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Tenants cant transfer their interest in the joint tenancy: When you and your joint tenant(s) each own an equal interest in a property, you cant transfer your interest to someone else and leave the joint tenancy intact.
In a Joint Tenancy with Right of Survivorship, if one of the owners dies, his or her share will pass equally to each of the other Joint Tenants, regardless of who would otherwise inherit the deceased owners estate.
Arizona law recognizes four types of legal title to real property when it is owned by two or more persons: Tenants in Common, Joint Tenancy with Right of Survivorship, Community Property, and Community Property with Right of Survivorship. A.R.S. 33-431.
If you hold the property as joint tenants, both of you will own the whole of the property. You will not each have a quantified share in the property and will not be able to leave a share of the property in your will. If you sell your home, the sale proceeds will be split 50:50.
There are two ways in which the mother and son could be co-owners, either as joint tenants or as tenants in common. If they are joint tenants, then each tenant has an indivisible share in the property and each is entitled to the whole of the property.
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In Arizona, married couples must reject community property and specifically take title as tenants in common. Each owner has a distinct and proportionate interest without the right of survivorship.
Key Takeaways. Some of the main benefits of joint tenancy include avoiding probate courts, sharing responsibility, and maintaining continuity. The primary pitfalls are the need for agreement, the potential for assets to be frozen, and loss of control over the distribution of assets after death.
The dangers of joint tenancy include the following: Danger #1: Only delays probate. Danger #2: Probate when both owners die together. Danger #3: Unintentional disinheriting. Danger #4: Gift taxes. Danger #5: Loss of income tax benefits. Danger #6: Right to sell or encumber. Danger #7: Financial problems.
A joint tenancy is a concurrent property interest that permits two or more individuals or legal entities to hold title to real, personal, and intellectual property. Fundamentally, it is a way for two or more persons to be seized in property as if they were one person. Graham v. Allen, 11 Ariz.
If the tenancy is periodic, any one of the joint tenants can serve a notice to quit (NTQ) ending the tenancy for everyone. Once a valid notice expires, none of the joint tenants has a right to occupy the property. This can leave the remaining joint tenants in a vulnerable position.

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