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 Inuit Heritage Trust is pleased to work cooperatively with the Government of Canada to ensure the jointly-owned Franklin artifacts and the stories that surround them are protected and shared with Inuit, Canadians and people from around the world.
In connection with the transaction NCC has also agreed to sell its part of the jointly-owned company Holmenbyggarna Dalkarlen KB to LE Lundbergforetagen.
Lawrence Zirinsky Associates has completed a transaction with its long-time partner, developer Anders Billing, in which it will purchase the remaining interest in two buildings with options to buy the third building of their jointly-owned Southgate Corporate Office Center, a three-building 720,000 s/f complex in Moros township, N.J.
NORDIC BUSINESS REPORT-17 May 2004-SJ and NSB to terminate jointly-owned fast trains operator Linx AB(C)1994-2004 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian and Swedish national railway companies NSB and SJ confirmed on Friday (14 May) that they had decided to discontinue their jointly-owned inter-Scandinavian fast trains operator Linx AB.
Broil is jointly-owned by Mvelaphanda Strategic Investments -- one of South Africa's foremost black empowerment companies, its employees and Nedcor, a leading South African bank.
The Swedish property company Veidekke Bostad & Fastighet AB said on Wednesday (31 March) that it had together with its partner HSB Produktion AB sold the jointly-owned company Rosunda Produktion Ett (Saltsjobaden Hospital) to Hemso Aldreboende AB for SEK124m.
The new company would be created by combining Norkart's mapping unit and Blom's subsidiary Blom Kart AS with their jointly-owned company Fotonor AS, Blom added.
Rautakirja said that HDS already had a company engaged in kiosk operations in the Czech Republic, which would now become a jointly-owned enterprise with Rautakirja and HDS as the two equal owners.
In Iceland Expert Eilag has entered into an agreement to establish a jointly-owned consumer electronics supermarket with the Icelandic building materials chain Husasmidjan hf.
NORDIC BUSINESS REPORT-15 March 2001-Leiras and Nycomed Pharma to establish jointly-owned company in Finland(C)1994-2001 M2 COMMUNICATIONS LTD http://www.m2.com