This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Warranty Deed in Lieu of Foreclosure & Affidavit - Arizona, can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s).
Phoenix Arizona Warranty Deed in Lieu of Foreclosure and Affidavit
Category:
State:
Arizona
City:
Phoenix
Control #:
AZ-REAL-10
Format:
Word;
Rich Text
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Description
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How to fill out Arizona Warranty Deed In Lieu Of Foreclosure And Affidavit?
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FAQ
Nonetheless, a lender may reject a deed-in-lieu proposal by the borrower if the lender is concerned that the terms are unacceptable or if the lender will inherit encumbrances, judgments, or tax liens filed against the property.
The Arizona warranty deed is a form of deed that provides an unlimited warranty of title. It makes an absolute guarantee that the current owner has good title to the property. The warranty is not limited to the time that the current owner owned the property.
General warranty deed: A general warranty deed is the most common type of deed used to transfer fee simple ownership of a property. Unlike a quitclaim deed, a general warranty deed does confirm a grantor's ownership and a legal right to sell.
How to obtain a copy. Homeowners can request copies of their property records from the Recorder's Office by calling 602-506-3535 or visiting recorder.maricopa.gov.
Quitclaim deeds are the least desirable of all the property deeds. They make no guarantees to the buyer that there are no liens on the property, so when a buyer receives a quitclaim deed on a piece of property, they take on a considerable amount of risk, especially when compared to other deed types.
Disadvantages to Lender A lender should also hesitate before accepting a lieu deed where there are outstanding subordinate liens or judgments against the property. In such a situation, the lender will have to foreclose its mortgage, with the attendant expense and time involved to obtain clear title.
The Deed of Trust is the primary security document used in Arizona. There are many similarities between the Deed of Trust and the Mortgage, which is what most Iowa property owners are familiar with, but there are significant differences as well, which a prospective owner should be aware of before buying in Arizona.
Arizona Grant Deed Information. A conveyance of land in Arizona is made by a deed in writing, subscribed and delivered by the party granting the estate, or by the granting party's agent, authorized in writing (33-401). The grant deed is similar to a warranty deed but does not include additional guarantees.
Quitclaim Deed in Arizona Quitclaim deeds are not often used when the sale of the property is involved for obvious reasons. Quitclaim deeds are much more common when there is a transfer of property from one family member to another or after a divorce.
What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure? It is an adverse element in the borrower's credit history. The lender takes the real estate subject to all junior liens. The process is lengthy and involves a lawsuit.