Jointly Owned Property

Just think of the situation when the property is quiet big. Suppose the cost of the property is around $20 billion. This is definitely a very big property and is very hard to own it single handedly. Hence two or three owners join hands to buy such a huge property jointly. However this is just for explaining the concept behind jointly owned property. In fact if more than one person owns the property then they are referred as the co-owners, co-tenants or the joint tenants.

I am sure that now you would have got the idea about the joint ownership. Now I would like to present some of the rights and duties of the jointly owned properties. They are as follows:

Rights and duties

1.Each owner has the right to interfere in the judgment taken by the other owner. Suppose the other owner decides to rent the property then he will have to inform the other owner. If he will not inform the other owner then I must tell you that the other owner can complain about it. He can also take the first owner to the court if he is willing to. In a nutshell each owner should know that what changes are being made to the property. If it is being rented then he should get the share of the rent.

2.Each owner has to be ready to pay for the expenses of the property. Various taxes like the property taxes, water taxes and so on should be paid jointly by all the owners.

3.If one owner is trying to sell his share then he can do it only with the permission of the other owners. If the other owners show their unwillingness then you cannot sell your share. However you can question their decision in the court and you will then have to respect the decision taken by the court. I your court decide against you then you will not be able to sell it. However if the court is in your favor then you will be allowed to sell your share.

The main disadvantage behind the joint ownership is the fact that you will not be able to be 100 % free in taking the decisions. You will have to form a board and the board will decide all the things which will be done related to the property. Whatever might be the case, I must tell you that you will be able in much better profit if you are alone the owner of the property than the co-ownership.

However there is an advantage as well. You will not be the lone looser if epidemics strike. The loss will be distributed among all the partners. In fact you will always be in profit always with the jointly owned ownership.