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Comparisons of Some Common Ways of Holding Title to Real Property in Arizona

presented by American Title Service Agency's Jill St Croix - Account Manager (602) 622-2252

 

 

 
Golf Homes
Basement Homes
Guarded Communities
Brand New Homes
Community Property
Requires a valid marriage.
Each spouse holds an undivided one-half interest in the estate.
One Spouse cannot partition the property by selling his or her interest.
Requires signatures of both Spouses to convey or encumber.
Each Spouse can devise (will) one-half of the community property.
Upon death, the estate of the decendent must be "cleared" through probate, affidavit, or adjudication.
Both halves of the community property estate are entitled to a "stepped up" tax basis as of the date of death.
 
Joint Tenancy with
Right of Survivorship
Parties need not be married; may be more than two (2) Joint Tenants.
Each Joint Tenant holds an equal undivided interest in the estate, unity of interest.
One Joint Tenant can partition the property by selling his or her joint interest.
Requires signatures of all Joint Tenants to convey or encumber the whole.
Estate passes to surviving Tenant(s) outside of probate.
No court action required to "clear" title upon the death of Joint Tenants.
Deceased Tenants share is entitled to a "stepped up" tax basis as of the date of death
 
Community Property
with Right of Survivorship
Requires a valid marriage.
Each spouse holds an undivided one-half interest in the estate.
One Spouse cannot partition the property by selling his or her interest.
Requires signatures of both Spouses to convey or encumber.
Estate passes to surviving Tenant(s) outside of probate.
No court action required to "clear" title upon the first death.
Both halves of the community property estate are entitled to a "stepped up" tax basis as of the date of death.
 
Tenancy In Common
Parties need not be married; may be more than two (2) Tenants In Common..
Each Tenant In Common holds an undivided fractional interest in the estate, e.g. 20% & 80%; 20%, 20%, 40%, etc.
Each Tenant's share can be conveyed, mortgaged, or devised to third party.
Requires signatures of all Tenants to convey or encumber the whole.
Upon death, the Tenant's proportionate share passes to his or her heirs by will or intestacy.
Upon death the estate of the decedent must be "cleared" through probate, affidavit, or adjudication.
Each share has its own tax basis.
 
Note: Arizona is a community property state. Property acquired by a husband and wife is presumed to be community property unless legally specified. Title may be held as "Sole and Separate". If a married person acquires title as sole and separate property, his or her spouse must execute a disclaimer deed to avoid the presumption of community property. Parties may choose to hold title in the name of an entity, e.g. a corporation, a limited liability company, a partnership (general or limited), or a trust. The above information is provided as a courtesy only. Each method of taking title has certain legal and tax consequences. The Escrow Agent is not in a position to give advice in these matters. Therefore, you may wish to obtain advice from an attorney or other qualified professional.


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Sunrise Investments Real Estate Brokerage office: West USA Realty  
7077 E Marilyn Rd, Ste 130 Bldg 4
Scottsdale, AZ 85254
Licensed in the State of Arizona
 
Disclaimer: All listings provided on this website are IDX MLS listings, provided by member real estate brokers to the Arizona Regional Multiple Listings Service (ARMLS®) and might not be the listings of West USA Realty or Tony Pomykala. All properties for sale will show the actual listing brokerage name under the property information, and those brokerages represent the sellers of the properties. West USA Realty also specializes in representing buyers of Arizona real estate. Don't purchase real estate without a Buyer's Agent - when buying MLS-listed homes it costs you nothing extra to be represented! We help you find the house YOU want
All real estate advertised herein is subject to the Federal Fair Housing Act, which makes it illegal to advertise "any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation, or discrimination." We will not knowingly accept any advertising for real estate which is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis. Equal Housing Opportunity

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