Examples of Title in Arizona
Community Property - Married couples only
Since Arizona is a community property state, by statute all property acquired by husband and wife is presumed to be community property unless stipulated other-wise. Community property ownership can apply to only married persons. The interest of a deceased spouse may pass either by will or by intestate succession.
Community Property with Right of Survivorship - Married couples
Community Property with Right of Survivorship - Co-ownership by husband and wife providing for the surviving spouse to retain full title after the death of the other spouse. Allows for a stepped up tax basis for capital gains taxes to a surviving spouse.
Joint Tenancy with Right of Survivorship - Multiple persons
Joint Tenancy - Method of co-ownership that gives title to the last surviving joint tenant.
Tenants in Common - Method of co-ownership where multiple persons/parties do not have survivorship rights and each owns a specific undivided interest in the entire title.
Sole and Separate - Married individuals only
Real property owned by a spouse prior to marriage or acquired after marriage by gift or devise, descent or specific intent. When a married person acquires title as sole and separate property, his/her spouse must execute a disclaimer deed.
Trust - For lending purposes. Confirm with lender first. Please provide name of trustees and name and date of the trust. A full and complete copy of the trust will be required if less than all of the original trustees will sign loan documents.
Unmarried - Divorced person
Single - Single person, never married
FOR MORE INFORMATION, YOU ARE ENCOURAGED TO CONTACT A PROFESSIONAL LEGAL TAX ADVISOR