This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Converting to Joint Tenancy - Deed - Arizona, can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s).
Phoenix Arizona Agreement Converting Joint Tenancy Property into Community Property - Deed
Category:
State:
Arizona
City:
Phoenix
Control #:
AZ-REAL-28
Format:
Word;
Rich Text
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How to fill out Arizona Agreement Converting Joint Tenancy Property Into Community Property - Deed?
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FAQ
In Arizona, there are different ways to title property, including: A Joint Tenancy with Right of Survivorship involves two or more owners who each have an equal and undivided interest. If one owner dies, the surviving partners take the deceased owner's share in the property.
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.
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%).
A joint tenancy is severed by (a) mortgage or creation of a deed of trust, (b) transfer to a revocable or irrevocable trust, (c) contract to convey the property, or (d) destruction of one or more of the four unities; and the result is the failure of the right of survivorship. In re the Estate of Estelle, 122 Ariz.
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 a Joint Tenancy with Right of Survivorship, if one of the owners dies, his or her share will pass equally to each of the other Joint Tenants, regardless of who would otherwise inherit the deceased owner's estate.
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.
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.
What is not considered community property in Arizona? Property acquired prior to marriage or by gift or inheritance during a marriage is not community property in Arizona.
Tenants can't transfer their interest in the joint tenancy: When you and your joint tenant(s) each own an equal interest in a property, you can't transfer your interest to someone else and leave the joint tenancy intact.