Joint Agency
Definition referring to the circumstances where two separate agents act independently from each other while at the same time representing the same party. Their commission is usually divided in accordance with the agreement and their fees do not have to be equal in value.

Joint Application
An application from two or more parties wishing to apply for one mortgage in order to acquire rights over the same property. As a result they also become jointly responsible for payments.

Joint Income
A total income of all the parties applying to be mortgagees on a joint mortgage application.

Joint Liability
Equal responsibility by all the parties in a joint mortgage or credit application to maintain payments on their loan and/or other debts.

Joint Mortgage
Please also see Joint Application.
A type of mortgage application where two or more parties wish to become joint mortgagees. As a result they also become jointly responsible for their joint mortgage payments.

Joint Ownership
A type of ownership where land and/or property is owned by two or more parties. The parties in question do not have to be spouses or relatives. The advantage of joint ownership is that upon the death of one party, his share is automatically transferred to surviving party. The disadvantage is that if one of the parties, for example, declares himself bankrupt, joint party may lose out to as creditors will want to recoup their losses.

Joint Sole Agency
Also see Multiple Agency.
The circumstances where two agents act jointly in representing the same party. Their commission is divided equally notwithstanding who eventually sells the property.

Joint tenancy
In case of joint tenancy each tenant owns the whole of the property and upon death of one of the joint tenants, the surviving joint tenant will automatically take over the whole interest in the property. In these circumstances there is no need to sort the matter out via probate.

Joint Tenants
Two or more property owners who hold their property jointly. Upon the death of one joint tenant, his share is automatically transferred to other/s notwithstanding the deceased owner?s will.

Joint Tenancy Agreement
A legal document drawn by the conveyancing solicitors confirming the ownership of the property and by two or more parties and stating that they hold their property as joint tenants.

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