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.
BREAKING DOWN ‘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.