Arizona
Prepare the paperwork for a mortgage loan with these fully editable Arizona Mortgage Forms.
The Department of Financial Institutions licenses and oversees banks and mortgage companies in Arizona, and provides protection to consumers from predatory lending practices. The Department also issues licenses to mortgage brokers and oversees their activities.
Arizona is a 'title theory' state, which means that title to the property is held in trust by the lender (mortgagee) until the loan is paid in full. State law also allows for a mortgage to operate as a lien upon the real property and for judicial foreclosures through the courts. However, the power of sale provisions in the Deed of Trust make it faster to foreclose through non-judicial means.
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Arizona Deed of Trust
Because Arizona is a title theory state, mortgage lenders use a Deed of Trust instead of a mortgage to secure repayment of a home buyer's loan.
- Under the Deed of Trust, title to the property is transferred to a trustee (often a title company) who holds it until the borrower has repaid the entire amount of the loan, accrued interest, and any charges associated with the loan.
- If the borrower breaches the Deed of Trust, the lender gives written notice to the borrower specifying what must be done to cure the breach prior to accelerating repayment of the debt.
- If the breach is not remedied, the lender can invoke its power of sale.
The Arizona Deed of Trust template contains standard uniform covenants and State-specific provisions. Buy and download the form and you can use it as often as your business requires.
$17.99
