judicial foreclosure; excess proceeds sale
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies Arizona’s laws regarding judicial foreclosure of right of redemption. It allows for subsequent sales of tax lien properties after a certain period, even if the original lien hasn’t been redeemed. The bill outlines procedures for determining if an excess proceeds sale is reasonable, including requiring the certificate of purchase holder to provide detailed cost information. It also specifies how proceeds from the sale should be distributed, prioritizing the redemption of other tax liens and ultimately returning any remaining funds to the property owner.
Key provisions
- Establishes a timeframe (3-10 years) for subsequent sales of tax liens that haven’t been redeemed.
- Requires a court determination of whether an excess proceeds sale is reasonable, based on detailed cost information.
- Outlines the process for conducting the excess proceeds sale, including a minimum bid amount and auction procedures.
- Specifies how proceeds from the sale should be distributed, prioritizing tax lien redemption and returning remaining funds to the property owner.
- Defines the roles and responsibilities of the qualified entity in facilitating the sale.
- Clarifies the requirements for the deed to be executed and recorded.
- Addresses the extinguishment of certain liens and encumbrances upon completion of the sale.
- Establishes a timeline for distributing sale proceeds and penalties for failure to do so.
Who is affected
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1 on record
Primary sponsor
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