In this article, unless the context otherwise requires:

Terms Used In Arizona Laws 11-1131

  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of revenue. See Arizona Laws 11-1131
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Property: includes both real and personal property. See Arizona Laws 1-215

1. "Department" means the department of revenue.

2. "Value" means:

(a) In any case other than a gift, the amount of the full actual consideration that is paid or to be paid, including the amount of any lien or liens.

(b) In the case of a gift or a contract or deed with nominal consideration or without stated consideration, the estimated price the property would bring in an open market and under the prevailing market conditions in a sale between a willing seller and a willing buyer, both of whom are conversant with the property and with prevailing general price levels.

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