Who owns a property when it is jointly owned?

In Arizona, when two or more people jointly own a property, they are considered tenants in common. This means that each tenant has the right to possess and use the entire property, but they also have the right to independently use or sell their portion of the property. The tenants in common each have the right to control all or a portion of the property and are titled to an individual percentage of their portion. This means that if one tenant owns 50% of the property, they are entitled to 50% of the profits or sale if the property is ever sold. In the event of the death of a tenant in common, their portion of the property will pass on to their named heir or beneficiary. That portion is then removed from joint ownership and solely owned by the heir or beneficiary. In all cases of joint ownership, all tenants in common must agree on all management decisions of the property. These decisions may include renting, leasing, maintenance, improvements or upgrades, and selling the property. All tenants in common must agree to the final decision before anything can take place. Overall, joint ownership of a property requires a lot of communication and understanding between all tenants in common in order to ensure everyone is in agreement and is being treated fairly.

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Who owns a property when it is jointly owned?

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