Ways To Take Title Of Real Estate In Arizona

Retirement CommunitiesWays To (Please Visit: http://justjarl.com) Arizona Take Title In Compliments Of: Jarl Kubat REALTOR® Mesa, AZ Direct - (480) 710-6326 Toll Free - (800) 871-9247 Fax - (480) 275-6654 jarl@ jarlkubat.com 55 Plus Active Adult

Ways to take title in ArizonA JOINT TENANCY COMMUNITY PROPERTY COMMUNITY TENANCY WITH RIGHT WITH RIGHT PROPERTY IN COMMON OF SURVIVORSHIP OF SURVIVORSHIP Parties need not be Parties need not be Requires a valid marriage Requires a valid marriage married; may be more than married; may be more than between two persons. between two persons. two joint tenants. two tenants in common. Each tenant in common holds an undivided fractional Each joint tenant holds Each spouse holds Each spouse holds interest in the estate. an equal and undivided an undivided one-half an undivided one-half Can be disproportionate, interest in the estate, interest in the estate. interest in the estate. e.g.,20% and 80%; unity of interest. 60% and 40%; 20%, 20%, 20% and 40%; etc. One spouse cannot One joint tenant can One spouse cannot Each tenant’s share can partition the property by partition the property by selling partition the property by be conveyed, mortgaged selling his or her interest. his or her joint interest. selling his or her interest. or devised to a third party. Requires signatures Requires signatures of all Requires signatures Requires signatures of all of both spouses to convey joint tenants to convey of both spouses to convey tenants to convey or encumber. or encumber the whole. or encumber. or encumber the whole. Each spouse can Upon death the tenant’s Estate passes to surviving joint Estate passes to the surviving devise (will) one-half of the proportionate share passes to his tenants outside of probate. spouse outside of probate. community property. or her heirs by will or intestacy. Upon death the estate Upon death the estate No court action required No court action of the decedent must be of the decedent must be to “clear” title upon required to “clear” title “cleared” through probate, “cleared” through probate, the death of joint tenant(s). upon the first death. affidavit or adjudication. affidavit or adjudication.Both halves of the community Deceased tenant’s share is entitled Both halves of the community property are entitled to a Each share has its own to a “stepped up” tax basis as property are entitled to a “stepped up” tax basis as tax basis. of the date of death. “stepped up” tax of the date of death.Note: Arizona is a community property state. Property acquired by a husband and wife is presumed tobe community property unless legally specified otherwise. Title may be held as “Sole and Separate.” If amarried person acquires title as sole and separate, his or her spouse must execute a disclaimer deed toavoid the presumption of community property. Parties may choose to hold title in the name of an entity,e.g., a corporation; a limited liability company; a partnership (general or limited), or a trust. Each methodof taking title has certain significant legal and tax consequences; therefore, you are encouraged to obtainadvice from an attorney or other qualified professional.

Ways To Take Title Of Real Estate In Arizona

by Arizona Retirement Communities on Nov 17, 2011

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Ways To Take Title Of Real Estate In Arizona — Document Transcript