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I am going to disagree with messrb here, but beware, I am talking from ignorance. According to my real estate book, "joint tenancy" means there is no division of ownership. In the event of debilitating illness of one partner, the other may be in for a nasty surprise.

Anyhow, these are all common terms regarding real property, and a competent attorney should be able to sort them out and explain them.

By the way, TMFTaxes has commented many times that co-ownership of property by unrelated persons is fraught with difficulty. I wouldn't extrapolate from that, that it shouldn't be done, but you want to have it all clear and in writing.
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