We suggest you consult a lawyer, tax consultant or other qualified professional before you decide. Ask your builder when your keys for your new home will be released. Community property with right of survivorship is a method of ownership by husband and wife that vests title in the surviving spouse upon the death one of the spouses. Arizona is a community property state. There is a statuary presumption that all property acquired by husband and wife is community property.
Community property is a method of co-ownership for married persons only.
Upon death of one of the spouses, the deceased spouse's interest will pass by either a will or interstate succession. Real Property owned by a spouse before marriage or any acquired after marriage by gift, devise, descent or specific intent. If a married person acquires title as sole and separate property the spouse must execute either a disclaimer deed or a quit claim deed. An undivided interest in property taken by two or more joint tenants. Upon death of a joint tenant, the interest passes to the surviving joint tenant or tenants, rather than to the heirs of the deceased.