11-1133. Affidavit of legal value

518 words·~2 min read·/az/title-11/11-1133

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Each deed evidencing a transfer of title and any contract relating to the sale of real property shall have appended at the time of recording an affidavit of the seller and the buyer to the transaction, or the agent of either the seller or buyer, or both, in a form approved by the department of revenue, who shall declare and jointly certify the following information:

1. The name and address of the buyer and seller.

2. The name and address where a tax statement may be sent.

3. The complete legal description of the property.

4. The situs address, if any, of the property.

5. The date of sale.

6. The total consideration paid for the property, the amount of cash down payment and whether or not the type of financing included cash, a new third party loan, a new loan from the seller, an assumption of an existing loan or an exchange or trade of property.

7. Whether or not the estimated market value of personal property received by the buyer equals five per cent or more of the total consideration.

8. The assessor's parcel number or numbers assigned to the real property by the county assessor or, in the case of a new parcel or parcels not yet assigned a parcel number, the parcel number or numbers of the previous parcel or parcels from which the new parcel or parcels are created.

9. The conditions of the transaction including the relationship, if any, of the parties.

10. The use and description of the property and, in the case of a residential dwelling, whether the property is to be owner-occupied or rented.

11. The name and address of the person to contact regarding information contained on the affidavit.

B. If a beneficiary of a foreclosed trustee's deed receives payment based on private mortgage insurance covering the sale that is in addition to the proceeds of the sale, the beneficiary shall submit, in a form approved by the department of revenue, to the county recorder in the county where the property is located within four months after the date of the trustee's sale a beneficiary's declaration of additional funds received that contains the following:

1. The county assessor's parcel number or numbers assigned as of the date of the trustee's sale.

2. The name and address of the beneficiary submitting the declaration.

3. The date of the trustee's sale.

4. The highest bid amount received by the trustee at the trustee's sale.

5. The recording number of the trustee's deed on sale.

6. The amount of any additional compensation received by the beneficiary within three months after the date of the trustee's sale.

C. The county recorder shall refuse to record any deed and any contract relating to the sale of real property if a complete affidavit of legal value is not appended unless the instrument bears a notation indicating an exemption pursuant to section 11-1134.

D. An affidavit is complete for purposes of this section if all of the required information is stated on the affidavit form or is indicated on the

form as "not applicable".