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 ?
'We remain equal partners as affirmed by the Supreme Court judgment which affirms the joint ownership of the institution,' Oyetola said.
In a two hour, live Webcast, a panel of thought leaders and practitioners assembled by The Knowledge Group will discuss the significant legal and regulatory issues regarding Understanding the Law of Joint Ownership of Patents and the Right to Impede Infringement Suits.
The joint ownership of property in Turkey is not regulated under just one law; it is subject to several laws, including the Turkish Civil Code, land registry law and procedural law.
The ambitious plans will be delivered through Pan Gulf Foods and Industries FZ from the company's Jebel Ali warehouse, which has been set in joint ownership, by Prince Mishl, V.
7 (SUNA) - The Ethiopian Prime Minister, Hailemariam Desalegn, has affirmed his country's commitment to the establishment of Renaissance Dam for the benefit of the River Nile states, including Egypt and Sudan, saying that Ethiopia considers the Renaissance Dam as a joint ownership.
Tanzania's National Housing Corporation, a government agency that had joint ownership of the building with a private real-estate developer, said only 17 people have been pulled out of the rubble alive.
"Joint ownership can, in the right circumstances, offer a way of avoiding the high costs associated with buying a property.
Upon closing, the transaction gives Walgreens and the CF Foundation joint ownership of two businesses: CF Services and Pharma Dynamics Inc.
Cultivating Commons: Joint Ownership of Arable Land in Early Modern Japan.
" It has now been learnt that he has got the property converted from leasehold to freehold from DDA exclusively in his name by disassociating my name from the joint ownership in connivance with the office- bearers of the said society," the FIR lodged with the economic wing of the Delhi Police, stated.
The new International Power business has 11 plants in the UK, including joint ownership of the giant coal-fired station at Rugeley in Staffordshire, which powers the equivalent of half a million homes.
In addition, McKesson has agreed to buy a joint ownership interest in ProPharm's pharmacy software application, which is used by the independent pharmacists who operate Drug Trading and Medicine Shoppe stores.

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