This form is a Tenancy in Common Deed where the grantor is an individual and the grantees are two individuals.
Phoenix Arizona Tenancy in Common Deed from Individual to Two Individuals
Category:
State:
Arizona
City:
Phoenix
Control #:
AZ-02A-78
Format:
Word;
Rich Text
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How to fill out Arizona Tenancy In Common Deed From Individual To Two Individuals?
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FAQ
A joint tenancy is a concurrent property interest that permits two or more individuals or legal entities to hold title to real, personal, and intellectual property. Fundamentally, it is a way for two or more persons to be seized in property as if they were one person. Graham v. Allen, 11 Ariz.
A joint tenancy is a concurrent property interest that permits two or more individuals or legal entities to hold title to real, personal, and intellectual property. Fundamentally, it is a way for two or more persons to be seized in property as if they were one person. Graham v. Allen, 11 Ariz.
If you have a joint tenancy, you and the other tenants have exactly the same rights. You are all jointly and individually responsible for the terms and conditions of the tenancy agreement. This is called joint and several liability.
In Arizona, tenancy in common is the default classification for married couples seeking joint ownership. The property can be divided evenly, or the owners can control differing shares if needs be (e.g. two business partners own 25% each, and the third owns 50%).
Tenancy in Common: Two or more persons may hold title to real property as tenants in common. In Arizona, married couples must reject community property and specifically take title as tenants in common. Each owner has a distinct and proportionate interest without the right of survivorship.
In short, under joint tenancy, both partners jointly own the whole property, while with tenants-in-common each own a specified share. It's worth looking at each of these options in more detail before deciding which one is right for you.
Joint tenancy includes the right of survivorship, meaning that when one of you passes away, full ownership will automatically transfer to the other joint tenant. Community property with the right of survivorship is a type of title ownership for married couples only.
How to find out if you are Joint Tenants or Tenants in Common? Download your title deeds from the Land Registry and if there is a Form A restriction under Section B: Charges, then you are tenants in common. If the restriction isn't there then you are Joint Tenants.
Arizona law recognizes four types of legal title to real property when it is owned by two or more persons: Tenants in Common, Joint Tenancy with Right of Survivorship, Community Property, and Community Property with Right of Survivorship. A.R.S. 33-431.