Bill Text: AZ SB1302 | 2010 | Forty-ninth Legislature 2nd Regular | Introduced
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-Introduced.html
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REFERENCE TITLE: real estate transfers; disclosures |
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State of Arizona Senate Forty-ninth Legislature Second Regular Session 2010
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SB 1302 |
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Introduced by Senator McCune Davis; Representative Meza: Senator Cheuvront; Representative Campbell CH
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AN ACT
amending sections 11-1133 and 33-404, 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.
Sec. 2. Section 33-404, Arizona Revised Statutes, is amended to read:
33-404. Disclosure of beneficiary; recording; failure to disclose
A. Notwithstanding section 33‑411, subsection D, every deed or conveyance of real property, or an interest in real property, located in this state which is executed after June 22, 1976 in which the grantee is described as a trustee or acts as a trustee shall disclose the names and addresses of the beneficiaries for whom the grantee holds title and shall identify the trust or other agreement under which the grantee is acting or refer by proper description to the document number or the docket and page of an instrument or other writing which is of public record in the county in which the property so conveyed is located and in which such matters are disclosed.
B. Notwithstanding section 33‑411, subsection D, every deed or conveyance of real property, or an interest in real property, located in this state which is executed after June 22, 1976 by a grantor who holds title to the property as a trustee, whether or not such capacity is identified on the document through which title was acquired, shall also disclose the names and addresses of the beneficiaries for whom the grantor held title to the property and shall identify the trust or other agreement under which the grantor is acting or refer by proper description to the document number or the docket and page of an instrument or other writing which is of public record in the county in which the property so conveyed is located and in which such matters are disclosed.
C. Notwithstanding section 33‑411, subsection D, a grantee who holds title as a trustee under a trust or other agreement which is subject to the disclosure requirements of this section and who receives actual knowledge after August 18, 1987 of a change in beneficiary, within thirty days after receiving such actual knowledge, shall record with the county recorder of the county in which the property is located a notice of the change. The recording and any subsequent recording of any change in any beneficiary shall identify the trust or other agreement under which the grantee holds title and shall include the legal description of the property and a list of the then current names and addresses of the beneficiaries.
D. Notwithstanding subsections A, B and C of this section, a trustee is not required to record a change of beneficiary if, upon the death of a beneficiary of a real property trust, the interests of the deceased beneficiary vest in the beneficiary's estate or in other beneficiaries identified in a previous recording. If the interest of the deceased beneficiary vests in a beneficiary not identified in a previous recording, the trustee shall comply with the recording requirements of this chapter within thirty days of receipt of both knowledge of the death and the name and address of the successor beneficiary or beneficiaries or within thirty days of the first distribution of income or principal to a successor beneficiary or beneficiaries, whichever occurs first.
E. Any conveyance of real property or an interest in real property which does not include the disclosures required by this section with respect to the property so conveyed is voidable by the other party to the conveyance or by an action by the attorney general. Any action to void the conveyance shall be commenced within two years after the date of recordation of the document effecting the conveyance.
F. If real property or any interest in real property, or any mortgage, deed of trust or other lien on real property, is acquired for value, the title, interest, mortgage, deed of trust or other lien is not impaired or in any way adversely affected by reason of the failure of any person to comply with the requirements of this section.
G. As used in For the purposes of this section, "trustee" does not include an agent for a disclosed principal, a conservator, a guardian, a personal representative, an attorney‑in‑fact, a lessor or lessee under a lease, a trustee in a bankruptcy or receivership proceeding, a trustee under a deed of trust, a trustee under a business trust or a trustee under an indenture for security holders.
