Taking Title in Arizona - Oro Valley Real Estate
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Arizona is a community property state.
There is a statutory presumption that all property acquired by husband and wife is community property.
COMMUNITY PROPERTY: Community property is a method of co-ownership for married persons only. Upon the 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 community property with right of survivorship estate can be held by a husband and wife when created by express language in the vesting document. Upon the death of a spouse, the estate is vested in the surviving spouse and an Affidavit Terminating Right of Survivorship, together with a certified copy of the death certificate is recorded.
CORPORATION: Title may be taken in the name of a corporation provided that the corporation is duly formed and in good standing in the state of its incorporation.
GENERAL PARTNERSHIP: A Voluntary association of two or more persons to carry on as a business for profit. May be either a general partnership or a limited partnership. A certificate of partnership must be filed in the office of the Secretary of State.
JOINT TENANCY WITH RIGHT OF SURVIVORSHIP: Joint tenancy 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. 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.
LIMITED LIABILITY COMPANY: A limited company formed by two or more persons under the law of Arizona or another state. A limited liability company operates similar to a partnership, with protection that is similar to a corporation. An Arizona limited liability company must be filed with the State of Arizona.
LIMITED PARTNERSHIP: A partnership formed by two or more persons under the laws of Arizona or another state and having one or more limited partners. A certificate of limited partnership must be filed in the office of the Secretary of State.
SOLE AND SEPARATE: Real property owned by a spouse before marriage or any acquired after marriage by gift, devise, descent, or specific intent. If a married person acquires title as sole and separate property, his or her spouse must execute a disclaimer deed.
TENANCY IN COMMON: A method of co-ownership in which parties do not have survivorship rights and each owns a specific undivided interest in the entire title. Each co-owner has a separate title to his/her interest, and can transfer his/her interest without the other co-owners.
TRUST: Title is held by Trustee on behalf of the trustor/beneficiary who retains all management rights and responsibilty.