Jointly Owned Property


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Related to Jointly Owned Property: Joint Tenants with Rights of Survivorship

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.

Jointly Owned Property

Property held in the name of more than one person.
References in periodicals archive ?
We expect some challenge to occur on this point particularly as the Dubai Land Department direction for jointly owned property declaration allows restrictions on how units may be used.
To recap: jointly owned property is the term used to describe a building or land that has been divided into units, with a part of the development designated as common areas.
Do not change the locks of a jointly owned property without seeking legal advice.
However, jointly owned property obtained through gift or inheritance is included in proportion to the decedent's ownership interest.
However, the title deeds to jointly owned property are often worded so that if one owner dies the other gets the whole of the property.
This is because the entire value of jointly owned property must be included in Jack's gross estate--not the one-half interest that he owns.
This applies to jointly owned property, too, even after the debtor has been discharged.
Financial planners often inform clients that jointly owned property will pass free from probate.
Special proration rules apply in the case of jointly owned property, condominiums, and tenant-stockholders in cooperative housing corporations.
Despite the inability to separate the husband's interest from that of the wife's interest in jointly owned property, the Craft court noted that property ownership has been defined as a "bundle of sticks," and includes both present and future interests.
2040, a decedent's estate included 100% of jointly owned property, unless the survivor could prove contribution.
By contrast, joint tenancy provides the surviving joint tenant with a date of death value basis only for the decedent's half interest in the jointly owned property.