When you buy property in Tucson, you’re going to be asked by your Escrow officer how you want to hold title. Most people don’t know what the options are, and ask me what way is best. Unfortunately, I can’t advise you in that area. Each method of holding title may have legal and tax consequences, so you should consult your attorney or CPA to determine which way is best for you.
However, I’m not prohibited from providing some general information!
Arizona is a Community Property state. This means that the system presumes that all property acquired by a husband and wife is community property. If a husband and wife want to own property separately, or in any other way than as community property, they must explictly elect to do so, often with the other spouse signing a disclaimer to the property.
Other ways to hold title include:
- Community property with right of survivorship
- Joint tenancy with right of survivorship
- Tenancy in common
- Sole and separate
- Corporation
- General Partnership
- Limited Partnership
- Limited Liability Company
Here’s a link to a short description of each type, and another link to a more indepth discusion of the more common ways of holding title, as provided by Title Security Agency.
October 2nd, 2007 at 3:24 pm
[...] is a Community Property state, which means spouses are assumed to be purchasing and owning things jointly. If I [...]