joint tenancy


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joint tenancy

Ownership of property by two or more persons in which, upon the death of one, his interest devolves upon the other or others until a sole owner survives.
References in periodicals archive ?
However, she was advised that if she gave up her joint tenancy Cooke would lose his rights too.
2017 Iowa Farmland Acres by Ownership Types Total Farmland: 30 million acres Sole owner 22% Joint tenancy 28% Tenancy in common 8% Partnership 3% Estates 4% Trusts 20% Corporations 10% LLC 5% Note: Table made from pie chart.
Students with a joint tenancy agreement for an entire house or flat will need one licence to cover the whole property.
A joint tenancy is also not suitable if you have a family from an earlier marriage and wish to leave your interest in the property to them, instead of passing it to the other co-owner.
However, if each partner doesn't contribute equally to assets held in the joint tenancy, it could trigger a gift tax.
Additionally, in a joint tenancy, the joint owners have a right of survivorship, while tenants in common can bequeath their property to whomever they choose.
(54) It usually arises in situations where either a joint tenancy or tenancy in common is vested in possession.
Objectives : The works consist mainly of improving the insulation of the buildings and windows as well as renovation of the heat generation and distribution system in the buildings, ventilation systems, and electric appliances which are part of the joint tenancy area (lights, pumps, etc.).
"From May 2008 the couple had a joint tenancy and his wages were paid into a bank account controlled by her.
My ex-wife has served me with something called a Notice of Severance of Joint Tenancy on the house we used to own and live in together.
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