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TAKING
TITLE IN ARIZONA
COMMUNITY
PROPERTY WITH RIGHT OF SURVIVORSHIP: Community property with right of
survivorship is a method of ownership by husband and wife that vests title
in the surviving spouse upon the death of one of the spouses.
COMMUNITY
PROPERTY: Arizona is a community property state. There is a statuary
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 spouse’s
interest will pass by either a will or interstate succession.
SOLE AND
SEPARATE: Real Property owned by a spouse before marriage or any
acquired after marriage by gift, devise, decent or specific intent. If a
married person acquires title as sole and separate property, the spouse
must execute either a disclaimer deed or a quit claim deed.
JOIN
TENANCY WITH RIGHT OF SURVIVORSHIP: An undivided interest in property,
taken by two or more join tenants. Tie interest must be equal; occurring
under the same conveyance, and beginning at the same time. Upon death of a
join tenant, the interest passes to the surviving joint tenant or tenants,
rather than to the heirs of the deceased. If a married couple acquires
title as joint tenants with right of survivorship, they must specifically
accept the join tenancy to avoid the presumption of community property.
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.
CORPORATION:
Any group of people “incorporating” by following certain statutory
procedures may take title to real property in the name of the corporation.
GENERAL
PARTNERSHIP: Title may be taken in the name of a general partnership
duly formed under the laws of the state of the formation of the
partnership. A partnership is defined as a voluntary association of two or
more persons as co-owners in a business for profit.
LIMITED
PARTNERSHIP: A partnership formed by tow or more persons under the
laws of Arizona or another state and having one or more general partners
and one or more limited partners. A certificate of limited partnership
must be filed in the Office of the Secretary of State, a certified copy of
which must be recorded.
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Taking Title in Arizona
Fidelity National
Title has furnished this information.
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Have
questions about building your new home, commercial project, property management,
or real estate? You can always contact us at 1-877-459-3892 if outside Arizona,
480-964-1946 within Arizona, or just email us by clicking
here!
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