Closing Property Title For Married Couple In Phoenix
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To take title as community property, the title holders must have a valid marriage. Each spouse holds an undivided one-half interest in the estate. One spouse cannot partition the property by selling his or her interest. The signatures of both spouses are required to convey title or encumber the property.
You will need to record a deed to add a name. The deed will need to contain the complete legal description of the parcel you wish to convey. We recommend you have the deed notarized prior to recording it with the county recorder's office.
These are the ways to take title in Arizona: Community Property, Community Property With Right Of Survivorship, Joint Tenancy With Right Of Survivorship, Tenancy In Common, Trust (With A Trustee), Sole And Separate Property, Corporation, General Partnership.
Arizona is a community property state, which means that all property acquired by either spouse during the marriage is considered to be jointly owned. Upon a divorce, it will be divided approximately equally.
For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE). That endows survivorship rights, some creditor protection, and allows for transfers only with the consent of both spouses.
Tenancy by the entirety refers to a form of shared property ownership that is usually reserved only for married couples. A tenancy by the entirety permits spouses to jointly own property as a single legal entity. This means that each spouse has an equal and undivided interest in the property.
