Joint ownership of a property refers to a form of ownership where the property is owned by two or more people.
They own the property collectively as a whole and not a particular portion on an individual basis.
The owners do not have to own the property in equal shares – one could, for example, own 75 per cent of the property. A portion of the property may only be sold or leased with the consent of all owners. If one owner defaults on home loan repayments, the remaining owners are jointly and severally liable for the debt.
