COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP
Community property with right of survivorship is a method of ownership by husband and wife that vests title in the surviving spouse upon the death of one of the spouses.
COMMUNITY PROPERTY
Arizona is a community property state. There is a statutory presumption that all property acquired by husband and wife is community property. Community property is a method of co-ownership for married persons only. Upon death of one of the spouses, the deceased spouse's interest will pass by either a will or intestate succession.
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, the spouse must execute either a Disclaimer Deed or a Quit Claim Deed.
JOINT TENANCY WITH RIGHT OF SURVIVORSHIP
An undivided interest in property, taken by two or more joint tenants. The interest must be equal; occurring under the same conveyance, and beginning at the same time. Upon death of a joint tenant, the interest passes to the surviving joint tenant or tenants, rather than to the heirs of the deceased. 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.
TENANCY IN COMMON
A method of co-ownership where parties do not have survivorship rights and each owns a specific undivided interest in the entire title.
CORPORATION
Any group of people "incorporating" by following certain statutory procedures may take title to real property in the name of the corporation.
GENERAL PARTNERSHIP
Title may be taken in the name of a general partnership duly formed under the laws of the state of the formation of the partnership. A partnership is defined as a voluntary association of two or more persons as co-owners in a business for profit.
LIMITED PARTNERSHIP
A partnership formed by two or more persons under the laws of Arizona or another state and having one or more general partners and one or more limited partners.
