Joint Ownership

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Related to Jointly Owned Property: Joint Tenants with Rights of Survivorship

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 ?
The court recognized that the majority of jurisdictions prevent a creditor from attaching an individual's interest in jointly owned property, but the court deviated from the majority opinion and disavowed the "single economic unit" theory as a fiction.
It has been assumed that each spouse has a 50% interest in the jointly owned property.
The implementation and execution of existing regulations is another concern," it said, referring the 2007 real estate law on Jointly Owned Property.
Also known as Strata Law, jointly owned property in Dubai will be managed and administered by Owners Associations, rather than developers
The meticulous Asteco budgetary process is in line with the stringent requirements and spirit of the jointly owned property law, and is a model that we apply throughout our property portfolio," he added.
Dubai property owners now have the opportunity to play an active role in the management and operation of their towers and communities as the new regulations which provide the framework for the 'Dubai Jointly Owned Property Law' (Law No.
regulations" that are to be issued made up of "the General Regulation, the Jointly Owned Property Declaration Regulation, the Constitution
Jointly owned property like homes, cars, and bank accounts also automatically pass to the surviving co-owner, avoiding probate.
The Dubai Land Department will shortly issue the General Regul-ation, Jointly Owned Property Declaration Regulation and Survey Regulation, most likely in the form of guidelines.
As an alternative, and if you simply need someone to have authority to manage your affairs temporarily or sign documents on your behalf, it is still possible to use a General Power of Attorney or a Trustee Act Power of Attorney in relation to jointly owned property.
Jointly owned property, is included in full on a Federal estate tax return, unless:
1) Exercise authority over jointly owned property of the principal, including real estate, bank accounts, payable on death accounts or in-trust for accounts, as exercising authority over property with survivorship features constitutes a modification of a disposition effective at the principal's death.