 | COMMUNITY
PROPERTY - Because
Arizona is a community property state, there is a statutory presumption that
all property acquired by husband and wife is community property.
Community property is an estate of ownership between married persons
only. Neither spouse, acting individually, may transfer or encumber
real estate that is vested as community property. Upon death of one of
the spouses, the deceased spouse's interest will pass by a will (if one
exists) or in testate succession (if no will exists). |
| COMMUNITY
PROPERTY with RIGHT OF SURVIVORSHIP
- A
community property estate between married persons that vests the title to
real property in the surviving spouse provided it is expressly
declared in the deed. This vesting has the tax benefits of holding
title as "community property" and the ability to avoid probate
through "survivorship rights". |
| JOINT
TENANCY with RIGHT OF SURVIVORSHIP
-
Joint tenancy with the right of survivorship is a method of co-ownership
that gives title to the real property to the surviving tenant (s) upon the
death of a joint tenant owner. Title to real property can be held in
joint tenancy by two or more individuals
either married or unmarried. If a married couple acquires title as
joint tenants with the right of survivorship, they must specifically accept
the joint tenancy to avoid the presumption of community property. |
| TENANCY IN
COMMON
-
Tenancy in common is co-ownership where parties do not have survivorship
rights and each owns a specific undivided interest in the entire estate. |
| SOLE and
SEPARATE -
Sole and separate property is real property owned by a spouse before
marriage or any acquired after marriage by gift, descent or specific intent
to hold the title separate from the estate of the marital community.
If a married person acquires title as sole and separate property, his or her
spouse must execute a disclaimer deed. |
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