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WAYS TO TAKE TITLE OF REAL PROPERTY IN ARIZONA

WATER ON YOUR LAND;WHAT YOU NEED TO KNOW

ARTICLE:   Ways to Take Title of Real Property in Arizona Top   Community Property a method of co-ownership for married persons only As one of nine community property states, Arizona presumes that all property acquired by a validly married couple is community property, meaning the husband and wife each hold an undivided one-half interest and the consent of both parties is required to convey or encumber the property. Exceptions include property acquired through gift, device, or descent (sole and separate property), but in these cases the property owner’s spouse must execute a disclaimer deed to avoid the presumption of community property. Upon death, the estate of the decedent must be cleared through probate, affidavit or adjudication. Each spouse may provide by will for the disposition of his/her interest in the property. Both halves of the community property receive a revised tax basis equal to fair market value as of the date of death. A married couple seeking to hold title to real property located in Arizona in a method other than community property may do so by renouncing the community property form and specifically executing another method of co-ownership. Community Property States Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin   Community Property with the Right of Survivorship a method of co-ownership for married persons only This method entails the same stipulations as community property except that upon death the estate passes to the surviving spouse (not heirs) outside of probate and there is no court action needed to clear the title. However, a certificate of death must be recorded in the Arizona county in which the property is located. Also, evidence of the intent of a married couple to hold title to real property as community property with the right of survivorship must be in writing in order to avoid the presumption of community property. In the event of annulment or divorce, the property converts to the tenancy-in-common method of ownership. Community property with the right of survivorship was enacted in Arizona during the 1995 Legislative Session and became effective retroactive to January 1, 1995. A.R.S. § 33-431.   Joint Tenancy with the Right of Survivorship a method of ownership for two or more persons regardless of relationship Two or more persons may hold title to real property as joint tenants with the right of survivorship. Upon death of one of the joint tenants, his/her interest is transferred to the surviving joint tenant(s) outside of probate and no court action is required to clear the title. However, a certificate of death must be recorded in the Arizona county in which the property is located. Each tenant holds an equal and undivided interest, and can partition the property by selling his/her joint interest. However, the consent of all joint tenants is required to convey or encumbrance the whole. A deceased tenant’s share is entitled to a revised tax basis equal to fair market value as of the date of death. In Arizona, evidence of the intent of a married couple to hold title to real property as tenants in common must be in writing so as to avoid the presumption of community property.   Tenancy In Common a method of ownership for two or more persons regardless of relationship Two or more persons may hold title to real property as tenants in common. Each owner holds an undivided fractional interest that may be disproportionate (e.g., 10%, 40%, and 50%) without the right of survivorship. The only unity involved is possession. Each tenant share can be conveyed, mortgaged or devised to a third party, but the consent of all tenants is required to convey or encumber the whole. Upon death the tenant’s share passes to heirs through will or intestacy and the estate must be cleared through probate, affidavit, or adjudication. Each share has its own tax basis. In Arizona, evidence of the intent of a married couple to hold title to real property as tenants in common must be in writing so as to avoid the presumption of community property.   General or Limited Partnership a method of ownership for business owners Title may be taken in the name of a general or limited partnership duly formed under the laws of the state of Arizona or the state of the formation of the partnership. A partnership is defined as a voluntary association of two or more persons as co-owners in a business for profit. A limited partnership has one or more general partners and one or more limited partners. A certificate of limited partnership must be filed in the Office of the Secretary of State, a certified copy of which must be recorded. Corporation a method of ownership for business owners Title may be taken in the name of a corporation provided that the corporation is duly formed and in good standing in the state of its incorporation.     ARTICLE: "Water on Your Land; What You Need to Know" Top     New land owners that want to build on their property that has no water pipes in the area can become stressed about how to get water to their home. There are really two viable options that people can do in this situation. The first is to transport water in large tanks to your home site and store the water on your property. The second option is to drill a water well on your property for easy access. Depending on where exactly you live, and the availability of water in the area, transporting water to your property might be a very easy option. The first thing that you need to do here is to purchase a water storage tank to put on your property for easily accessible clean water that can be piped to your home. If there is a company in your area that transports water, you can easily hire them to deliver clean water and put it in your tank on a regular basis. If there is no such company that delivers to your area, your other option would be to transport it yourself. This can be done by purchasing a large water tank and placing it on a trailer. Then driving to a local water distribution center, filling your tank, and driving it back to your home. Water tanks can be purchased at a variety of companies throughout the nation. Watertanks.com, Plastic-mart.com, and Tank-depot.com are a few companies that offer quality water tanks at competitive prices. If water transportation doesn’t sound like something that you want to deal with, drilling a water well on your property is definitely an attractive option. There is a lot to know and to consider when installing a well on your new property. First, people should call their state water governing branch to get information on weather or not drilling is permitted in your area. You can also ask them if there are any restrictions on well size, usage, or on the number of gallons per minute you are allowed to pull from your well. An additional bit of information that you may want to ask them for is how deep other wells in the area have been going. This will give you a good idea of what to tell a contractor later on. In most states, everybody that builds a well, needs to fill out an application or form of some kind before you can legally drill. So, when you are speaking with the state water governing office, request one of these forms to fill out. Once you receive this application, form, or as some states call it, a “Notice of Intent to Drill”, fill out the form and send it in. Once, this form has been processed and approval been granted, you are able to drill a well on your land! There are two different routes that most people take to actually making their wells. The first option would be to purchase well drilling equipment yourself at companies like hydratek2000.com, or mwdrill.com. With this equipment, you can drill and install your own wells. Or you can find a local contractor that will drill the well for you. We suggest finding a contractor that is certified by the National Ground Water Association (NGWA). The NGWA certifies professionals in this field and have several classes of certification. Professional designations include, Certified Well Driller (CWD) and Certified Pump Installer (CPI or CWD/PI), both of which require examinations, continuing education, and clean legal records. The Master Ground Water Contractor (MGWC) is the highest and most prestigious designation available. This designation requires at least 5 years of experience in the industry plus demonstration of superior knowledge. These contractors should be able to give you an estimate and let you known how deep they are willing or able to go and for what price. Now, with your well drilled and installed, you are ready to have plenty of clean fresh water piped to your home! For further information and phone numbers of state agencies that govern water supply in your area go to, http://www.blm.gov/nstc/WaterLaws/abstract1.html Top