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How Ownership of Property is Determined When a Deceased Person's Estate is Not Fully Settled
https://legiswiki.com/en/p/10150/how-ownership-of-property-is-determined-when-a-deceased-persons-estate-is-not-fully-settled
When a deceased person's estate is not fully settled, ownership of property is determined based on how the property was held and whether there is a will or not. The process generally involves these key considerations: 1. Type of Property Ownership Joint Tenants: If the deceased owned property join...
Legal Steps to Establish Ownership of Property Held in a Deceased Person's Estate
https://legiswiki.com/en/p/10154/legal-steps-to-establish-ownership-of-property-held-in-a-deceased-persons-estate
To establish legal ownership of property held in a deceased person's estate, the following key steps are generally involved: Determine How the Property Was Owned If the property was owned jointly as joint tenants (e.g., with a spouse), ownership typically passes automatically to the surviving joi...
Understanding the Rights of Heirs When a Property Title Remains in an Estate for Years
https://legiswiki.com/en/p/10157/understanding-the-rights-of-heirs-when-a-property-title-remains-in-an-estate-for-years
When a property title remains in an estate for years, typically because the deceased owner did not leave a legally binding will, the property is considered heirs' property. This means the property is informally owned by multiple heirs who hold fractional interests, but the official title remains in...
Role of court orders in transferring vehicle ownership without consent of current possessor
https://legiswiki.com/en/p/10261/role-of-court-orders-in-transferring-vehicle-ownership-without-consent-of-current-possessor
Court orders play a critical role in transferring vehicle ownership when the current possessor does not consent or when there are disputes over ownership. Here is a neutral, legal overview of how court orders function in these situations: Legal Basis for Court-Ordered Transfers A court order can leg...
Legal ownership and transfer of vehicle ownership in family disputes in Canada
https://legiswiki.com/en/p/10254/legal-ownership-and-transfer-of-vehicle-ownership-in-family-disputes-in-canada
Legal ownership and the transfer of vehicle ownership in family disputes in Canada are governed by provincial regulations, which set out the requirements and procedures for transferring ownership, especially in cases involving family members or former spouses. Legal Ownership of Vehicles in Canada...
Understanding driveway and lane ownership and rights in residential areas
https://legiswiki.com/en/p/10130/understanding-driveway-and-lane-ownership-and-rights-in-residential-areas
primarily involves the concept of easements, particularly driveway easements or shared driveway easements. What is a Driveway Easement? A driveway easement is a legal arrangement that allows one or more parties to use a driveway on another person's property for access purposes. It does not transfe...
Options for transferring vehicle ownership to stop financial liability in Ontario
https://legiswiki.com/en/p/10257/options-for-transferring-vehicle-ownership-to-stop-financial-liability-in-ontario
In Ontario, to stop financial liability for a vehicle, you must transfer the vehicle ownership to another party properly. Here are the key options and steps to do this: 1. Selling the Vehicle to Another Person Complete a Bill of Sale including buyer and seller details, sale date, price, and vehicle...
Rights and responsibilities of vehicle owners when lending vehicles to family members
https://legiswiki.com/en/p/10255/rights-and-responsibilities-of-vehicle-owners-when-lending-vehicles-to-family-members
When lending a vehicle to family members, the vehicle owner has both rights and responsibilities, particularly regarding insurance coverage and liability. Rights of Vehicle Owners: Permission Control: The owner has the right to decide who can borrow their vehicle and under what conditions. Permissi...
Sole Ownership
Sole ownership refers to a situation where a property or asset is owned entirely by one individual or entity, without any co-owners. This means the sole owner has exclusive rights and control over the property or asset, including decisions about selling, transferring, or managing it. In legal terms, sole ownership is sometimes called "ownership in severalty," emphasizing that the ownership is separate and independent from others.
Key Characteristics of Sole Ownership:
- The property or asset belongs solely and separately to the owner.
- The sole owner has full control and decision-making power over the property.
- The owner can sell, rent, repair, or transfer the property without needing consent from others.
- The owner bears all responsibilities, such as taxes, maintenance, and mortgage payments.
- In the context of real estate, even if the owner marries, the property remains their separate property unless legally changed.
Examples:
- In real estate, sole ownership means the property is titled in one person's name only.
- In business, a sole proprietorship is a business owned and operated by one individual who is entitled to all profits and responsible for all debts.
Advantages of Sole Ownership:
- Complete control over the property or business.
- Simplified management and decision-making.
- Ability to leave the property or business to anyone through inheritance or transfer.
- No need to coordinate with co-owners or partners.
In summary, sole ownership means exclusive ownership and control by one person or entity, with all associated rights and responsibilities resting solely on that owner.