Bill Text: AZ SB1302 | 2010 | Forty-ninth Legislature 2nd Regular | Engrossed
Bill Title: Real estate transfers; disclosures
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Engrossed - Dead) 2010-03-17 - Referred to House JUD Committee [SB1302 Detail]
Download: Arizona-2010-SB1302-Engrossed.html
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Senate Engrossed |
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State of Arizona Senate Forty-ninth Legislature Second Regular Session 2010
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SENATE BILL 1302 |
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AN ACT
amending section 11-1133, Arizona revised statutes; relating to real estate transfers.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 11-1133, Arizona Revised Statutes, is amended to read:
11-1133. Affidavit of legal value
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. 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.
C. 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".
D. A person who causes the filing of a deed or contract as prescribed by subsection A of this section and who knowingly fails to file a complete and correct affidavit as prescribed by this section commits a deceptive practice pursuant to title 44, chapter 10, article 7.
