Arizona § 11-1131 Definitions

Arizona Statutes

§ 11-1131 — Definitions

Arizona·Title 11 Arizona Revised Statutes·Ch. 8 DEVELOPMENT FEES·Art. 2 Real Estate Transfer Affidavit and Fee

In this article, unless the context otherwise requires: 1. "Department" means the department of revenue. 2. "Value" means:

(a)In any case other than a gift, the amount of the full actual consideration that is paid or to be paid, including the amount of any lien or liens.

(b)In the case of a gift or a contract or deed with nominal consideration or without stated consideration, the estimated price the property would bring in an open market and under the prevailing market conditions in a sale between a willing seller and a willing buyer, both of whom are conversant with the property and with prevailing general price levels.

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In this article, unless the context otherwise requires:

1. "Department" means the department of revenue.

2. "Value" means:

(a) In any case other than a gift, the amount of the full actual consideration that is paid or to be paid, including the amount of any lien or liens.

(b) In the case of a gift or a contract or deed with nominal consideration or without stated consideration, the estimated price the property would bring in an open market and under the prevailing market conditions in a sale between a willing seller and a willing buyer, both of whom are conversant with the property and with prevailing general price levels.

Arizona § 11-1131 (Definitions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.