There are several different ways you can choose to take title in Arizona when purchasing property: Tenancy in Common, Joint Tenancy with Right of Survivorship, Community Property, and Community Property with Right of Survivorship.
Just as there are several way to take title, each has several points one should consider. These are: Parties, Division, Title, Possession, Conveyance, Purchaser’s Status, Death, Creditor’s Rights, and Presumption.
For a quick glance chart, please visit: Ways To Take Title In AZ – Tucson Power Group.
*Note: Arizona is a community property state. Property acquired by a married couple* is presumed to be community property unless legally specified otherwise. Title may be held as “Sole and Separate.” If a married person acquires title as sole and separate, their 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. Each method of taking title has certain significant legal and tax consequences; therefore, you are encouraged to obtain advice from an attorney or other qualified professional.
*inclusive of the vesting terms “husband and wife”, as well as “married couple” (for same-sex married couples)
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More posts in the Real Estate 101 Series: The ABC’s of Real Estate, What Is Escrow, The Advantages Of Using A REALTOR®