Maricopa Arizona Agreement between Unmarried Individuals to Purchase and Hold Residence as Joint Tenants with Right of Survivorship
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FAQ
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.
Like joint tenancy, community property with the right of survivorship also grants the surviving spouse full ownership of the property. Arizona is one of only five states that have community property with the right of survivorship laws.
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%).
You don't have to be married to someone to buy a house together; however, some important factors should be considered before signing the papers. Both parties must have qualifying credit scores and income to be approved for the mortgage loan.
Joint tenancy is a legal term for an arrangement that defines the ownership interests and rights among two or more co-owners of real property. In a joint tenancy, two or more people own property together, each with equal rights and responsibilities.
Yes. You can find a lender that will allow you to apply for a home loan with your partner. However, you'll run into different challenges than married couples based on the current legal framework. Take the time to determine whether you and your partner should apply for a loan together.
Title to real property can be held in joint tenancy by two or more individuals either married or unmarried. If a married couple acquires title as joint tenants with the right of survivorship, they must specifically accept the joint tenancy to avoid the presumption of community property.
It's perfectly legal to buy a home with someone even if you're not married or even a couple. People buy homes together in business transactions all the time. Of course, in this case, it's not a business transaction. Buying a home together is a serious emotional and financial commitment.
Each joint tenant holds an equal and undivided interest in the estate, unity of interest. Each spouse holds an undivided one-half interest in the estate. Each tenant in common holds an undivided fractional interest in the estate.
