{"id":859,"date":"2017-11-06T20:13:36","date_gmt":"2017-11-06T20:13:36","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?page_id=859"},"modified":"2022-08-26T15:01:26","modified_gmt":"2022-08-26T15:01:26","slug":"joint-tenants-right-survivorship","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/joint-tenants-right-survivorship\/","title":{"rendered":"Joint Tenants with Right of Survivorship in Arizona"},"content":{"rendered":"
In Arizona, property law is governed by ARS Title 33<\/a>. Joint tenancy with right of survivorship is covered in ARS 33-431<\/a>.<\/p>\n When real property is owned by multiple people, property law refers to it as a concurrent estate. The co-owners, or co-tenants, are commonly categorized as either joint tenants or tenants in common.<\/p>\n In Arizona, tenancy in common is the default classification for married couples seeking joint ownership. The property can be divided evenly, or the owners can control differing shares if needs be (e.g. two business partners own 25% each, and the third owns 50%).<\/p>\n The tenancy in common agreement is best for unrelated parties because it allows an owner to sell his or her interest in the property without the consent of the other owners, leaving you free to mortgage, transfer, or assign your share to another party. A co-owner is also free to decide what happens to their share of the property when they die, and can indicate their wishes in their will.<\/p>\n This form of joint property ownership requires that each party have an equal share. To initiate joint tenancy, property law dictates four requirements (also known as \u201cunities\u201d) be met:<\/p>\n If there are only two co-owners and one of them sells their share, the joint tenancy will be broken, and the new owner can either initiate a new joint tenancy, or they can opt for a tenancy in common. If there are three or more co-owners and someone sells their share, the joint tenancy will remain between the original owners, and the new owner will join as a tenant in common.<\/p>\nTenants in Common<\/h2>\n
Joint Tenancy<\/h2>\n
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Joint Tenancy With Right of Survivorship<\/h2>\n