Page 15 - Arizona Buyer eGuide
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Arizona Home Buyer’s Guide
v Ways to Take Title in Arizona
Community Joint Tenancy Community Tenancy in Sole and Separate
Property with the Right of Property with Common
the Right of See Note at bottom
Requires a valid Survivorship Survivorship Parties need not be of page
marriage between two married: may be more
Parties need not be Requires a valid See Note at bottom
persons. married: may be more marriage between two than two tenants in of page
than two joint tenants. common
Each spouse holds persons. See Note at bottom
an undivided one-half Each joint tenant holds Each tenant in common of page
interest in the estate. an equal and undivided Each spouse holds holds an undivided
interest in the estate, an undivided one-half fractional interest in See Note at bottom
One spouse cannot interest in the estate. the estate. Can be of page
partition the property unity of interest. disproportionate.
by selling his or her One joint tenant can See Note at bottom
One joint tenant can partition the property (ie: 20%-80% or 60%-40%) of page
interest. partition the property by selling his or her
by selling his or her Each tenant’s share See Note at bottom
Requires signatures of joint interest. can be conveyed, of page
both spouses to convey joint interest. mortgaged or devised
Requires signatures Requires signatures of to a third party. See Note at bottom
or encumber. of all joint tenants to both spouses to convey of page
convey or encumber Requires signatures of
Each spouse can devise or encumber. all tenants to convey or
(will) one-half of the the whole. encumber the whole.
community property. Estate passes to
Estate passes to surviving spouse Upon death the
Upon death the estate surviving joint tenants outside of probate. tenant’s proportionate
of the decedent must
be “cleared” through outside of probate. No court action share passes to his
probate, affidavit or required to “clear” title or her heirs by will or
No court action
adjudication. required to “clear” title upon the first death. intestacy.
Both halves of the upon the death of joint
community property are Both halves of the Upon death the estate
tenant(s). community property are of the decedent must
entitled to a be “cleared” through
“stepped up” tax basis Deceased tenant’s entitled to a probate, affidavit or
as of the date of death. share is entitled to a “stepped up” tax basis
as of the date of death. adjudication.
“stepped up” tax
basis as of the date Each share has its own
tax basis.
of death.
NOTE: Arizona is a community property state. Property acquired by a husband and wife is presumed to be community property
unless legally specified otherwise. If a married person acquires title as “Sole and Separate”, 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 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.
602.667.1000
...Where Experience equals Excellence
15
v Ways to Take Title in Arizona
Community Joint Tenancy Community Tenancy in Sole and Separate
Property with the Right of Property with Common
the Right of See Note at bottom
Requires a valid Survivorship Survivorship Parties need not be of page
marriage between two married: may be more
Parties need not be Requires a valid See Note at bottom
persons. married: may be more marriage between two than two tenants in of page
than two joint tenants. common
Each spouse holds persons. See Note at bottom
an undivided one-half Each joint tenant holds Each tenant in common of page
interest in the estate. an equal and undivided Each spouse holds holds an undivided
interest in the estate, an undivided one-half fractional interest in See Note at bottom
One spouse cannot interest in the estate. the estate. Can be of page
partition the property unity of interest. disproportionate.
by selling his or her One joint tenant can See Note at bottom
One joint tenant can partition the property (ie: 20%-80% or 60%-40%) of page
interest. partition the property by selling his or her
by selling his or her Each tenant’s share See Note at bottom
Requires signatures of joint interest. can be conveyed, of page
both spouses to convey joint interest. mortgaged or devised
Requires signatures Requires signatures of to a third party. See Note at bottom
or encumber. of all joint tenants to both spouses to convey of page
convey or encumber Requires signatures of
Each spouse can devise or encumber. all tenants to convey or
(will) one-half of the the whole. encumber the whole.
community property. Estate passes to
Estate passes to surviving spouse Upon death the
Upon death the estate surviving joint tenants outside of probate. tenant’s proportionate
of the decedent must
be “cleared” through outside of probate. No court action share passes to his
probate, affidavit or required to “clear” title or her heirs by will or
No court action
adjudication. required to “clear” title upon the first death. intestacy.
Both halves of the upon the death of joint
community property are Both halves of the Upon death the estate
tenant(s). community property are of the decedent must
entitled to a be “cleared” through
“stepped up” tax basis Deceased tenant’s entitled to a probate, affidavit or
as of the date of death. share is entitled to a “stepped up” tax basis
as of the date of death. adjudication.
“stepped up” tax
basis as of the date Each share has its own
tax basis.
of death.
NOTE: Arizona is a community property state. Property acquired by a husband and wife is presumed to be community property
unless legally specified otherwise. If a married person acquires title as “Sole and Separate”, 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 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.
602.667.1000
...Where Experience equals Excellence
15
