Home Add to Favorite Contact Submit  
             06 December, 2023

Category:  Articles » Finances » Real-Estate



         Views: 1809
2010-10-19 07:57:09     
Article by Zameen102

JOINT OWNERSHIP OF PROPERTY When two or more persons have common ownership of a property, it is termed as coownership. In case of a coparcenary, the male members and daughters have a common and equal interest in ancestral property. Any co-owner can transfer his own share in the property to a stranger or another co-owner, and the transferee steps into the shoes of the coowner. The transferee therefore becomes a co-owner.

'Co-owner' refers to all the owners of a property. If a property is owned by more than one person, it is called joint ownership. One can have co-ownership changed into sole ownership through a partition. The term co-owner is wide enough to include all forms of ownership such as joint tenancy, tenancy-in-common, coparcenary, membership of Hindu Undivided Family etc. The very fact that some parties have certain shares in a property indicates that they are co-owners.

Under the law, a co-owner is entitled to three essentials of ownership - right to possession, right to use and right to dispose off the property.

Therefore, if a co-owner is deprived of his property, he has a right to be put back in possession. Such a co-owner has an interest in every portion of the property and has a right irrespective of his quantity of share, to be in possession jointly with others. This is also called joint ownership. These are the forms of coownerships: Tenant-in-common

When the form of co-ownership is not specifically stated, by default, a tenancyin-common exists. Each tenant-in-common has a separate fractional interest in the entire property. Although each tenant-in-common has a separate interest in the property, each may possess and use the whole property.

Tenants-in-common may hold unequal interests in a property but the interests held by each are fractional interests in the entire property. Each tenant-in-common may transfer his interest in the property.

Tenants-in-common do not have the right of survivorship. Therefore, on the death of one tenant-in-common, his interest passes through a Will or through the laws of intestacy to another person who will then become a tenant-in-common with the surviving coowners. Joint tenancy

This entails the right of survivorship. On the death of one joint tenant, his interest passes on to the surviving joint tenants and not to the decedent's estate. Joint tenants hold a single unified interest in the entire property. Each joint tenant must have equal shares in the property. Each joint tenant may occupy the entire property subject only to the rights of the other joint tenants.

Joint tenancy has several requirements that must be met in order to be properly created. For a joint tenancy to be created, specific clauses must be included in the conveyance such as 'the grantees take the property jointly', 'as joint tenants', 'in joint tenancy', 'to them and their survivor' etc. The clauses in the instrument should show it was clearly intended to create an estate in joint tenancy. These four common legal requirements are necessary to create a joint tenancy:

Interests of the joint tenants must vest at the same time The joint tenants must have undivided interests in the whole property and not divided interests in separate parts

The joint tenants must derive their interests from the same instrument

Each joint tenant must have estates of the same type and same duration

All these four unities must exist. If one unity is missing at any time during the joint tenancy, the form of co-ownership automatically changes to a tenancy-incommon.

A joint tenancy may be created by a Will or deed, but can never be created by intestacy because there has to be an instrument expressing joint tenancy. A joint tenancy is freely transferable. Transfer by co-owner

Section 44 of the Transfer of Property Act 1882 deals with the transfer of share by one of the co-owners. It also deals with the rights of a transferee in this transaction. Where one of two or more co-owners of a property transfers his share, the transferee acquires the transferor's right to joint possession and other common use of the property, and to enforce a partition of the property.

If the transferee of a share of a house belonging to a Hindu Undivided Family is not a member of the family, he will not be entitled to joint possession or other common use of the house.

A person who takes the transfer, steps into the shoes of the transferor, and is vested with all the rights and becomes subject to all the liabilities of the transferor. He becomes as much a co-owner as his transferor was before the transfer. A coparcener of a Hindu Undivided Family can alienate his share in the joint family property for a consideration. Such a coparcener should be a legally competent person.

Specialized in: Rent - Sell - Residential - Commercial - Apartments - Real Estate Agents - Dealers - Flats
URL: http://www.zameen-zaidad.com
Print article      Bookmark this page
Related Articles 
Important Issues That Must Be Faced When Relocating To A New Area (Popularity: ): The decision to move house is always an important moment in your life and finding your ideal home is not always an easy task. The search will often focus on the type of house you would like and we all have our own opinions and tastes in this respect. At certain stages of your life there will be different priorities and considerations. If you are moving within an area you ...
The rental apartments are easily available in Copenhagen for all (Popularity: ): Copenhagen is a fun place to live in. it is one of the happiest place on earth for the tourists to have a visit in Denmark and have their share of delight in enjoying the days and nights in this beautiful city. The country however has got many villas and luxurious hotels but apart from that there are other means like the flats and apartments which can be a bit ...
New residential plots in real estate market (Popularity: ): Many of us dream of building his home, where you can live an independent life of their choice. However, before the creation of a home for us, we have a lot of planning. The first thing we must do before building a house for us is looking for land on which to build our dream home.Residential real estate market offers through what kind of values. Residential land is required for ...
Designs to Suit Modern Lifestyles (Popularity: ): Modern families need homes with designs that will suit their fast paced and strapped-for-time lifestyle. The design should be fuss-free and classy at the same time, keeping with urban sensibilities.Usage of SpaceModern designs involve clean straight lines in the interior layout as well as furniture. Modern homes are usually not too spacious. They are designed to suit the basic requirements of a small family. When space is at a premium, ...
Stress Free Executive Suites (Popularity: ): Many business owners now days are turning to executive suites for a place to hang their coats and call home. Executive suites offer many benefits for the business owner as well as their clients. More and more of these business centers are popping up across the U.S. with an anticipated industry growth of 10% or more per year. That's a substantial growth given our recent economic situation.When you think about ...

Related Business 
Kingleigh Properties Ltd. (Popularity: ): Kingleigh Properties Investment Company offers the opportunity to enter into Sole or Joint Venture property ownership, abroad or in the UK. We build quality properties in areas that show a high uptake for 1st class tenancies. Our property portfolios are in a Total Management Scheme.
Merrill & Houston's Steak Joint (Popularity: ): Come to Merrill & Houston's Steak Joint, located in Beloit, Wisconsin, to enjoy or delicious steaks and amazing atmosphere. 1882 Ownership changed several times during the last 20 years. In 1882, even while building 14 paper machines, Merrill& Houston went into receivership.
Pre Purchase Property Inspection (Popularity: ): It is extremely essential for both buyers and sellers to take the benefits of property inspection services. An inspector usually gives the details of the damaging conditions of the property. This service is gaining immense popularity from people as it saves your considerable amount of money. Potential homeowners are also encouraged to attend the inspection so that it is possible to ask any question realted to the property and its ...
American Genealogical Research (Popularity: ): AGR Boston locates missing heirs, beneficiaries, legatees, property owners, and stockholders exclusively for attorneys, lawyers, and bank trust officers. Resources include property ownership, BDM indexes, voting records and telephone directories.
Property Solutions (Popularity: ): We’d like to give you some background on our company and tell you a bit about what we do. We are the area’s premier real estate solutions company specializing in solving complicated real estate matters for people throughout northeast Florida. At Property Solutions we work to preserve the dream of home ownership for those who are looking to buy a house or experiencing the financial and emotional duress associated with ...
Sell House Fast Group (Popularity: ): Sell house fast group has been in the property market for more than three decades. We can help you to get a fast sale in as little as 24 hours. If needed, you can even enter into a joint venture with another property investor who would like to buy the same property.
Joint Pain Formula (Popularity: ): Finding an effective joint pain formula can be difficult task. To help determine the best joint pain formula, check out our latest report. We have examined the top joint formulas and come up with the best product available.
Arthritis Joint Pain (Popularity: ): Arthritis Joint Pain is a common health condition and may result from one of several known causes. Synotrex is a best natural supplement for reducing joint pain. It is not uncommon for you to feel arthritis joint pain at some point in your life. In fact, it would be more uncommon if you never felt arthritis joint pain at all. When you feel those pains, it can be easy to ...
Ascott House (Popularity: ): UK National Trust garden and property previously in the ownership of the Rothschild family. Includes contact information. Buckinghamshire, England.
Residential Property In Agra (Popularity: ): Property dealer, providing many types of services like property legal advisor, township consultant, property in jaipur, property in agra, property in mathura, property in gwalior & kosi.