Ariz. Rev. Stat. § 33-743

Current through L. 2024, ch. 259

Section 33-743 - Notice of election to forfeit and reinstatement of purchaser's interest

A. If the seller elects to forfeit the purchaser's interest in the property, the seller and the account servicing agent, if one has been appointed, shall record a notice of election to forfeit with the county recorder of the county in which the real property is located. A notice of election to forfeit is ineffective unless recorded after expiration of the applicable period prescribed in section 33-742, subsection D. A copy of the notice shall be served, either by delivery in person or by deposit in the United States mail, first class, postage prepaid, at least twenty days prior to the effective date of the forfeiture, on the purchaser and on persons who, at the time of recordation of the notice of election to forfeit, appear on the records of the county recorder of the county in which the real property is located as having an interest in or a lien or encumbrance on the property, the priority of which is subordinate to that of the seller, or who have requested a copy of such notice in the manner provided by section 33-746. If mailed, the notice shall be addressed to the last mailing address filed in writing with the seller or with the account servicing agent or as designated on the request for copy of notice of election to forfeit. If no address has been filed with the seller or the account servicing agent, a copy of the notice may be mailed in care of the person to whom any recorded document evidencing an interest in or a lien or encumbrance on the property was directed to be mailed at the time of its recording.

B. The notice of election to forfeit shall be substantially in the following form:

"Notice of Election to Forfeit

The undersigned hereby gives notice 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:

has failed to pay monies due under the contract for a period of time in excess of that provided by Arizona Revised Statutes section 33-742, subsection D and is now subject to having his interest under the contract forfeited. The monies due under the contract which are required to be paid to reinstate such contract are as follows:

If the monies due under the contract are not received by five o'clock p.m. on the __________ day of _______________, 19____, being at least twenty days after the serving of this notice, at _______________, Arizona, the interest of the purchaser and all persons who have an interest in or a lien or encumbrance on the property, the priority of which is subordinate to that of the seller, shall be forfeited.

Dated _______________, 19____.

______________________________________

signature of seller, and

______________________________________

signature of account servicing agent

(if any)

(acknowledgments)"

C. A person need not be served with a copy of the notice of election to forfeit unless the person, at the time of recordation of the notice, appeared on the records of the county recorder of the county in which the real property is located as having an interest in or a lien or encumbrance on the property, the priority of which is subordinate to that of the seller, or requested a copy of the notice in the manner provided for in section 33-746.

D. Failure to serve a copy of the notice of election to forfeit on each person as stated in subsection A of this section does not invalidate the service of the notice of election to forfeit as to persons served but extends the effective date of the forfeiture until at least twenty days after the persons not previously served have been served with a copy of the notice.

E. A purchaser who has failed to pay monies due under the contract or any other person may, at any time prior to expiration of the period provided for in the notice of election to forfeit, avoid the forfeiture by complying with the terms of the notice.

F. If the purchaser or any other person timely complies with the terms of the notice of election to forfeit, the seller or the account servicing agent shall record a notice of reinstatement with the county recorder of the county in which the real property is located. The notice of reinstatement shall be substantially in the following form:

"Notice of Reinstatement

The undersigned hereby gives notice that the notice of election to forfeit, dated _______________, 19____, pertaining to a contract which covers real property described as follows:

and including personal property described as follows:

which notice was recorded on _______________, 19____, in docket __________, at page __________, records of _______________ county, Arizona, is cancelled.

dated _______________, 19____.

______________________________________

signature of seller, or signature of

account servicing agent (if any)

(acknowledgment)"

A.R.S. § 33-743