Escrow & Title
In Arizona, the 'Affidavit of Value' (or Legal Value Affidavit) is significant because it:
AIs the deed itself
BDiscloses the actual purchase price to the County Assessor for use in property valuation and assessment✓ Correct
CCertifies that the title is clear
DEstablishes the property tax rate for the new owner
Explanation
The Affidavit of Value (or Real Estate Affidavit) records the sale price and must be filed when recording a deed. County Assessors use this information to verify and update assessed values to reflect market transactions.
Related Arizona Escrow & Title Questions
- In Arizona, escrow instructions are:
- A quitclaim deed conveys:
- An abstract of title in Arizona is:
- A special warranty deed in Arizona differs from a general warranty deed in that:
- In Arizona, escrow is typically handled by:
- A grant deed in Arizona conveys the property and implies a warranty that:
- After an Arizona trustee's sale (non-judicial foreclosure), the former owner (trustor) has:
- Which of the following is NOT shown on an Arizona Closing Disclosure (CD)?
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