Who owns a property when it is jointly owned?

When a property is jointly owned, the owners are referred to as co-owners. These co-owners are generally either married couples or related individuals who have made an agreement to own the property together. In the state of Washington, co-owners of a property have what is called a tenancy in common. This type of ownership means that each co-owner has a distinct and separate interest in the property, regardless of the percentage of ownership. For example, if a married couple jointly owned a property with a tenancy in common, each spouse would own the property equally, despite one spouse having more money put into the purchase of the home. Washington law states that when a property is owned by two or more parties, the co-owners own equal shares unless it is specified otherwise in the written agreement. This means that each co-owner has an equal right to use, possess, and benefit from the property. It also gives each co-owner the right to sell, transfer, or lease the property, either with the consent of the other owner, or in the case of a dispute, through court proceedings. The written agreement between the co-owners should also state what will happen if one co-owner decides to sell or transfer their interest or passes away. It is important for co-owners to be aware of their rights and responsibilities as owners of a jointly owned property. It is also advisable for co-owners to create a written agreement outlining the terms of ownership and what will happen if either one of them decides to sell or transfer their interest.

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Who owns a property when it is jointly owned?

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