exemptions of the estate of the first to die.
By diverting income from the higher earning spouse to their partner through joint ownership, substantial tax savings can be made.
JOINT names on a bank account do not imply joint ownership of the money.
Show joint ownership by apostrophizing the final noun: John and Mary's car.
They also address transfers of interest, buy-sell provisions and issues related to joint ownership of a property that has been foreclosed by the co-lenders.
The three firms hold joint ownership of the technology.
Topics include exemptions, joint ownership, corporations, limited partnerships, limited liability companies and trusts.
RPG Enterprises and Goodyear agreed to end their joint ownership of South Asia Tyres, Ltd.
The joint ownership offered advantages to both organizations.

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