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 counts 2 - 45 according to the particulars of offence, the accused David John Conford also on 15 November 2016 at Raju Electricals Bureau on Siaka Stevens Street Freetown obtained the sum of 90 thousand pounds sterling equivalent to nine hundred million Leones from Sonia Michael Warner worker by falsely pretending that he would build a house at Lakka in Freetown to be jointly owned by two of them which is known to be false.
Amicus is jointly owned and democratically managed by its member companies, made up of solar PV installers, integrators, EPCs and developers who openly share and collaborate on a wide range of business topics from operational efficiencies to sales and marketing strategies.
Under the terms of the new, jointly owned company in Colombia, the partnership would focus on the large-scale commercial cultivation and transformation of cannabis and hemp for medical, scientific and industrial purposes and export to worldwide markets.
* Jointly owned real property refers to "the whole or any part of a building or land, or both, which is divided into units intended for separate ownership where parts of such building or land are designated as common areas".
Bonava AB (STO:BONAVB) announced on Tuesday that along with Vasakronan, it has sold building rights in Sundbyberg through their jointly owned company Stora Ursvik KB to Ikano Bostad AB, Lindbacks Boende AB and Hokerum Bygg AB.
The insurance covering most jointly owned high-rise properties remains in the name of the original property developer rather than in the name of an owners' association.
The development of jointly owned fields has been a much-discussed priority of the Oil Ministry for a quarter century.
Also donated are a cat book jointly owned by Paula Yates and Jess, the man she once believed was her father.
Euan, who's tipped to stand for Parliament, jointly owned the couple's previous PS2.35million London home with his mum.
Taylor and the bank created and jointly owned Stratford Mortgage Services LC, which claimed to be a mortgage originator.
Unicomer, founded in 2000 by acquiring the Central American retail operations of the Dutch multinational CETECO, is jointly owned by Grupo Siman and El Puerto de Liverpool SAB de CV, both leaders in their markets for retail sales.
A Land Registry search confirmed the property was jointly owned by the pair and a birth certificate was obtained that showed Mr Dahri was the child's father.