This form is a Warranty Deed where the grantors are two individuals and the grantees are two individuals holding title as tenants in common.
A Gilbert Arizona Warranty Deed from two Individuals to Two Individuals as Tenants in Common is a legal document used to transfer ownership of real estate property from two individuals to two other individuals as tenants in common. This type of deed ensures that the property being transferred is free from any encumbrances and guarantees the grantee's right to possess the property. In this context, "Gilbert Arizona Warranty Deed" refers to a specific type of warranty deed that is applicable in the state of Arizona, specifically in the town of Gilbert. This deed offers both the granter and the grantee additional protection, as it provides a warranty or guarantee against any title defects that may arise, as well as potential claims against the property. One key aspect of this type of warranty deed is the phrase "from two individuals to two individuals." This implies that the property is being transferred by two individuals jointly to two other individuals jointly. Both sets of individuals will hold an undivided interest in the property, and each has the right to possession and use of the entire property. Another important aspect is the mention of "Tenants in Common." This indicates that the two individuals receiving the property will hold it as tenants in common, rather than as joint tenants or community property. As tenants in common, each individual will have a separate, distinct, and transferable ownership interest in the property, which can be sold, gifted, or inherited separately. Different types of Gilbert Arizona Warranty Deed from two Individuals to Two Individuals as Tenants in Common may include variations based on specific conditions or arrangements agreed upon by the granter and grantee. Some possible variations may include: 1. Gilbert Arizona Warranty Deed with Survivorship Rights: This type of warranty deed specifies that if one tenant in common passes away, their ownership interest automatically transfers to the surviving tenant(s) in common, instead of being subject to probate. 2. Gilbert Arizona Warranty Deed with Specific Percentage Ownership: In this variation, the ownership interests in each tenant in common may be specified in percentages rather than equal shares. This allows for unequal ownership distribution, reflecting individual contributions or initial investments. 3. Gilbert Arizona Warranty Deed with Right of First Refusal: This type of warranty deed may grant a specific tenant in common the right to purchase the ownership interest of any other tenant in common if they decide to sell their share. This provision ensures that the remaining tenants have the opportunity to maintain the property's ownership within the existing group. It is important to consult with a real estate attorney or legal professional when drafting or executing a Gilbert Arizona Warranty Deed to ensure compliance with Arizona state laws and to customize the deed to meet the specific needs and intentions of the parties involved.
