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Ways to Take Title to Real Property in Arizona

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By : Dimitri Larno    99 or more times read
One of the many decisions you will have to make when buying real property is how to take title. Let’s explore the different ways one can take title in Arizona. Title can be held by natural persons i.e. you and me, or by legal persons i.e. corporations and partnerships.

Arizona is a Community Property State. This means that there is a statutory presumption that all real property that is acquired by married persons is community property.

Community Property

Community property is a method of co-ownership for married persons only. Upon the death of one spouse, the deceased spouse’s interest will pass by either a will or intestate succession - Intestate succession means, the transfer of property to relatives of a decedent who died without leaving a valid will. The state’s statute will specify which relatives receive intestate shares and in what amount.

Community Property with Right of Survivorship

This type of estate can be held by a husband and wife when created by specific written language in the vesting document. Upon death of one spouse, the estate is vested in the surviving spouse. An affidavit terminating the right of survivorship, together with a certified copy of the death certificate is recorded.

Joint Tenancy with Right of Survivorship

This is a method of co-ownership that transfers the title to real property to the last surviving owner. If a married couple acquires title as joint tenants with right of survivorship, they must specifically elect the joint tenancy to avoid the presumption of community property.

Tenancy in Common (TIC)

This is a form of co-ownership whereby each owner (tenant in common) owns a specific undivided interest in the entire title. There is no right of survivorship, each owner has a separate title to his/her interest, and can transfer his or her share separately from the other co-owners.

Sole and Separate

This is real property owned by a spouse before marriage or acquired after marriage and held separately. If a married person acquires title as sole and separate property, his or her spouse must execute a disclaimer deed.

Corporations & Partnerships

Title to real property may be taken in the name of a corporations and partnerships (legal persons) provided that they were duly formed and are in good standing.

A Word of Caution

Each method of taking title has certain legal and tax consequences. I encourage you to seek advice from your attorney and/or certified public accountant to determine which way would be most beneficial for your particular situation. This article is only intended for information purposes.
Dimitri Larno
Designated Broker - Realtor®
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