This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Joint Tenancy to Tenancy in Common - Deed, 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 Joint Tenancy to Tenancy in Common Deed
Category:
State:
Arizona
City:
Phoenix
Control #:
AZ-REAL-30
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Arizona Joint Tenancy To Tenancy In Common Deed?
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FAQ
The most recognized form for a married couple is to own their home as Tenants by the Entirety. A tenancy by the entirety is ownership in real estate under the fictional assumption that a husband and wife are considered one person for legal purposes. This method of ownership conveys the property to them as one person.
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.
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.
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.
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 there are 2 or more flat owners, you are allowed to change the holding type of your flat from joint tenancy to tenancy-in-common (in equal or unequal shares), and vice versa. If you are already holding the flat under tenancy-in-common, you can also change the proportion of shares held by each owner.
If you jointly own your property as tenants in common, when you die your share of the property will pass to your estate.
Joint Tenants versus Tenants in Common Most married couples tend to hold their property as joint tenants. However, this is not compulsory and married couples can opt to hold property as Tenants in Common if they wish.
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%).
Joint Tenants versus Tenants in Common Most married couples tend to hold their property as joint tenants.