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Primer on Owning Property in ArizonaAll listings are the responsiblity of the posters; keep in mind, anyone can post anything! |
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Real Estate ArticlesPrimer on Owning Property in Arizona
At one time or another, almost all of us have owned property. Whether a home, business or even a farm, our name has been on the deed giving us title to properties. The legality varies somewhat from state to state but overall the structure of a title is about the same wherever you may be.
Arizona real estate has cooled down considerably from the boom days. Investors, however, are coming back to the desert seeking deals now that the market is soft. If you are an investor or simply an Arizona resident you should know what type of title is best for your needs. Always consult a lawyer should you have questions or concerns. If you and your spouse are purchasing Arizona property, you may take title together in what is known as community property. Community property titles require a legal marriage between the two owners. To sell or transfer community property both owners must agree and sign papers. A deceased owner can will his or her half of the property either to the spouse or to another individual. Joint tenancy with right of survivorship (JTWROS) does not require marriage between the owners and there can be multiple owners. Each individual holds an equal interest and one owner can sell their share. If the entire piece of property is being sold all owners must sign. Should one owner die the deceased owner's share is passed to the remaining owners. Community property with right of survivorship requires a legal marriage between the two owners. Each owner has an undivided equal interest in the property. Both parties must sign if the property is sold or transferred. Upon death of one owner, his/her interest in the property passes to the surviving spouse. Tenancy in common differs from joint tenancy in that each owner, and there can be multiple owners, has fractional interest in the property. Each owner can sell or transfer their interest to another individual. All owners must sign only if the entire property is sold. Should an owner die his share passes to his/her heirs.
You can talk about... Primer on Owning Property in Arizona Tags: • property deed • property title • marriage • arizona • how to • property rules • home ownership • community property • property ownership • arizona real estate • Related articles:
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