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Joint Ownership of Business and Property

When you want to sign, buy, invest in a business or property with your spouse, friend, siblings or colleagues/partners, you must think ahead of the future implication and consequences it will have on you. In view of that you must take note of the following factors.

1. To sign joint ownership together with spouse, friends, siblings or colleagues/partners, try to let your spouse, friends, siblings and colleagues/partners know their limitations and boundaries whether you have the higher share or investment or not.

2. Don't rush to sign that joint ownership but quickly contact a lawyer from the beginning even before you sign the joint ownership with your spouse, friends, siblings and colleagues/partners.

3. You need to know and confirm who will survive the business or property investments after death, that's the idea of "survivorship" in joint ownership which must be documented with a lawyer.

4. You need to know and confirm the ratio by which the benefits and profits will be shared with you and those you want to inherit your own share of the joint ownership business and property investment which must be documented with a lawyer.

5. Don't lose your personal or family business and property to anyone all in the name of doing and signing joint ownership whether through Joint business/property venture deal, Joint Tenancy or Tenancy in Common or any other form of joint ownership.

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PILLARS NIG. LTD. Vs. WILLIAMS DESBORDES & ANOR (2021) LCN/4973 (SC) (Suit No. SC/105/2010).

ISSUE: ON IRREGULAR NOTICE TO QUIT
-Effect of service of an irregular notice to quit; remedy on service of a Writ.

PRINCIPLE:
Even if the initial notice to quit was irregular, the minute the Writ of Summons dated 13th May, 1993 for repossession was served on the Appellant, it served as adequate notice.
"Equity demands that wherever there is controversy on when or how notice of forfeiture or notice to quit is disputed by the parties, or even where there is irregularity in giving notice to quit, the filing of an action by the landlord to regain possession of the property has to be sufficient notice on the tenant, that is required to yield up possession".
"While statutory notice may be given as the situation requires (whatever form the periodic tenancy is, whether weekly, monthly, quarterly, yearly etc.), immediately a Writ is filed to regain possession, the irregularity of the Notice, if any, is cured. Time to give notice, should start to run from the date the Writ is served.
If for example, a yearly tenant, six months after the Writ is served and so on, all the dance drama around the issue of irregularity of Notice, ends thereby.

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