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What is the difference between co owner and joint owner?

Joint ownership of property is simply a case in which two or more people own the same piece of property. Co-owners do not have to be people. They might be other kinds of legal entities, e.g. partnerships or corporations. There are a number of ways in which two or more people can own property together.

What does C O mean on a title?

care of. This abbreviation is used in addresses when you are sending a letter or package to a person by using someone elses address or the address of a company. The letter was addressed to John Smith c/o Merriam-Webster, Inc.

What does C O mean in property?

Common Abbreviations/Acronyms On Property Tax Bills AbbreviationDescriptionAKAAlso known asATFAs trustee forC/OCare ofCUSTCustodian15 more rows

What is it called when two or more persons have ownership rights in the same property?

Tenancy in common is used when property is held by two or more persons and, upon death, each owners interest passes to his heirs or devisees. Joint tenancy with right of survivorship is used when property is held by two or more persons and, upon death, each owners interest automatically passes to the other co-owners.

What right does a co owner have to occupy the land?

Each co-owner has equal rights over the property, for example, the right to occupy the property or the right to receive rents if the property is let. They also have the same duties in respect of the property, for example, equal contributions for repairs and maintenance and equal contributions to any mortgage.

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