Find out about Arizona Deed of Trust requirements, including legal steps, roles, and benefits, to ensure proper real estate transactions. At Copper State Planning, our Phoenix probate lawyers are experienced in assisting clients with testamentary or living trust modifications and amendments.Learn how the Arizona foreclosure process works, including preforeclosure steps, state foreclosure laws, and homeowner rights. A trust deed is always used together with a promissory note (also called "prom note") that sets out the amount and terms of the loan. Don't know how a document was recorded? Use the fields below to search our database. The borrower gives the lender a promissory note in exchange for the deed of trust. Promissory notes are documents that the borrower signs which state the borrower's promise to pay back a debt. Default – A mortgage or deed of trust is said to be in default when the borrower fails to make the payments as agreed to in the original promissory note. There is no limit on the developer fee for non-assisted units.