This is the season for new Arizona statutes to take effect from the session’s summer end. One of those bills with an HOA/Homeowner impact, HB 2133, amends Arizona Revised Statutes 33-811 to require a bank trustee to record their trustee’s deed within 7 days of the trustee’s sale (i.e. foreclosure).
Within seven business days after receipt of payment by the trustee or the trustee’s agent, made in a form that is satisfactory to the trustee, the trustee shall execute and submit the trustee’s deed to the county recorder for recording and, upon request, shall provide an unrecorded copy of the signed trustee’s deed to the purchaser. The recording of the trustee’s deed upon sale shall constitute delivery of the deed to the purchaser.
This means that when a home goes through a foreclosure, the trustee’s deed must be recorded within seven days. This is helpful because so many homeowners call me and are concerned that their home went to sale but the HOA continues to send notices and demands for payment. I have seen banks take months to record that deed and the homeowner continues to be the target of Association communications.