Arizona Preferential Right to Purchase Interest Assigned

State:
Multi-State
Control #:
US-OG-504
Format:
Word; 
Rich Text
Instant download

Description

This is a form addressing Preferential Right to Purchase Interest Assigned. In the event assignee receives a bona fide offer from a third party to purchase all or a part of the interest assigned to assignee in this assignment, and assignee desires to accept the offer,assignee shall notify assignor in writing of the existence of the third party offer.

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FAQ

Probate procedures can be complex and time-consuming, but there are ways to avoid or bypass this process for certain assets in Arizona. Properties such as those held in a living trust are exempt from probate. Similarly, community property and jointly-held property with a right of survivorship do not require probate.

A personal representative appointed by a court of the decedent's domicile has priority over all other persons except if the decedent's will nominates different persons to be personal representative in this state and in the state of domicile.

Arizona Revised Statutes, Section 14-3203 sets out a list of who has priority for appointment. First, is anyone appointed as PR by the deceased's Will. Next is the surviving spouse who is an heir under the Will; third, other beneficiaries listed in the Will.

In Arizona, only a licensed salesperson or real estate broker can help you with the sale, purchase, lease, rental, or exchange of real property. The license of the agent or salesperson must be current and have an active status.

An executor, also know as a personal representative in Arizona, has a fiduciary duty to the estate and its beneficiaries. They have to follow the probate code and they are also subject to the probate court.

Delegation of performance; assignment of rights. A. A party may perform his duty through a delegate unless otherwise agreed or unless the other party has a substantial interest in having his original promisor perform or control the acts required by the contract.

If the person named in the will cannot act or there is no will, then there's an order of priority for who may be appointed a personal representative. The order of priority is any surviving spouse or domestic partner, then a child, then a grandchild, then a parent, and then a sibling.

In other words, the personal representative has the responsibility to ensure that the decedent's affairs are taken care of after death, in ance with the decedent's Last Will and Testament (Will), if one exists, or in ance with state law if the decedent died without a Will.

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Arizona Preferential Right to Purchase Interest Assigned