Arizona Revised Statutes (Last Updated: March 31, 2016) |
Title 32. Professions and Occupations |
Chapter 20. REAL ESTATE |
Article 4. Sale of Subdivided Lands |
Sec 32-2185. Delivery of clear title by vendor on performance of contract by vendee
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It is unlawful to sell to any purchaser any subdivision lot or parcel that is subject to a blanket encumbrance, unless there is a provision in the blanket encumbrance, or in a valid supplementary agreement executed by the holder of the blanket encumbrance, enabling the purchaser to acquire title to the lot or parcel free of the blanket encumbrance upon completion of all payments and performances of all the terms and provisions required to be made or performed by the purchaser under the real estate sales contract. Certified or verified copies of documents acceptable to the commissioner containing such provisions shall be filed with the commissioner prior to the sale of any subdivision lot or parcel subject to a blanket encumbrance.