Ways To Take Title In Arizona
WAYS TO TAKE TITLE IN ARIZONA
TITLE VERIFICATION - In connection with your real estate purchase, it is especially important that you decide exactly how you will acquire the title. Listed below are brief explanations of numerous ways to take title in Arizona. The way you take title may have significant legal and tax planning consequences. You should therefore contact your attorney and/or tax consultant about which manner best suits your needs.
Title insurance is unique in the world of insurance. Unlike auto, hazard, or life insurance that operates under risk assumption, or assuming something might happen; title insurance operates for risk elimination or eliminating the possibility of something happening. Prior to transferring title from a Seller to a Buyer, a title search of public record is conducted, defects are identified, and Pioneer Title Agency will “clear” encumbrances you do not wish to assume.
Ways To Take Title In Arizona
- Community Property (married) Arizona is a community property state. This means that, by statute, all property acquired during a marriage -is presumed to be community property, except that acquired by gift, descent, or devise, or unless another form of ownership is expressly stated. The interest of a deceased spouse passes by will or intestate succession, through probate proceedings.
- Community Property With Right of Survivorship (married couples only) Co-ownership by husband and wife when expressly stated in the vesting document. Upon the death of one spouse, title vests in the surviving spouse without the need for probate proceedings. This manner of holding title may have a tax advantage that is not available with other manners of ownership.
- Joint Tenants With Right of Survivorship Co-ownership between individuals in which title to a decedent’s interest passes to the surviving joint tenants without the need for probate proceedings. The last surviving joint tenant acquires full title to the property.
- Tenants in Common Co-ownership between individuals and/or entities who do not have survivorship rights. Each party owns a specific, undivided interest in the property. If fractional interests are stated, they must total 100%. If interests are not stated, equal shares are presumed.
- Sole and Separate (married individual only) Refers to real property acquired by a· spouse prior to marriage or acquired after marriage· by gift, descent or. devise, or by expressly stated intent. When a married person acquires title as sole and separate property, his/her spouse must execute a disclaimer deed.
- Single marital status indicates that the person has either never married or the marriage has been legally annulled. The person has also not remarried after the divorce.
- Unmarried Refers to an individual who has never been married.
- Trust Title can be vested in individuals or entities acting as trustees pursuant to a written trust agreement.
- Corporations/Partnerships/Limited Liability Companies Title to real property can also be vested in entities that are duly formed and in good standing. Such entities include corporations, general partnerships, limited partnerships, and limited liability companies.
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