Taking Title in Arizona - Oro Valley Homes for Sale
Oro Valley Homes for Sale, Oro Valley Real Estate in Oro Valley Arizona AZ. Search Oro Valley Homes and Real Estate, Oro Valley Realtor Ian Taylor
Arizona is a community property state.
There is a statutory presumption that all property acquired by husband and wife is community property.
COMMUNITY PROPERTY: Community property is a method of co-ownership for married persons only. Upon the death of one of the spouses, the deceased spouse's interest will pass by either a will or intestate succession.
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP: A community property with right of survivorship estate can be held by a husband and wife when created by express language in the vesting document. Upon the death of a spouse, the estate is vested in the surviving spouse and an Affidavit Terminating Right of Survivorship, together with a certified copy of the death certificate is recorded.
CORPORATION: Title may be taken in the name of a corporation provided that the corporation is duly formed and in good standing in the state of its incorporation.
GENERAL PARTNERSHIP: A Voluntary association of two or more persons to carry on as a business for profit. May be either a general partnership or a limited partnership. A certificate of partnership must be filed in the office of the Secretary of State.
JOINT TENANCY WITH RIGHT OF SURVIVORSHIP: Joint tenancy is a method of co-ownership that gives title to the real property to the last survivor. Title to real property can be acquired by two or more individuals. If a married couple acquires title as joint tenants with right of survivorship, they must specifically accept the joint tenancy to avoid the presumption of community property.
LIMITED LIABILITY COMPANY: A limited company formed by two or more persons under the law of Arizona or another state. A limited liability company operates similar to a partnership, with protection that is similar to a corporation. An Arizona limited liability company must be filed with the State of Arizona.
LIMITED PARTNERSHIP: A partnership formed by two or more persons under the laws of Arizona or another state and having one or more limited partners. A certificate of limited partnership must be filed in the office of the Secretary of State.
SOLE AND SEPARATE: Real property owned by a spouse before marriage or any acquired after marriage by gift, devise, descent, or specific intent. If a married person acquires title as sole and separate property, his or her spouse must execute a disclaimer deed.
TENANCY IN COMMON: A method of co-ownership in which parties do not have survivorship rights and each owns a specific undivided interest in the entire title. Each co-owner has a separate title to his/her interest, and can transfer his/her interest without the other co-owners.
TRUST: Title is held by Trustee on behalf of the trustor/beneficiary who retains all management rights and responsibilty.