Title to real property in Arizona may be held by individuals, either in Sole Ownership or Co-Ownership. Co-Ownership of real property occurs when title is held by two or more persons and there are several variations for each type of ownership.
The following summaries are a few more common ways to take title to your new Arizona home but are for information purposes only and could have legal and tax consequences. It is suggested that you contact your Escrow Officer, Tax Adviser and/or Attorney for a further comprehensive understanding and specific advice on how you should actually vest your title.
Sole-Ownership
Single Man/Woman: A man or woman who is not legally married. Example:John/Jane Doe: a single man/woman.
An Unmarried Man/Woman: A man or woman who having been married is legally divorced. Example: John/Jane Doe, an unmarried man/woman.
A Married Man/Woman, As His/Her Sole and Separate Property:Spouse must consent to transfer & relinquish all right, title & interest to property (by Quitclaim or otherwise). Example:John/Jane Doe, a married man/woman as his/her sole and separate property.
Co-Ownership
Community Property: Real property conveyed to a married man or woman is presumed to be community property, unless otherwise stated. Both spouses have the right to dispose of one half of the community property. If a spouse does not exercise his/her right to dispose of one-half to someone other than spouse, it will be automatic and without administration. If spouse does exercise this right however, that half is subject to estate administration. Example: John Doe and Mary Doe, husband and wife.
Joint Tenancy with Right of Survivorship: Real property is owned by two or more persons in equal shares and when a joint tenant dies, title to property immediately vests in the surviving tenant(s). Joint Tenancy property is not subject to disposition by Will. Example: John Doe and Mary Doe, husband and wife as joint tenants.
Community Property with Right of Survivorship: Must be expressly declared (not presumed) in transfer document by both and shall, upon the death of one of the spouses, pass to the surviving spouse without administration. Subject to the same procedures as property held in joint tenant. Very common way to take title in Arizona.
Tenancy in Common:Co-owners own undivided interests but unlike Joint Tenancy, these interests need not be equal in quantity or duration and may arise at different times. There is no right of survivorship and upon death each tenant's interest goes to his/her heirs or devises. Example: John Doe, a single man as to an undivided 3/4ths interest and George Smith, a single man, as to an undivided 1/4 interest, as tenants in common.
