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Hi thank you for your question and welcome. My name is ***** ***** I will assist you. There are two types on joint ownership:
(I) Joint tenants (II) tenants in common. Joint tenants you jointly only 100% of the property, tenants in common your 50% shares are distinct and seperate. With joint tenants if one owner dies the other automatically inherits the whole property, with tenants in common each owners share can be bequeathed under a will. A joint tenancy can always be severed to create tenants in common. You can also have an underlying document called a deed of trust which will defined the differing shares each Party owns. Without a deed of trust it is presumed that any proceeds of sale are split 50/50. Can I assist any further? Kind regrads AJ