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Refer to one form of joint ownership of property. If you are purchasing property with another as tenants in common each of you will own a specified share in the property, for example, one half each, or two thirds owned by one party and the remaining third owned by the other party. When you own property as tenants in common and one party dies then that person’s share in the property will be transferred to the beneficiaries specified in the deceased’s Will as the new owner of that share of the property.
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