Business Law – Lesson 19.3 Activity
Q. What type of ownership requires that all co-owners have the same percentage of ownership?
In estate law, joint tenancy is a special form of ownership by two or more persons of the same property. The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Joint tenancy creates a RIGHT OF SURVIVORSHIP.
Table of Contents
- Q. What type of ownership requires that all co-owners have the same percentage of ownership?
- Q. How many types of co-ownership are there?
- Q. What does joint ownership of a property mean?
- Q. Can a joint owner sell a property?
- Q. How do you sell a property in a joint name?
- Q. Can a co-owner force a sale?
- Q. Can a court force me to sell my house?
- Q. Do both parties have to agree to sell a house?
- Q. Can I sell my half of the house?
Q. How many types of co-ownership are there?
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.
| A | B |
|---|---|
| In which type of co-ownership can the shares be unequal and there be no right of survivorship ______? | tenancy in common |
| Which type of co-ownership is between a husband and a wife? | tenancy of the entireties |
Q. What does joint ownership of a property mean?
What does joint ownership of property mean? Joint ownership takes place when two people decide to purchase a property together. The most common situation is when married or unmarried couples buy a home together, but joint ownership may also be when friends or family members choose to jointly purchase a property.
Q. Can a joint owner sell a property?
According to the Transfer of Property Act every joint or co-owner has a proprietary right of the entire property. Hence, any sale has to be done with the consent of all co-owners involved.
Q. How do you sell a property in a joint name?
In case the property is not mortgaged, one of the joint owners can transfer his/her share to another joint owner through relinquishment deed. It is also possible to sell his/her share with the consent of other joint owner/s.
Q. Can a co-owner force a sale?
1. The Demand for Sale – Any co-owner can force a sale or buy-out. Under California law, no-one can be compelled to remain a co-owner of real estate if they don’t want to. People become co-owners in many different ways including purchase, inheritance, gifts, foreclosure, etc.
Q. Can a court force me to sell my house?
“I want to sell my house fast!” – Get a cash offer for your house today! The only way you can force the sale of your house is by getting a court order, known as an ‘Order for Sale’. The court would then decide each of your shares in the house so that on sale, the value can be divided as specified.
Q. Do both parties have to agree to sell a house?
Joint ownership of a property simply refers to two people who each have a share in their property. Typically, if one person wants to sell the property then both parties need to agree in order for the sale to go ahead without having to involve the Courts.
Q. Can I sell my half of the house?
You can do as you have written. Selling half your house to your daughter will trigger a capital gains tax liability for you, but you will have a certain amount of principal private residence relief to reduce the gain because you lived in the house for part of the period of your ownership.
