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).
Tucson Arizona Joint Tenancy to Tenancy in Common Deed
Category:
State:
Arizona
City:
Tucson
Control #:
AZ-REAL-30
Format:
Word;
Rich Text
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Description
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How to fill out Arizona Joint Tenancy To Tenancy In Common Deed?
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FAQ
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.
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.
What is a joint tenancy? This is where 2 or more joint owners hold the whole of the property together and in equal shares. On the death of any one or more of the owners, those shares pass automatically to surviving joint tenants by something called the right of survivorship.
If you jointly own your property as tenants in common, when you die your share of the property will pass to your estate.
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.
Arizona joint tenancy is a legal relationship where the tenants have one and the same interest, accruing by one and the same conveyance, commencing at one and the same time, and held by one and the same undivided possession. A principal attribute of an Arizona joint tenancy is 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.
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%).
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.