Who owns a property when it is jointly owned?

In Alaska, when a property is jointly owned by two or more parties, the rights to the property are shared between the owners. Generally, the title to the property is held in the names of both parties and all parties must agree before any action can be taken regarding the ownership of the property. Additionally, any profits or losses made from the property must be shared in equal parts amongst the owners. Joint ownership also comes with joint responsibility. If damages occur to the property or a mortgage loan needs to be paid, all parties are equally responsible and must share the costs. In the event of the death of one of the joint owners, the remaining owners will assume the rights of the deceased, becoming the sole owners of the property. The decision to include a joint owner on a property is an important decision to make and should be taken seriously. It is important that before entering into a joint property agreement, all parties discuss the exact role each owner will play in the ownership of the property and that all parties understand the legal implications of joint ownership.

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Who owns a property when it is jointly owned?

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