Number 9 - Community Property
Arizona is a Community Property state, which means that anytime a husband and wife purchase property in Tucson, it is assumed that they’ll hold title together, equally, as community property.
When one spouse tries to buy property on their own, the other spouse usually has to explicitly give up their rights to that property.
Married couples can decide to hold title to a property in other ways, of course, but only married couples may hold property as community property. Other options may include:
- Joint tenancy with right of survivorship
- Tenancy in common
- Sole and separate
- Corporation
- Limited Liability Company
- General or Limited Partnership
When anyone buys property in Tucson, the escrow officer will send out a form, asking how you want to hold title. There can be significant tax and legal implications depending on what you choose - not only in who eventually ends up with the property when you die, but what happens to it should you divorce, who is responsible for the taxes, and other fun topics.
Here’s a link to a short description of each type, and another link to a more indepth discussion of the more common ways of holding title, as provided by Title Security Agency.
Summary of the Top Ten Things to Know about Tucson Real Estate so Far:
- Number 1 - A/C and Evaporative (Swamp) Coolers
- Number 2 -The Tucson Military Airport Vicinity
- Number 3 - Termites Love Tucson Homes
- Number 4 - Who does my Tucson Agent represent?
- Number 5 - Flat Roofs: Types and Maintenance
- Number 6 - Basements, Radiators, and other Non-sequiturs
- Number 7 - Tucson Area Fire Districts
- Number 8 - Escrow and Closings
