If a married couple acquires title as joint tenants with right of survivorship, they must specifically elect the joint tenancy to avoid the presumption of community property. Let’s look at some common ways to hold title. Information about Phoenix Real Estate and Related Topics, Phoenix Real Estate Lawyers Blog site navigation, Big 5 Settlement Provides Relief For Some Arizona Homeowners, Changing Identification Documents After a Gender Reassignment. The same rules will apply for same sex married couples. Why House Title Is Important . This joint ownership between spouses may come into play, even if one of the parties acquires the property on … Of course, the answer depends on the circumstances. Parents and their adult children also often hold title this way, as do unmarried couples. All things considered the most flexible titling method for a married couple is the OR designation. 4. An individual may hold title in his or her name alone, whether married or unmarried, e.g., Jane Doe, an individual. The Question of the day is whether Tenants by the Entireties (T-by-E) is the same thing as Joint Tenants with Rights of Survivorship (JTROS)? Each owner has a distinct and proportionate interest without the right of survivorship. Community Property With The Right Of Survivorship Title can be held by natural persons i.e. 5 Real Estate Title Options. Read on to learn how to obtain title in California! Most of the time, the best way to hold title will be in a form which is Community Property. ... to the heir you nominate in your will or, if you don't leave a will, according to state rules. If a married person acquires title as sole and separate property, his or her spouse must execute a disclaimer deed. If you are buying a home by yourself, you probably will hold title in your name alone. To ensure title to your property is held in a manner that is most beneficial to you, you should consult with a competent real estate attorney and perhaps your tax advisor as well. For more information or assistance in determining the best way to hold title for your unique situation, contact your real estate attorney or tax adviser. A married couple seeking to hold title to real property located in Arizona in a form other than community property may do so by renouncing the community property form and specifically accepting another form of co-tenancy. The content contained and opinions expressed in this blog are solely those of the author. This is because there may be significant tax savings that are available to you which your accountant can make you aware … Property held in … 5470 Kietzke Lane #130 A property deed is used to convey ownership. Each owner has a distinct and proportionate interest without the right of survivorship. Indeed, when one owner dies, full ownership does transfer automatically to the surviving owner without probate. Usually, the spouse is asked to sign a quitclaim deed that gives up any ownership claim. T-by-E is the more common form of ownership by a married couple unless there are extenuating circumstances or if you are in a state that does NOT recognize this special form of ownership. you and me, or by legal persons i.e. You have to answer the questions of who should get the house when you’re deciding how you should own it. According to the California Civil Code, unless the couple declares another form of holding title, all title acquired during the course of the marriage qualifies as community property, by default. Two or more persons may hold title to real property as tenants in common. One of the most often asked questions in the real estate world is “How should I take title?”. 210 Grove Street If a married couple holds title as tenants by the entirety, lien creditors cannot attach one spouse’s lien or judgment to the property unless the tenancy is severed by either divorce or death. This is called sole ownership or ownership in severalty. Liability is assessed on the owner of the vehicle and the person driving at the time of the accident. While JTROS may be desired, if you are married, you will most often prefer the protections of T-by-E. Read on! That result could have been avoided. In Arizona, married couples must reject community property and specifically take title as tenants in common. Married couples might also hold title in Joint Tenancy. Married couples might also hold title in Joint Tenancy. How you hold title over your real estate can affect the outcome of the sale of the property. So we need another lesson. Below are several explanations and examples of the common ways title may be held. CO-OWNERSHIP. BEST WAY FOR MARRIED COUPLES TO HOLD TITLE . What’ s t he best way to hold title on your home? If you own investment property it is often wise to consult specifically with an accountant and an attorney before taking title to the real estate. Their undivided interest need not be equal but in the aggregate cannot exceed 100% of the ownership … This column is a reprint of a previous Law Review. Free Consultation: 602-277-4441 Tap Here To Call Us. Two or more persons may hold title to real property as tenants in common. For example, years ago, a married couple decided to take title to their house as “joint tenants” or joint owners. The choices were: community property, joint tenants with right of survivorship ("JTWROS") and; tenants in common. When purchasing a home, homeowners must decide how they wish to hold title to the property. 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