Joint Tenancy Definition In Business In Maricopa
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Joint tenancy should be used with extreme caution. It can subject a co- owner to unnecessary taxes and liabili- ty for the other co-owner's debts. It can also deprive heirs of bequeathed prop- erty and, in California, leave the joint tenant without right of survivorship.
Documents recorded with the Maricopa County Recorder's Office are available and searchable through the Maricopa County Recorded Document Search. To locate a copy of your deed, search using your last name and first name. If you know when you recorded your document, you can use the dates to narrow your search.
A joint tenancy is severed by (a) mortgage or creation of a deed of trust, (b) transfer to a revocable or irrevocable trust, (c) contract to convey the property, or (d) destruction of one or more of the four unities; and the result is the failure of the right of survivorship. In re the Estate of Estelle, 122 Ariz.
To start your deed search, first determine the county covering the land at the time the deed was made. Then contact that county recorders office. All Arizona counties have at least some land records online, check the websites below.
In the case of joint owners, each owner generally has the right to lease out property that is jointly owned. This means that one owner can enter into a lease agreement with a tenant without the permission of the other co-owner(s).
Introduction. 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.
An attorney can help you with this. The right of survivorship can be removed from a deed if all co-owners involved agree to it. If they disagree, a legal process will have to be initiated in court to contest the ownership of the property.
9. What is a joint tenancy deed Arizona? A joint tenancy deed in Arizona is a legal document that establishes a shared ownership arrangement for two or more persons regarding a specific property. When you and your co-owners are designated as joint tenants, you each hold an equal share of the property.
