What Different Types of Real Estate Titles Mean
These are the ways to take title in Arizona: Community Property, Community Property With Right Of Survivorship, Joint Tenancy With Right Of Survivorship, Tenancy In Common, Trust (With A Trustee), Sole And Separate Property, Corporation, General Partnership. Please consult one of our attorneys for detailed information on each category.
| COMMUNITY PROPERTY | JOINT TENANCY WITH RIGHT OF SURVIVORSHIP | COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP | TENANCY IN COMMON |
|---|---|---|---|
| Requires a valid marriage between two persons. | Parties need not be married; may be more than two joint tenants. | Requires a valid marriage between two persons. | Parties need not be married; may be more than two tenants in common. |
| Each spouse holds an undivided one-half interest in the estate. | Each joint tenant holds an equal and undivided interest in the estate, unity of interest. | Each spouse holds an undivided one-half interest in the estate. | Each tenant in common holds an undivided fractional interest in the estate. Can be disproportionate, e.g.,20% and 80%; 60% and 40%; 20%, 20%, 20% and 40%; etc. |
| One spouse cannot partition the property by selling his or her interest. | One joint tenant can partition the property by selling his or her joint interest. | One spouse cannot partition the property by selling his or her interest. | Each tenant's share can be conveyed, mortgaged or devised to a third party. |
| Requires signatures of both spouses to convey or encumber. | Requires signatures of all joint tenants to convey or encumber the whole. | Requires signatures of both spouses to convey or encumber. | Requires signatures of all tenants to convey or encumber the whole. |
| Each spouse can devise (will) one-half of the community property. | Estate passes to surviving joint tenants outside of probate. | Estate passes to the surviving spouse outside of probate. | 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. | No court action required to "clear" title upon the death of joint tenant(s). | No court action required to "clear" title upon the first death. | Upon death the estate of the decedent 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. | Deceased tenant's share is entitled to a "stepped up" tax basis as of the date of death. | Both halves of the community property are entitled to a "stepped up" tax. | Each share has its own tax basis. |