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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
RERA has provided guidance with respect to the drafting of standard Joint Property by-laws, which include (amongst others) the operational rules of the common areas and any internal dispute resolution process.
In the Civil Code of Ukraine some features are provided concerning conclusion of the contract of life maintenance in regard of the property that is in common joint property of individuals.
On this basis the joint property is considered to be equally for all and for no one.
This Article questions whether the strong position of the Israeli court is consistent with the modern theoretical bases for joint property. These doubts are strengthened by the fact that there is no other practical way to compensate one spouse who has been harmed by the extramarital relationship of the other spouse.
If any party objects to partition of the joint property, the Court shall proceed to auction the property amongst the co-owners after fixing the base price.
Threadneedle Property Investments Ltd has appointed Jones Lang LaSalle as joint property agents with B8 Real Estate for the unit, named Trans Pennine 6/62, which was built in 2005 by developer PPG Land.
Other valuables such as a painting or, say, a silver set, received as gifts by the couple together are considered joint property. So, these should be divided equally.
which is a joint property. Ghukasyan also declared two land plots and a house in Zovuni village of Kotayk region (shared ownership).
The appointment of a Women Development Secretary and Ombudswomen were also announced to monitor harassment at the workplace and the provision of land for landless people in certain areas of Punjab was announced to that it would be the joint property of husband and wife.
Following a recapitalisation in 2010, Sunquest became the joint property of then-owner Vista Equity Partners LLC and an investor group led by Huntsman Gay Global Capital LLC.
(US$ 96.2 million) that would ultimately represent joint property acquisitions worth around US$ 250 million.
"The Bridges is thriving with a comprehensive array of top brands such as H&M, Bank, JD Sport, Republic, River Island and Debenhams and bigger units for Topshop, Topman and La Senza will put even more of the latest fashion on their shelves.' Fawley Watson Booth and Jones Lang LaSalle are the joint property agents at the Bridges.

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