What is Joint Owned Property?
How Does Joint Owned Property Work?
Given the general magnitude of its cost, real estate is often owned in the name of at least two individuals. The most common example of joint owned property is a residence owned in the name of two spouses. Another example is commercial real estate owned by two or more investors.
Why Does Joint Owned Property Matter?
The owners of a joint owned property assume equal responsibility in connection with any tax or mortgage obligations on the property. Moreover, in the event that one owner dies, ownership of the property automatically transfers to the surviving owners and is not counted as part of the deceased owner's estate.
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