Hello everybody! Welcome back to Suburban Snacks, where we not only inform you of current Real Estate topics but we also review a different food item every month! This month’s snack is…! Before we review the snack, we’ll be informing you on the 5 ways you can take title of your home! When buying, selling, or refinancing, you will need to decide how you want to acquire title! How you take title may have significant legal and tax planning consequences. If you have questions, you should contact your attorney and/or tax consultant on which manner best suits your needs. Before we get into it, we’d like to thank Pioneer Title Agency for all of the information we’re going to go over. Now let’s jump into the first way which is, Community Property. Community Property is for married couples only. Arizona is a community property state. This means that, by statute, all property acquired during a marriage is presumed to be community property, except that acquired by gift, descent, devise, or unless another form of ownership is expressly stated. The interest of a deceased spouse passes by will or intestate succession, generally through probate proceedings. The second way is Community Property With Right Of Survivorship which is also for married couples only. This is co-ownership by a married couple when expressly stated in the vesting document. Upon the death of one spouse, title vests in the surviving spouse without the need for probate proceedings. This manner of holding title may have tax advantages that are not available with other forms of ownership. The third way is Joint Tenants With Right Of Survivorship. This is co-ownership between individuals in which title to a decedent’s interest passes to the surviving joint tenants without the need for probate proceedings. The last surviving joint tenant acquires full title to the property. The fourth way is Tenants In Common. This is co-ownership between individuals and/or entities who do not have survivorship rights. Each party owns a specific, undivided interest in the property. If fractional interests are stated, they must total 100%. If interests are not stated, equal shares are presumed. And the fifth and last way to take title is by Sole And Separate which is through a married individual only. This refers to real property acquired by a spouse prior to marriage or acquired after marriage by gift, descent, or devise, or by the expressly stated intent. When a married person acquires title as sole and separate property, his/her spouse must execute a disclaimer deed. So, if you are someone who is interested in learning more about how they can take titles, then we at Suburban would love to help! Do you like…? Let us know in the comments below. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get into contact with us feel free to check out our website at suburbanrealestategroup.com. Also, make sure to click the link below to follow us on Instagram. Thanks for watching, my name is Cade Olof and we will see you in the next one!
Suburban Real Estate Group2023-01-30T08:58:33-07:00September 9, 2022|Suburban Snacks|
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Suburban Real Estate Group
Our team of experienced agents have facilitated the transfer of nearly $80 Million worth of Real Estate and currently manage over $30 Million worth of rental properties. By using the latest technology available in the industry, combined with their family values, buyers, sellers, and property owners can rest assured that their best interest is Suburban’s number one priority.
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