TAKING TITLE IN ARIZONA
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP: Community property with right of survivorship is a method of ownership by husband and wife that vests title in the surviving spouse upon the death of one of the spouses.
COMMUNITY PROPERTY: Arizona is a community property state. There is a statuary 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 the death of one of the spouses, the deceased spouse’s interest will pass by either a will or interstate succession.
SOLE AND SEPARATE: Real Property owned by a spouse before marriage or any acquired after marriage by gift, devise, decent or specific intent. If a married person acquires title as sole and separate property, the spouse must execute either a disclaimer deed or a quit claim deed.
JOINT TENANCY WITH RIGHT OF SURVIVORSHIP: An undivided interest in property, taken by two or more joint tenants. The interest must be equal; occurring under the same conveyance, and beginning at the same time. Upon death of a joint tenant, the interest passes to the surviving joint tenant or tenants, rather than to the heirs of the deceased. 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.
TENANCY 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.
CORPORATION: Any group of people “incorporating” by following certain statutory procedures may take title to real property in the name of the corporation.
GENERAL PARTNERSHIP: 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.
LIMITED PARTNERSHIP: A partnership formed by two or more persons under the laws of Arizona or another state and having one or more general partners and one or more limited partners. A certificate of limited partnership must be filed in the Office of the Secretary of State, a certified copy of which must be recorded.