Joint Tenants Definition In Real Estate In Phoenix
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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.
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.
The key difference is in post-mortem property sale taxation. Joint tenancy triggers capital gains tax on property sales after a spouse's death. CPWROS exempts it. Additionally, joint tenancy is open to anyone, while community property is usually for married couples.
Unlike joint tenancy, where each owner has an equal share, tenancy in common allows for specific parts or percentages of the property to be owned by each tenant. This type of ownership is often seen in situations where family members or business partners want to maintain separate shares.
Joint tenants in common are usually referred to as JTIC, and it usually refers to property owned where rights of survivorship do not apply. It means that each individual owns a specific part of the property, and upon their passing, the other individuals will not have a right of survivorship to that specific portion.
If you signed a tenancy agreement with another person (your names are on the same document) then it will be classed as a joint tenancy. They are common amongst students and families as everyone is likely move in and leave at the same time.
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).
