Rose consult an attorney and your tax professional.
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In Arizona there are generally four ways to take title to real property:
1) Community Property
2) Joint Tenancy with right of survivorship (owners need not be married, and there can be multiple parties)
3) Community Property with right of survivorship (this requires a legal marriage between the two owners)
4) Tenancy in Common, owners need not be married, and there can be multiple parties
It sounds like that Joint Tenancy with right of survivorship or Tenancy in common may be your best option. With Joint Tenancy with right of survivorship all owners hold an equal interest with Tenancy in common each owner holds an undivided fractional interest (e. g. owner A owns 17% and owner B owns 83% of the property).
I recommend to consult with an attorney before deciding on how to hold legal title. This would also be a good time to create a will in case you have not done that yet.
Hopefully that helps!
Christoph K. Schweiger
Your children will have ownership rights but none of the financial responsibility. The ownership rights & percent they own will depend on how you allow them to take title to the home. Please consult with an accountant and a real estate attorney to learn about all the positive & negative consequences of this action.
Any title company will be able to assist you with adding your children to the title to your home. It's a very simple process. I would suggest you use the same title company you used when you purchased or last refinanced your home, because they may be able assist you with the paperwork at minimal cost to you.
HomeSmart Real Estate