Joint Owned Property

AAA

DEFINITION of '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.

INVESTOPEDIA EXPLAINS 'Joint Owned Property'

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.

RELATED TERMS
  1. Joint Venture - JV

    A business arrangement in which two or more parties agree to ...
  2. Joint Stock Company

    An organization that falls between the definitions of a partnership ...
  3. Joint Return

    A U.S. income tax return filed on behalf of a married couple, ...
  4. Jointly and Severally

    1. A legal term describing a partnership in which individual ...
  5. Joint

    A legal term describing a transaction or agreement where two ...
  6. Joint Account

    A bank or brokerage account that is shared between two or more ...
Related Articles
  1. Should You Convert Your IRA?
    Retirement

    Should You Convert Your IRA?

  2. Why Your Will Should Name Designated ...
    Home & Auto

    Why Your Will Should Name Designated ...

  3. 10 Sources Of Nontaxable Income
    Taxes

    10 Sources Of Nontaxable Income

  4. Tax-Saving Advice For IRA Holders
    Taxes

    Tax-Saving Advice For IRA Holders

comments powered by Disqus
Hot Definitions
  1. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  2. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  3. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  4. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  5. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
  6. Limit-On-Open Order - LOO

    A type of limit order to buy or sell shares at the market open if the market price meets the limit condition. This type of ...
Trading Center