ARIZONA REAL ESTATE VESTING
REAL ESTATE VESTING OPTIONS IN ARIZONA INCLUDE:
Arizona is a community property state. This 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 spouse’s interest will pass by either a will or intestate succession.
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP:
A version of holding title between married persons that vests the title to real property in the surviving spouse when it is expressly declared in the Deed. This vesting has the tax benefits of holding title as “community property” and the probate avoidance features of “survivorship rights”.
JOINT TENANTS WITH RIGHT OF SURVIVORSHIP:
Joint tenancy with right of survivorship is a method of co-ownership that gives title to the real property to the last survivor. Title to real property can be acquired by two or more individuals either married or unmarried. If a married couple acquires title as joint tenants with right of survivorship, they must specifically accept the joint tenancy to avoid the presumption of community property.
TENANTS 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, descent or specific intent. If a married person acquires title as sole and separate property, his/her spouse must execute a Disclaimer Deed.
Title may be taken in the name of a corporation or LLC provided that the entity is duly formed and in good standing in the state of its formation.
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.
A partnership formed by two or more persons under the laws of Arizona or another state and having one.