Real Estate |Ownership |Types |AZ

 

Real Estate |Ownership |Types |AZ

Real Estate |Ownership |Types |AZ. In Arizona, there are numerous ways to take title to real estate properties.  Limited Liability Companies are a popular form of ownership here as well as many others.  The most popular ways are discussed below with the requirements.

  • Community Property–  Requires a valid marriage between two persons.  Each spouse holds an undivided one-half interest in the estate.  One spouse cannot partition the property by selling his or her part.  Requires signatures of both spouses to convey or encumber.  Each spouse can devise (will) one-half of the community property.  Upon death the estate of the descendent must be “cleared” through probate, affidavit or adjudication.  Both “halves” of the community property are entitled to a “stepped up” tax basis as of the date of death.
  • Joint Tenancy With Right of Survivorship– Parties need not be married; may be more than two joint tenants.  Each joint tenant holds an equal and undivided interest in the estate, unity of interest.  One joint tenant can partition the property by selling his or her joint interest.  Requires signatures of all joint tenants to convey or encumber the whole.  Estate passes to surviving joint tenants outside of probate. No court action required to “clear” title upon the death of joint tenant(s).  Deceased tenant’s share is entitled to a “stepped up” tax basis as of the date of death.
  • Community Property With Right of Survivorship– Requires a valid marriage between two parties.  Each spouse holds an undivided one-half interest in the estate.  One spouse cannot partition the property by selling his or her interest.  Requires signatures of both spouses to convey or encumber.  Estate passes to the surviving spouse outside of probate.  No court action required to “clear” title upon the first death.  Both halves of the community property are entitled to a “stepped up” tax basis.
  • Tenancy in Common–  Parties need not be married; may be more than two tenants in common. Each tenant in common holds an undivided fractional interest in the estate.  Can be disproportionate.  Each tenants share can be conveyed, mortgaged or devised to a third party.  Requires signatures off all tenants to convey or encumber the whole.  Upon death the tenant’s proportionate share passes to his or her heirs by will or intestacy.  Upon death the estate of the decedent must be “cleared through probate, affidavit or adjudication.  Each share has its own tax basis.
Corporations and LLC’s  are not discussed here, however they can hold legal title in Arizona Real Estate.The information provided has been gathered from sources deemed accurate and reliable.  Jeff McDowell is not a licensed attorney in the State of Arizona.  If you are anticipating purchasing Real Estate in Arizona, you are advised to seek the counsel of a licensed Attorney and a Tax Professional.

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Search for  Scottsdale Arizona  Real Estate For Sale, Cave Creek Arizona Homes For Sale, Carefree Arizona Homes For Sale, Rio Verde Foothills Arizona Homes For Sale, North Phoenix Arizona Homes For Sale.

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Free  Arizona MLS Search.  Start your Real Estate Search by City NOW or Search by zip codes, 85266, 85331, 85263, 85377, 85262, 85255.

As a 35 year + full time veteran of the REAL ESTATE Industry, I understand what it takes to not only find the Home, Lot, Land, of your dreams, but also how to negotiate the minefield of real estate transactions. Not only am I a veteran of the real estate industry, I also live in the area  I service.

An avid Golfer, Horseman and Baseball Fanatic, I know the pulse of the community. Todays buyer starts on the internet and spends an average of 5 months quietly perusing the information that is available.  As this area tends to be buyers from outside the area my internet presence is a huge attraction.

I regularly update my material and have additional pages that I maintain with up to date information on such platforms as  Coldwell BankerGoogle+FacebookBloggerActive RainEProperties, Trulia, ZillowYouTube  , Tumblr and many others. Also, I have other sites that are specific to Property Types.  These are:

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Jeff McDowell, North Scottsdale Realtor 623.262.0811 EMAIL ME

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About Arizona Top Realtor

37+ Years Full time Real Estate Experience. Providing the most comprehensive information available to search the North Scottsdale, Cave Creek, Carefree, Rio Verde, Rio Verde Foothills, Arizona Real Estate Markets. Expert experience in all facets of the real estate market.