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 ?
One issue that affects Dubai more than many other locations is the private ownership of road infrastructure and other commonly 'public' areas through community developments and jointly owned property.
The JOP Law requires that the developer of each development must file a jointly owned property declaration (JOPD) at the Dubai Land Department.
(2) The unlimited marital deduction allows jointly owned property to pass to a surviving spouse free of the federal estate tax.
A KEY VALUATION REMINDER FOR JOINTLY OWNED PROPERTY INTERESTS
Various valuation discounts are historically applied as they more accurately reflect market value, and not an artificial value, for valuing the present interests of jointly owned property. While the Craft court did not offer any guidance on the valuation of fractional interests, there is ample literature in the context of business asset valuation and estate asset valuation from which at least, rough guidelines for discounting can be gleaned.
Your will can include real estate, jewelry, cash, and stocks, but cannot dispose of nonprobate assets, such as jointly owned property, life insurance with a named beneficiary, or any asset or financial account that will automatically pass to a named beneficiary.
He regularly conducts free workshops at county libraries concerning issues such as planning for incapacity, domicile, jointly owned property, charitable giving.
Disclaimer of Jointly Owned Property. The current regulations provide, in general, that in order to be a qualified disclaimer under IRC section 2518, a surviving joint tenant's disclaimer of both an interest passing to the joint tenant on the creation of the tenancy, and the survivorship interest in the joint tenancy or tenancy by the entirety, must be made within nine months after the transfer creating the tenancy.
Among these problems are the retitling of the jointly owned property and the rollover of gain provisions of Code Section 1034.
As per Law 27 of 2007, also called the Jointly Owned Property Law, it is mandatory for a freehold community with more than one owner to form an OA among themselves and elect a board of owners to represent them.
The jointly owned property law for Abu Dhabi is now found in Law No.