Arizona Laws 48-605. Redemption
A. Redemption may be made by any party having an interest in the lot at any time before the execution and delivery of a deed therefor by paying to the superintendent the amount for which the property was sold and five per cent thereon if paid within three months from the date of sale, ten per cent if paid within six months, twelve per cent if paid within nine months, fifteen per cent if paid within twelve months, or twenty per cent if paid after twelve months.
Terms Used In Arizona Laws 48-605
- Clerk: includes any person or official who performs the duties of clerk of the city or town. See Arizona Laws 48-571
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lot: includes any portion, piece, parcel or subdivision of land, and includes property owned or controlled by any person as a railroad right-of-way. See Arizona Laws 48-571
- Property: includes both real and personal property. See Arizona Laws 1-215
- superintendent: includes any person who, under whatever official name, is charged with the care or supervision of the streets of the city or town. See Arizona Laws 48-571
- Treasurer: includes any person who, under whatever official name, is the custodian of the funds of the city or town. See Arizona Laws 48-571
B. When redemption is made, the superintendent shall note that fact on the duplicate certificate of sale in his office and deposit the amount paid with the treasurer, who shall credit the purchaser named in the certificate of sale with the amount, and pay the amount to such purchaser or his assignee, upon the surrender of the certificate of sale.
C. When the municipality is the purchaser, the treasurer shall notify the clerk of the redemption, and the clerk shall thereupon cancel the certificate of sale in his office.