Arizona law has required since 1997 an affidavit of value to be appended to any deed evidencing a transfer of title to or to any contract relating to the sale of real property when submitted to the appropriate county recorder for recording. This is set forth in ARS Sec. 11-1133. The affidavit discloses various items of information, including the purchase price, down payment, amount of encumbrance, names of parties and so forth. ARS Sec. 11-1134 provides a variety of exemptions, which if noted on the deed or contract, eliminates the need for submitting the real estate transfer tax affidavit along with the deed or contract.

In 2012, the statute was amended to provide a variety of new exemptions in Paragraph B of Sec. 11-1134, most of which apply to transfers to and from business entities and their owners where there is no or only nominal consideration involved. These changes will make compliance with the statute requiring real estate transfer affidavits or as they are more commonly called, affidavits of value, more straight forward.

Michael W. Margrave

Mike Margrave with Ed Dickens Union Pacific