In this article, unless the context otherwise requires:
1. "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.
2. "Contract" means a contract for conveyance of real property, a contract for deed, a contract to convey, an agreement for sale or any similar contract through which a seller has conveyed to a purchaser equitable title in property and under which the seller is obligated to convey to the purchaser the remainder of the seller's title in the property, whether legal or equitable, on payment in full of all monies due under the contract. This article does not apply to purchase contracts and receipts, escrow instructions or similar executory contracts which are intended to control the rights and obligations of the parties to executory contracts pending the closing of a sale or purchase transaction.
3. "Monies due under the contract" means:
(a) Any principal and interest payments which are currently due and payable to the seller.
(b) Any principal and interest payments which are currently due and payable to other persons who hold existing liens and encumbrances on the property, the unpaid principal portion of which constitutes a portion of the purchase price, as stated in the contract, if the principal and interest payments were paid by the seller pursuant to the terms of the contract and to protect his interest in the property.
(c) Any delinquent taxes and assessments, including interest and penalty, due and payable to any governmental entity authorized to impose liens on the property which are the purchaser's obligations under the contract, if the taxes and assessments were paid by the seller pursuant to the terms of the contract and to protect his interest in the property.
(d) Any unpaid premiums for any policy or policies of insurance which are the obligation of the purchaser to maintain under the contract, if the premiums were paid by the seller pursuant to the terms of the contract and to protect his interest in the property.
4. "Payoff deed" means the deed that the seller is obligated to deliver to the purchaser on payment in full of all monies due under the contract to convey to the purchaser the remainder of the seller's title in the property, whether legal or equitable, as prescribed by the terms of the contract.
5. "Property" means the real property described in the contract and any personal property included under the contract.
6. "Purchaser" means the person or any successor in interest to the person who has contracted to purchase the seller's title to the property which is the subject of the contract.
7. "Seller" means the person or any successor in interest to the person who has contracted to convey his title to the property which is the subject of the contract.
Notes of Decisions
Freedman v. Cont'l Serv. Corp., 622 P.2d 487 (Ariz. Ct. App. 1980).
· cites it 12× “” After the grace period allowed by A.R.S. § 33-741 expired without redemption by Freedman, Continental conveyed title to the subdivision trust property to First National Bank, as first beneficiary, by special warranty deed dated June 13, 1977.”
Arizona Title Guarantee & Trust, Co. v. Modern Homes, Inc., 330 P.2d 113 (Ariz. 1958).
· cites it 9× “As to each of these buyers, the time allowed for the prevention of forfeiture provided by A.R.S., § 33-741, had expired if such time is calculated either from the due dates set forth in the contracts or from the time the last payment was made.”
Horizon Corp. v. Westcor, Inc., 688 P.2d 1021 (Ariz. Ct. App. 1984).
· cites it 2× “There the language read: “If either party elects to cancel this agreement because of the failure of the other party to comply with all the terms and conditions of this agreement, the party so electing shall, after the expiration of the time periods as provided in A.R.S. §…”
Hale v. Flores, 506 P.2d 276 (Ariz. Ct. App. 1973).
· cites it 8× “A payment bringing the real estate contract up to date was made on November 4, 1970, which was within the 60 day grace period of A.R.S. § 33-741. The December payment was made *238 on time and subsequently, although defendant continued to pay the mortgage to Tucson Federal, he…”
MacIborski v. Chase Serv. Corp., 779 P.2d 1296 (Ariz. Ct. App. 1989).
· cites it 2× “TIMELINESS OF NOTICE The statutory scheme providing for forfeiture and reinstatement of a purchaser’s interest in installment land sale contracts is set forth in A.R.S. § 33-741 et seq. If a purchaser defaults by failing to pay monies due under the contract, and the requisite…”
Hoyle v. Dickinson, 746 P.2d 18 (Ariz. Ct. App. 1987).
· cites it 2× “A.R.S. § 33-741(2); cf. Tucker v. Byler, 27 Ariz.”
E-Z Livin' Mobile Sales, Inc. v. Van Zanen, 548 P.2d 1175 (Ariz. Ct. App. 1976).
· cites it 2× “In arriving at this conclusion, we consider the following facts as indicative of a sale: (1) The parties originally agreed to a purchase of the lot, (2) the term of the “lease” is for ten years, (3) all taxes and assessments on the lot are to be paid by appellees, and (4) the…”
Bowcut v. Jaarsma, 653 P.2d 1 (Ariz. 1982).
· cites it 16× “Because it could not determine what portion of the real-property purchase price had been paid, it could not calculate the applicable grace period under A.R.S. § 33-741. 2 Second, personal property could not be forfeited under the real estate forfeiture procedure.”
Perona v. Stark, 562 P.2d 743 (Ariz. 1977).
· cites it 9× “We find that the action was commenced prematurely in contravention of A.R.S. § 33-741, and reverse. The trial court found as a fact (and also stated as a conclusion of law) that “.”
Secan v. Dunbar, 679 P.2d 526 (Ariz. Ct. App. 1983).
· cites it 2× “Each of the contracts also contained the following language: "If either party elects to cancel this agreement because of the failure of the other party to comply with all the terms and conditions of this agreement, the party so electing shall, after the expiration of the time…”
— Ariz. Rev. Stat. § 33-741(2) — 2 cases
Hoyle v. Dickinson, 746 P.2d 18 (Ariz. Ct. App. 1987).
“A.R.S. § 33-741(2); cf. Tucker v. Byler, 27 Ariz.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.