Ways To Hold Title To Real Estate In Arizona
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Community Property
Arizona is a
community property state. There is a statutory presumption that all
property acquired by husband and wife is community property. Community
property is a method of co-ownership for married persons only. Upon
death of one of the spouses, the deceased spouses’ interest will pass
by either a will or interstate succession, through the probate courts.
Community Property with Right of Survivorship
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This
form of property ownership not only allows the husband and wife to
acquire property in their community estate, but also passes title to
the last survivor outside of probate. This manner of holding title may
have taxes advantages that are not available with other methods of
ownership;
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Joint Tenancy with Right of Survivorship
Joint
tenancy is a method of co-ownership that passes title to real property
to the last survivor. Title to real property can be acquired by two or
more individuals. If a married couple acquires title as join tenants
with the right of survivorship, they must specifically accept the joint
tenancy to avoid the presumption of community property.
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Tenancy in Common
A
method of co-ownership where parties do not have survivorship rights
and each owns a specific undivided interest in the entire title.
Sole and Separate
Real
property owned by a spouse before marriage or any acquired after
marriage by gift, devise, descent or specific intent. If a married
person acquires title as sole and separate property, his/her spouse
must execute a Disclaimer or Quit Claim Deed.
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The ownership options listed above apply to individuals. Title to real estate can also be vested in corporations, general partnerships, and limited partnerships or in individuals or corporations acting as trustees pursuant to written trust agreements. If you wish to vest title in one of these entitles, Lawyers Title recommends that you obtain competent legal and financial advice.
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