Arizona Laws 33-745. Completion of forfeiture by notice
A. If an account servicing agent has been appointed to hold documents and collect monies due under the contract and the agent has recorded and served the notice of election to forfeit, as provided in section 33-743, the seller and account servicing agent may complete the forfeiture of the interest of the purchaser and persons having an interest in or a lien or encumbrance on the property, the priority of which is subordinate to that of the seller, by recordation of an affidavit of completion of forfeiture with the county recorder of the county in which the real property is located. The county recorder shall index the affidavit of completion of forfeiture under the classification in which conveyances of real property are indexed.
Terms Used In Arizona Laws 33-745
- Account servicing agent: means a joint agent of seller and purchaser, appointed under the contract or under a separate agreement executed by the seller and the purchaser, to hold documents and collect monies due under the contract, who does business under the laws of this state as a bank, trust company, escrow agent, savings and loan association, insurance company or real estate broker, or who is licensed, chartered or regulated by the federal deposit insurance corporation or the comptroller of the currency, or who is a member of the state bar of Arizona. See Arizona Laws 33-741
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Contract: A legal written agreement that becomes binding when signed.
- Docket: A log containing brief entries of court proceedings.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
B. Recordation of an affidavit of completion of forfeiture terminates without right of redemption all right, title and interest of the purchaser and all persons having an interest in or a lien or encumbrance on the property, the priority of which is subordinate to that of the seller, including the interest of any persons acquiring an interest in or a lien or encumbrance on the property subsequent to recordation of the notice of election to forfeit. On recordation of the affidavit, the property reverts to the seller clear of all interests, liens and encumbrances, the priority of which was subordinate to that the seller. The recordation of the affidavit of completion of forfeiture also raises the presumption of compliance with all requirements of this article and constitutes conclusive evidence of the meeting of the requirements in favor of purchasers or encumbrancers for value and without actual notice.
C. The affidavit of completion of forfeiture shall be substantially in the following form:
"Affidavit of Completion of Forfeiture
The undersigned, being duly sworn, deposes and says that the purchaser under that certain contract, by and between _______________, as seller, and _______________, as purchaser, dated _______________, 19____, and recorded (if recorded) on _______________, 19____, in docket __________, at page __________, records of _______________ county, Arizona, covering real property described as follows:
and including personal property described as follows:
failed to pay amounts due under the contract; that on the date the monies were due, any provision of the contract which made time of the essence had not been waived or had been reinstated in the manner provided for in Arizona Revised Statutes section 33-742, subsection C; that the applicable period stated in Arizona Revised Statutes section 33-742, subsection D had expired after the date the monies were due; that a notice of election to forfeit was recorded with the county recorder of the county in which the real property is located; that a copy of the notice was served upon the purchaser and all persons who, at the time of recordation of the notice of election to forfeit, appeared on the records of the county recorder of the county in which the real property was located, as having an interest in or a lien or encumbrance on the property, the priority of which was subordinate to that of the seller, or who had requested a copy of the notice in the manner provided for in Arizona Revised Statutes section 33-746; that the terms of the notice of election to forfeit were not complied with prior to expiration of the period provided for in the notice; and that all right, title and interest of the purchaser and all persons having an interest in or a lien or encumbrance on the property, the priority of which was subordinate to that of the seller, are by this affidavit declared to be forfeited and to revert to the seller in accordance with the terms of the contract and the laws of the state of Arizona.
______________________________________
signature of seller,
______________________________________
signature of account servicing agent
(jurats)"