Recorded instruments; owner notice; delay
The introduction of a mandatory delay in recording could significantly impact real estate transactions within the state. It aims to enhance transparency by ensuring that sellers are notified before a sale is officially documented, potentially providing them a chance to reconsider the transaction. This measure may also aim to prevent fraud or unauthorized sales, thereby increasing the security of property ownership in the state of Arizona.
House Bill 2831 aims to amend Section 11-471 of the Arizona Revised Statutes. The bill introduces a delay in the recording of instruments related to the sale of real property. Specifically, it mandates that following the deposit of such instruments, the county recorder must refrain from recording them for five business days. This provision allows for a cooling-off period where the seller can be notified and has an opportunity to communicate against the recording, should they wish to do so.
Although the bill's intent may be seen as protecting sellers' rights, it could face opposition from real estate professionals and buyers who may view the delay as inefficient or cumbersome. Critics might argue that such a period could lead to complications in immediate sales or transactions that are time-sensitive, adding an extra layer of bureaucracy. Additionally, the implications for closing transactions could be an area of contention during discussions.