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Decipher this Statute

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A

A.mess.in.MO

Guest
What is the name of your state? Arizona
Can someone decipher what exactly this Arizona Statute is saying
33-411.01
Any document evidencing the sale, or other transfer of real estate or any legal or equitable interest therein, excluding leases, shall be recorded by the transeror in the county in which the property is located and within 60 days of the transfer. In lieu, therof, the transfer shall indemnify the transferee in any action in which the transferees interest in such property is at issue, including costs, attorney fees and punitive damages.
 


I AM ALWAYS LIABLE

Senior Member
A.mess.in.MO said:
What is the name of your state? Arizona
Can someone decipher what exactly this Arizona Statute is saying
33-411.01
Any document evidencing the sale, or other transfer of real estate or any legal or equitable interest therein, excluding leases, shall be recorded by the transeror in the county in which the property is located and within 60 days of the transfer. In lieu, therof, the transfer shall indemnify the transferee in any action in which the transferees interest in such property is at issue, including costs, attorney fees and punitive damages.

My response:

The statute compels a person that sells real estate to record the sale or lease as soon as possible. If it isn't recorded, and there is a claim concerning the property, the person who bought or leased the property is entitled to be indemnified by the person who sold or leased the property.

In other words, in order to stay out of "financial harm's way", you had better record the property transfer immediately. It's another way of saying, "You had better get the ball out of your court and into the court of someone else" or, it's like playing "hot potato."

IAAL
 
A

A.mess.in.MO

Guest
So what happens when that person who sold the property is passed away.

This is the scenario: Property was owned by Individual A (bought in 95). Individual A died June 19, 2002. Individual B(who is related) records Warranty Deed July 8, 2002 of sale of property with date of February 5, 2002 . The signature is questionable. All conviently before the will has been probated. What then?
 

HomeGuru

Senior Member
A.mess.in.MO said:
So what happens when that person who sold the property is passed away.

This is the scenario: Property was owned by Individual A (bought in 95). Individual A died June 19, 2002. Individual B(who is related) records Warranty Deed July 8, 2002 of sale of property with date of February 5, 2002 . The signature is questionable. All conviently before the will has been probated. What then?
**A: file a complaint in Probate Court.
 

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