This form is a Tenancy in Common Deed where the grantor is an individual and the grantees are two individuals.
A Phoenix Arizona Tenancy in Common Deed from Individual to Two Individuals is a legal document that transfers ownership of a property from an individual owner (granter) to two other individuals (grantees) under a tenancy in common arrangement. It establishes the rights and responsibilities of each co-owner in the property. There are two different types of Tenancy in Common Deeds in Phoenix, Arizona: 1. Equal Shares: The property ownership is divided equally between the two individuals. Each co-owner has an undivided interest in the property, meaning they have the right to use and possess the entire property, but their ownership is not physically divided. In case of the death of one co-owner, their share will pass to their heirs or beneficiaries, not to the other co-owner. 2. Unequal Shares: The property ownership is divided in proportions determined by the parties involved. This means that one co-owner may have a larger share than the other, reflecting their respective investments or contributions towards the property. Similarly, each co-owner has an undivided interest in the property, and in the event of death, their share will pass to their heirs or beneficiaries. The Phoenix Arizona Tenancy in Common Deed from Individual to Two Individuals includes key information such as: — Identification of thgranteror and grantees: Names, addresses, and other contact information of the individuals involved in the transfer of ownership. — Legal description of the property: A detailed description of the property being transferred, including its lot number, block number, address, and any other relevant details. — Consideration: The amount or value given in exchange for the property, which may include money, goods, or services. — Proportional shares: If it is an unequal shares arrangement, the deed will specify the exact percentage or proportion of ownership each co-owner has in the property. — Rights and Responsibilities: The deed will outline the rights and responsibilities of each co-owner, including the right to possess, use, and enjoy the property, as well as the responsibility to contribute to expenses such as taxes, mortgage payments, and maintenance costs. — Survivorship: The deed may address what happens in the event of the death of one co-owner. In tenancy in common, unlike joint tenancy, the deceased co-owner's share does not automatically pass to the surviving co-owner but instead goes to their heirs or beneficiaries as stipulated in their will or according to the laws of intestate succession. It is crucial to consult with a qualified real estate attorney or title company to ensure that the Tenancy in Common Deed accurately reflects the intentions and interests of the involved parties and complies with the laws of Phoenix, Arizona.
