Arizona Laws 33-438. Sale of property subject to certain liens and encumbrances
A. As used in this section, "lien or encumbrance" does not include taxes or assessments, reservations in patents, easements, rights-of-way, reservation of mineral rights, covenants, conditions or restrictions.
Terms Used In Arizona Laws 33-438
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Contract: A legal written agreement that becomes binding when signed.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both real and personal property. See Arizona Laws 1-215
B. The sale of any lot or parcel of property which is subject to a lien or encumbrance or when the interest of the seller is held under option or contract of purchase or in trust, shall be voidable by the buyer, unless there is a provision in the instrument evidencing the lien, encumbrance, option, contract or trust agreement, or in a valid supplementary agreement, assuring that the buyer will receive title free of the lien, encumbrance, option, contract or trust agreement, upon completion of all payments and performances of all the terms and provisions required to be made or performed by the buyer.
C. The buyer’s right to void such sale may not be exercised if he has in fact received title, free of such lien, encumbrance, option, contract or trust. Any action to void such sale shall be commenced either within two years after discovery or after completion of all payments and performance of all terms and provisions required to be made or performed by the buyer, whichever occurs first, and not thereafter.
D. The buyer’s right to void such sale shall be in addition to and shall not affect any other legal or equitable remedy.