Joint Ownership


Also found in: Dictionary, Legal, Financial, Wikipedia.

Joint Ownership

 

in Soviet law, the right to property that belongs to two or more people.

Joint ownership may be personal, as when several persons jointly own a residential building, or it may be public or socialist in form. Joint ownership may be divided into shares or held in common. Under joint ownership apportioned by shares, each participant (owner) has a definite share of the right of joint ownership. Possession, use, and disposition of the owned object is determined with the consent of all owners; in case of dispute, such matters are determined by court decision on a suit brought by any owner. Expenses incurred in the course of joint ownership, such as taxes and repairs, are distributed among the owners proportionally with their shares. Each owner has the right to transfer his share to another person. When a share of joint ownership is offered for sale, the other participants have a preferential right of purchase.

With ownership in common there are no shares, and each owner is owner of all of the property together with the others. Property held by spouses, by a kolkhoz household, and by an individual peasant household is recognized as property held in common.

References in periodicals archive ?
Today, as joint mortgages grow in popularity, more lenders are offering mortgages designed at joint ownership.
By diverting income from the higher earning spouse to their partner through joint ownership, substantial tax savings can be made.
The reason the FA have always been against such joint ownerships is that the system could be open to abuse.
If you are like most people, you and your spouse share joint ownership of most of your assets, which means that at the death of either one of you, these assets pass outside the will.
In evaluating the DEP transaction, Fitch's view is that DEP's credit profile will remain largely dependent on EPOLP due to the proposed corporate structure and the joint ownership of the assets at DEP.
Summary: AJMAN -- Shaikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman has approved the organisational structure of the Ajman Real Estate Regulatory Agency, or Arra, which is responsible for regulating real estate activities and joint ownership in Ajman and sets up policies and legislations to authorise real estate projects/investment buildings and oversees the implementation of these policies and other plans related to them.
To appropriately coordinate sales and customer service processes and resources requires three things: joint planning, frequent communication, and joint ownership of results.
Such situations can include either joint ownership or tenant-in-common ownership and may or may not involve married taxpayers.
Officials overseeing the San Fernando Valley secession study threatened on Wednesday to give a new Valley city joint ownership of the Department of Water and Power after Los Angeles officials again said they could charge more for water and power in the Valley than elsewhere in Los Angeles.
5 million square feet in joint ownership throughout the Northeast and Florida.
The ways these can be structured are unlimited in their detail, and while each individual situation needs to be analyzed and developed according to the requirements of the participating parties, there are five models currently providing the basis for most joint ventures: joint ownership, leasing, management, shared services, and bed reserve and priority agreements.
The joint marketing venture in China represents an expansion of the two partners' cooperative efforts, which began in March 1989 with the formation of the Himont-Impel joint venture involving the joint ownership and operation of a Himont polypropylene production facility in Lake Charles, LA.

Full browser ?