A situation where more than one person applied for credit. This could be in the form of a loan, a credit card or a mortgage, among other things. Joint credit requires a minimum of two applicants.
Joint liability is defined by two or more people being equally responsible for repaying a debt. This often limits debt burdens and helps to protect themselves in the event of legal litigation and lawsuits.
Joint owned property is a piece of property owned by a minimum of two people. Property that is jointly owned may be held in one of several legal forms including joint tenancy, tenancy by the entirety, community property or in a trust. There are a variety of reasons for joint ownership but mainly due to business ventures.
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