This form is a Tenancy in Common Deed where the grantor is an individual and the grantees are two individuals.
The Scottsdale Arizona Tenancy in Common Deed from Individual to Two Individuals is a legal document that establishes joint ownership of real estate between two individuals in the city of Scottsdale, Arizona. This type of deed allows the co-owners, often referred to as tenants in common, to have an undivided interest in the property, each holding a specific percentage. The purpose of this deed is to clarify the rights and responsibilities of each individual involved in the tenancy. It outlines the percentage of ownership each party holds, ensuring that both parties have the same equal rights to access and use the property. In the event of a sale or transfer of ownership, each tenant in common has the right to sell or transfer their percentage without the consent of the other party. There are different types of Scottsdale Arizona Tenancy in Common Deeds from Individual to Two Individuals, including: 1. Equal Percentage Tenancy in Common Deed: This is the most common type, where both individuals hold an equal percentage of ownership in the property, usually 50% each. 2. Unequal Percentage Tenancy in Common Deed: In this type, the ownership percentages are unequal, reflecting each individual's investment or contribution towards the property. For example, one individual may have a 70% ownership stake, while the other holds a 30% stake. 3. Vesting Tenancy in Common Deed: This type of deed specifies how the ownership will be distributed in the event of the death of one owner. It may include provisions such as the property passing to the deceased owner's heirs or being sold and the proceeds divided between the remaining owner and the deceased owner's estate. 4. Joint Tenancy in Common Deed: Although similar in name, this is a separate type of deed that differs from a typical tenancy in common deed. Joint tenancy offers a right of survivorship, meaning that if one owner passes away, their share automatically transfers to the surviving owner(s). This type of deed is not the same as a tenancy in common deed but is worth mentioning for clarification. It is crucial to consult with a real estate attorney or a title company when drafting or dealing with a Scottsdale Arizona Tenancy in Common Deed from Individual to Two Individuals to ensure that all legal requirements are met and that the interests of all parties involved are protected.
