Types of Joint Property Ownership

Joint Property Ownership, or co-ownership, is a legal status for two or multiple owners owning a specified property. As per law, there are no rules for who can be a co-owner of property in India. They can be brothers, spouses, sisters, siblings, or any business partner who can come together to buy a property.

What is Joint Property Ownership?

Joint tenancy defines equal owner rights between individuals with an undivided interest in the property. By virtue, this type includes the right of survivorship, i.e., if one co-owner passes, their share gets passed to the surviving co-owners equally.

1. Joint Tenancy

Here, all co-owners can have a specific and separate share in the joint ownership of the property. Each owner has the right to sell, transfer, or mortgage their part of the share to their benefit. If the owner passes away, the family survivor gets a share of their property.

2. Tenancy in Common

Here, the ownership is given to married couples with rights for survivors. This type protects the property from any individual debt and allows the surviving spouse to own the entire property if one dies.

3. Tenancy by the Entirety

This type represents joint ownership only in marriage, with each getting a 50% share, such as property acquired during the marriage.

4. Community Property