Sole ownership:
This is the simplest way to hold title and you alone will hold all rights to the real estate.
Joint Tenancy with right of survivorship:
Two or more persons can hold title together as joint tenants. As joint tenants, each owner has
equal rights to the property as a whole. If one of the owners dies, under the right of
survivorship, the deceased’s share automatically transfers to the other co-owners of the
property, not to the heirs of the deceased.
Tenancy in Common:
Multiple people can hold either equal or unequal portions of a property. Two people can each
own 50% or one may own 80% with the remaining 20% split between other persons. Any
combination is acceptable and any owner can independently sell, give or bequeath his or her
share of the property at any time.
Community Property:
Property acquired during a marriage is recognized in Arizona as community property. Husband
and wife each own half the property and each can will/bequeath their half to anyone, including
the spouse. If the community property is owned “with right of survivorship,” the surviving
spouse will automatically own the entire property.
Beneficiary Deed:
Arizona permits the use of a Beneficiary Deed which transfers the title to real estate, without
probate proceeding, upon the death of the owner. It is sometimes referred to as a transfer on
death (TOD) deed.
The Beneficiary Deed is similar in all respects to other deeds used to transfer real estate, except
the one significant difference being that the deed does not take effect until the death of the
conveying party. Thus, the owner of real property designates by the deed a beneficiary of the
real property and, on the death of the owner, the property passes to the beneficiary.
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