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 ?
The Dubai Multi Commodities Centre Authority (DMCCA), which oversees and regulates the DMCC free zone, recently hosted some 170 real estate developers at an in-depth information session, aimed at increasing understanding and impact of the recently introduced Law on Ownership of Jointly Owned Properties, commonly known as the "Strata Law.
Commenting on this transaction, Marc Holliday, President of SL Green stated, "This transaction is an example of SL Green's ability to consolidate its ownership interests in jointly owned properties in a highly efficient manner.
In 2010, the implementing regulations of Law 27 of 2007 Concerning Ownership of Jointly Owned Properties in the Emirate of Dubai ("JOP Law") were published and collectively known as the "Directions".
Rera issued 72 new licences to practitioners enabling them to act as brokers and offering supervisory management of the owners' associations which are now mandatory for all jointly owned properties in Dubai.
Such developments are regulated pursuant to Law No 27 of 2007 on Ownership of Jointly Owned Properties in the Emirate of Dubai ("JOP Law") and the Directions to Law No 27 of 2007 which are implemented by RERA ("Directions").