This form is a Warranty Deed where the grantors are husband and wife holding title in property as tenants in common and convert the holding to joint tenancy.
A Gilbert Arizona Warranty Deed for Husband and Wife Converting Property from Tenants in Common to Joint Tenancy is a legal document used to transfer ownership of real property from a married couple who previously held the property as tenants in common to joint tenancy. This type of deed ensures that both spouses have equal ownership interest in the property, with rights of survivorship. The main purpose of this warranty deed is to provide the necessary documentation to convert the ownership status of the property from tenants in common to joint tenancy. In a tenant in common arrangement, each spouse owns a specific percentage or share of the property, which can be passed on through their estate planning. However, this type of ownership does not provide rights of survivorship. By converting the property to joint tenancy, the couple ensures that if one spouse were to pass away, the surviving spouse would automatically inherit the deceased spouse's share without the need for probate. This can simplify the transfer of ownership and avoid potential complications and costs associated with the probate process. Some different types or variations of Gilbert Arizona Warranty Deed for Husband and Wife Converting Property from Tenants in Common to Joint Tenancy include: 1. General Warranty Deed: This type of deed provides the highest level of protection for the buyer (in this case, the spouses) as it guarantees that the property is free from any encumbrances or legal claims. 2. Special Warranty Deed: Similar to a general warranty deed, a special warranty deed also guarantees that the property is free from any encumbrances. However, it only covers issues or claims that arose during the time the current owners held the property. 3. Quitclaim Deed: This type of deed transfers whatever interest the spouses have in the property to each other, without making any warranties or guarantees about the property's title. It is commonly used in situations where the spouses have a high level of trust and there is no concern about the property's title. When using a Gilbert Arizona Warranty Deed for Husband and Wife Converting Property from Tenants in Common to Joint Tenancy, it is essential to consult with a qualified real estate attorney to ensure the proper preparation and execution of the document. This will help protect both spouses' interests and ensure a smooth transition of ownership.
