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Definition: Joint Ownership
When two parties own a property together and both have their rights on the property as per contractual agreement than that ownership will be called as joint ownership. The property can any tangible object like land, machine, building etc. and intangible objects like ownership rights, license, copyrights, patents etc.
This type of partnership is beneficial in terms of cost sharing and can be used for the objects which are not used rapidly and frequently by a single user. The partners will share the cost and usages as per their agreement.
But this type of ownership can give rise to disputes in terms of usages, financial obligation, modification, maintenance etc. but they can be avoided with the help of appropriate and adequate contractual agreement.