This form is a Warranty Deed where the Grantors are husband and wife, or two individuals, and the Grantees are two Trusts. Grantors convey and warrant the described property to the Grantees. This deed complies with all state statutory laws.
Phoenix Arizona Warranty Deed from Two Individuals / Husband and Wife to Two Trusts
Category:
State:
Arizona
City:
Phoenix
Control #:
AZ-054-78
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Arizona Warranty Deed From Two Individuals / Husband And Wife To Two Trusts?
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FAQ
Is there an Arizona law that only deeds of trust must be used? No. Arizona law provides for mortgages, and since 1971 Arizona law also provides for deeds of trust. Most mortgage lenders, however, prefer deeds of trust for several reasons.
The Trustee in a Deed of Trust is the party who holds legal title to the property during the life of the loan. Trustees will most often have one of two jobs. If the property is sold before the loan is paid off, the Trustee will use the proceeds from the sale to pay the lender any outstanding portion of the loan.
Ways to Hold Title to Real Estate 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.
Under a Deed of Trust, there are generally three parties the borrower, the lender and the Trustee, who holds title to the lien for the benefit of the lender and whose sole function is to initiate and complete the foreclosure process at the request of the lender.
States with tenancy by the entirety are: Alaska, Arkansas, Delaware, Florida, Hawaii, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, and Wyoming.
A. Except as provided in subsection B, the trustee of a trust deed shall be: 1. An association or corporation doing business under the laws of this state as a bank, trust company, savings and loan association, credit union, insurance company, escrow agent or consumer lender.
Under community property, one spouse's share of an asset must pass to the other spouse upon their death ? they can't leave it to any other heir.
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.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
Joint Tenancy Two or more people, including spouses, may hold title to their jointly owned real estate as joint tenants. There is a so-called ?right of survivorship,? which means that when one dies, the property automatically transfers to the survivor without the necessity of probating the estate.