This form is a Joint Tenancy Deed where the grantor is a corporation and the grantees are two individuals.
A Lima Arizona Tenancy in Common Deed from Corporation to Two Individuals is a legal document that outlines the transfer of real estate ownership from a corporation to two individuals as tenants in common. This type of deed is commonly used when multiple individuals want to jointly own a property, each having distinct and separate ownership interests. In Lima, Arizona, there are several variations of the Tenancy in Common Deed that can be used, each serving different purposes and reflecting specific conditions. Some key types include: 1. General Tenancy in Common Deed: This is a standard deed that conveys ownership to two individuals as tenants in common, allowing them to hold the property with undivided interests. Each person has the right to use and possess the entire property, and their respective ownership shares can be transferred or inherited separately. 2. Fractional Tenancy in Common Deed: This type of deed specifies the ownership interests of each individual in fractions or percentages. For instance, one individual might own 60% of the property while the other owns 40%. This allows for flexibility in defining ownership rights and sharing financial responsibilities. 3. Right of Survivorship Tenancy in Common Deed: This deed variation grants the surviving tenant(s) the right to inherit the deceased co-tenant's interested in the property. In the event of one tenant's passing, their share automatically transfers to the surviving tenant(s), avoiding probate and ensuring a seamless transfer of ownership. 4. Limited Tenancy in Common Deed: This type of deed imposes limitations or restrictions on one or both tenants' rights and use of the property. For example, it may define specific areas or parts of the property that each individual can occupy or mandate certain actions or restrictions. In conclusion, a Lima Arizona Tenancy in Common Deed from Corporation to Two Individuals refers to a legal document used to transfer property ownership from a corporation to two individuals who wish to hold the property as tenants in common. Different types of deeds offer various forms of ownership arrangements, such as general tenancy in common, fractional tenancy in common, right of survivorship tenancy in common, and limited tenancy in common.
