Maricopa Arizona Promissory Note
Description
How to fill out Promissory Note?
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FAQ
Arizona real estate is transferred using a legal document called a deed. A deed allows the current owners (grantors) to transfer property to new owners (grantees). Once the deed is signed, it is recorded in the land records of the county where the property is located.
Homeowners can request copies of their property records from the Recorder's Office by calling 602-506-3535 or visiting recorder.maricopa.gov. Click on "Recorder" and "Search Recorded Documents," enter your name, click on the document you want and select "Buy Document" at the bottom.
The recorder makes a digital image of the deed before returning it to you. It then becomes a matter of public record. After 10 to 15 days, the information from your deed will be searchable using the recorder's online database.
All Promissory Notes are valid only for a period of 3 years starting from the date of execution, after which they will be invalid. There is no maximum limit in terms of the amount which can be lent or borrowed. The issuer / lender of the funds is normally the one who will hold the Promissory Note.
The fee to record a document in County Recorder offices throughout Arizona will become $30.00 for each complete document. Documents received on or after July 1st will be returned if accompanied by insufficient payment. Postmarked recordings submitted without the $30.00 flat recording fee will be rejected.
A promissory note is enforceable for up to 6 years after the due date of the payment, according to Arizona state law. If no action has been taken to collect payment prior to 6 years, the statute of limitations has run out and the contract can no longer be enforced through legal action.
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years. Once the statute of limitations has ended, a creditor can no longer file a lawsuit related to the unpaid promissory note.
Other Helpful Sites Maricopa County. (602) 506-3011. County Assessor. (602) 506-3406. County Recorder. (602) 506-3535. County Sheriff. (602) 876-1000.
There is no legal requirement for a promissory note to be witnessed or notarized in Arizona. Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
The Maricopa County Recorder's Office is capable of receiving and recording documents, plat and survey maps...
