State specific form for Arizona used by parties to contract for the purchase and sale of settlement payment rights. Among other general terms and conditions, this form sets forth the price and terms for payment as well as closing.
Arizona Transfer Agreement for the Purchase and Sale of Structured Settlement Payment Rights
Category:
State:
Arizona
Control #:
AZ-AT02
Format:
Word;
PDF;
Rich Text
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How to fill out Arizona Transfer Agreement For The Purchase And Sale Of Structured Settlement Payment Rights?
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FAQ
In order to cash out your settlement annuity, you sell your right to receive certain payments that are due under your settlement agreement. The companies that buy the rights to these payments, and give you cash, are called factoring companies.
You can sell a structured settlement, but you'll find some are easier to sell than others. Structured settlements break down into two forms Life-Contingent and Guaranteed Payment. Both are awarded for either a personal injury, wrongful death or as worker's compensation.
Typically, this fee amounts to approximately 9 to 15 percent of the total value of the annuity or structured settlement. This may seem high, but it is the cost of the service and enables you to cover your needs now. Life does not always work on schedule and you may have the following needs: Unpaid medical bills.
If you have a structured settlement in which you receive your personal injury lawsuit award or settlement over time, you might be able to "cash out" the settlement. To do this, you sell some or all of your future payments in exchange for getting cash now.
The bulk of the cost of selling your settlement will be the discount rate, which will vary greatly by company. Quotes can range from 7% to as high as 29%. Expect many companies to offer a high discount rate in their initial quotes. Do not accept the initial quote from any company.
You can sell your structured settlement to a factoring company for immediate cash. Although you must first obtain court approval, you have the legal right to sell your payments, either in part or in full, to a structured settlement buyer.
A structured settlement is when part or all of the settlement amount is paid to the plaintiff over a period of years. Part of the settlement will generally be paid to the plaintiff and his/her lawyer immediately after the settlement as a lump sum, and the rest will be structured over a period of years.
On average, it takes 30 45 days to sell structured settlement payments. Selling your structured settlement payments requires court approval which is usually the main cause for any unexpected delays in the transfer.