200012 Lecture Notes - Lecture 20: Property Law, Estate Planning

• School: UWS
• Department: University of Western Sydney
• Course: 200012
• Professor: anon

Document Summary

A co-owner is an individual or group that shares ownership in an asset with another individual or group. The co-owner of an asset owns a percentage, though the amount may vary according to the ownership agreement. The rights of each owner are typically defined in accordance with a contract or written agreement, which often includes treatment of revenue and tax obligations. The relationship between co-owners can vary, and the financial and legal obligations depend on the benefits each party ultimately wishes to receive. For real estate, the legal concept of co-owner, in which the parties involved may operate under joint tenancy or tenancy in common, has important ramifications. Similarly, co-owners of a brokerage account or bank account are bound by strict procedures and legal constraints to operate the account and obtain benefits from the account during the time when the account is active. When it is closed, co-owners or legal representatives of the co-owners must be involved.