Property Joint Ownership

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Property Joint Ownership:-

 If the property is owned by more than one person, it is called joint ownership. In case of coparcenary, the male members and daughters have a commin and an equal interest in ancestral property.

How does joint ownership work?
Joint tenancy occurs when two or more people hold title to real estate jointly, with equal rights to enjoy the property during their lives. If one of the partners dies, their rights of ownership pass to the surviving tenant(s) through a legal relationship known as a right of survivorship.
What is a disadvantage of joint tenancy ownership?
There are disadvantages, primarily tax disadvantages, to either type of joint tenancy for estate planning. You might incur gift taxes when creating joint title to property. To avoid both probate and estate taxes, you must give away the ownership, control, and benefits of the property.

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