| Tucson Realtor Report - Ways To Take Title To Tucson Arizona Real Estate & Your Tucson Home | ||
| Tucson Realtor FREE TUCSON HOME SEARCH (or BACK Button)
Tucson MLS FREE LUXURY HOME SEARCH (or Browser BACK Button) Tucson Realtor HOME PAGE (or browser Back Button) WAYS TO TAKE TITLE IN ARIZONA. When you purchase your Tucson home you will find a place on the Tucson Real Estate Purchase Agreement that asks you how you want to take title to your Arizona property. It is ok if you do not know at the time you sign the real estate purchase contract how you are going to take title to Arizona property. However, prior to the closing you will have to notify the escrow officer and your lender how you plan to take title to the Tucson Arizona home you are purchasing. As your Tucson Realtor, I cannot advise you as to how to take title to Arizona property, as this would be considered giving legal advice. However, I can provide you with the following explanation of the different ways to take title to property in Arizona. You should be aware when you purchase a Tucson home there are a number of options as to how you may take title, each of which can have significant legal, tax and estate planning consequesnces. I recommend you seek competent professional advice from your accountant or attorney if you have questions regarding how to take title to property in Arizona, or your Tucson home. Community Property Community Property with the Right of Survivorship Taking title as Community Property with the Right of Survivorship is nearly identical to taking title as Community Property with the exception that the property passes to the surviving spouse outside of probate and the property cannot be conveyed (devised) by will. Tenancy in Common Sole and Separate This method of ownership is generally for an unmarried person taking title to property with no other owners. A married person can acquire title as sole and separate if the property is owned before marriage or acquired after marriage by gift, devise, descent or specific intent. If a married person does acquire title as sole and separate property, his or her spouse must execute a disclaimer deed to avoid presumption as community property. Legal Entities Parties may choose to hold title in the name of a separate legal entity, such as: a corporation; a limited liability company; a partnership, or a trust. Each particular method of taking title has certain significant legal and tax consequences. Accordingly, I urge you to obtain advice from an attorney or other qualified professional before taking title to property in such a manner. Beneficiary Deed A fairly recent change in Arizona law created a new type of Arizona real property deed known as the Arizona Beneficiary Deed. By signing and recording an Arizona Beneficiary Deed, an owner of an interest in real property located in Arizona may cause the owner's interest in the real property to be conveyed to people or entities on the owner's death. The interest in real property conveyed by a Beneficiary Deed does not take effect until the death of the owner, at which time that interest transfers automatically by law to the designated grantee(s) named in the Beneficiary Deed, thus allowing the property to avoid probate. There can be more than one owner and more than one beneficiary. Further, the conveyance to the beneficiary may be in any of the above-mentioned title forms, i.e., right of survivorship, joint tenant, etc. The Beneficiary Deed creates some estate planning opportunities for property owners in certain situations that would have otherwise been available only by creating a living trust. Again, I urge you to contact your attorney for additional information about the Beneficiary deed if you have further questions. DISCLAIMER: The information contained herein is intended for informational purposes only and is not intended as legal advice. The form of title to which you take property has important legal, estate planning and tax consequences. You are urged to seek competent counsel if you have questions about how to take title in Arizona. Finally, the information contained herein is believed to be accurate but is not guaranteed. © The text herein is copyrighted by Tucson Realtor Mel Whitford, 2005. All Rights Reserved. Some "QUICK SEARCH" Tucson Home Search Links: Other Helpful Tucson Home Owner Links: COMPLETE THE FORM BELOW if you would like to a have Tucson Realtor contact you about buying or selling a Tucson home. |
||
