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Joint Tenancy Definition With Example In Arizona

Category:

Real Estate - Purchase Agreements

State:

Multi-State

Control #:

US-00414BG

Format:

Instant download

Description

Joint tenancy in Arizona allows two or more unmarried individuals to own property together with the right of survivorship. This means that upon the death of one owner, their share automatically passes to the surviving owner(s), rather than being part of the deceased's estate. For example, if two partners purchase a home and one dies, the surviving partner becomes the sole owner. This form facilitates the creation of joint tenancy by outlining responsibilities for expenses such as mortgage payments, taxes, and maintenance. Parties must establish a joint checking account for expense management, ensuring equal financial contributions. The agreement also restricts the sale or transfer of interest in the property for a specified period, allowing time for negotiation between parties. It emphasizes the need for mutual consent regarding any modifications to the agreement or property rights. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants working with unmarried individuals looking to co-own property while protecting their rights and interests.

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FAQ

In Arizona, property law is governed by ARS Title 33. Joint tenancy with right of survivorship is covered in ARS 33-431. When real property is owned by multiple people, property law refers to it as a concurrent estate.

Joint tenancy is most common among married couples because it helps property owners avoid probate. Without joint tenancy, a spouse would have to wait for their partner's Last Will to go through a legal review process—which can take months or even years.

For example, if two unmarried partners make equal contributions toward purchasing a inium and they choose to hold title as joint tenants, the surviving joint tenant will automatically become the sole and separate owner of the inium after the first joint tenant dies.

In the context of joint tenancy, typically four unities are required for its valid creation: Unity of Possession, Unity of Interest, Unity of Time, and Unity of Title, collectively referred to as the 'four unities' in property law. However, one example of a 'unity' that is not required is the Unity of Marriage.

Further tenancy in common allows parties to hold unequal shares of property interest. Joint tenancy requires each co-owner to hold equal shares of property. Further, co-owners must transfer the deed at the same time. In this sense, joint tenancy is rigid compared to tenancy in common.