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Arizona Deed of Trust - $17.49
Document Id : 7212
File Type : Microsoft Word
Transfer real estate property from a seller to a trustee with this Arizona Deed of Trust.
- A Deed of Trust is often used instead of a mortgage in the sale and purchase of real property other than agricultural farm land.
- Title is conveyed by the seller to a trustee instead of to the purchaser. The trustee holds the title as security to ensure the purchaser performs its obligations (including payment of the purchase price, maintenance and upkeep of the property, payment of taxes, etc).
- If the purchaser defaults in payment, the balance becomes due and payable and the trustee will sell the property.
- The Deed of Trust contains uniform covenants regarding payments, funds for taxes and insurance, prior mortgages, hazard insurance, occupancy as principal residence, care and maintenance of the property, protection of the lender's security, and other standard clauses.
- The lender has the right to demand full payoff for breaches by the purchaser ⁄ borrower which occur more than once.
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