Joint Owned Property

Joint Owned Property

Any property held in the name of two or more parties. The two parties could be a husband and wife, business partners or any other combination of people who have a reason to own property together. Property that is jointly owned may be held in one of several legal forms including joint tenancy, tenancy by the entirety, community property or in a trust.

Choosing the best form of ownership for joint property can greatly simplify things if one of the owners die. For example, joint tenancy is commonly used to avoid probate, a lengthy, costly and public process of distributing the deceased's assets in court.

To prevent a conflict, if one party wants to sell their interest in the property at some point in the future, the owners should sign a buyout agreement, ideally when the property is first taken into joint ownership.


Investment dictionary. . 2012.

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  • joint — joint1 [ dʒɔınt ] adjective only before noun *** involving two or more people or done by them together: The two presidents issued a joint statement. a joint decision a joint bank account My sister and I had a joint birthday party. joint favorite …   Usage of the words and phrases in modern English

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