Hello kmdca, the answers to your questions are contained in the
Arizona Statutes. This website has all the related statutes listed:
http://www.re.state.az.us/homestead.html
Arizona Homestead Statutes
Arizona's Homestead statutes, A.R.S. §§ 33-1101 through 33011-5,
provide an automatic homestead exemption, in the amount of $100,000,
No written claim or recording is required.
Here are the statutes in their entirety:
33-1101 . Homestead defined; homestead exemptions; persons entitled to
hold homesteads
A. Any person the age of eighteen or over, married or single, who
resides within the state may hold as a homestead exempt from
attachment, execution and forced sale, not exceeding one hundred
thousand dollars in value, any one of the following:
The person's interest in real property in one compact body upon which
exists a dwelling house in which the person resides.
The person's interest in one condominium or cooperative in which the
person resides.
A mobile home in which the person resides.
A mobile home in which the person resides plus the land upon which
that mobile home is located.
B. Only one homestead exemption may be held by a married couple or a
single person under the provisions of this section. The value as
specified in this section refers to the equity of a single person or
married couple. If a married couple lived together in a dwelling
house, a condominium or cooperative, a mobile home or a mobile home
plus land on which the mobile home is located and are then divorced,
the total exemption allowed for that residence to either or both
persons shall not exceed one hundred thousand dollars in value.
C. The homestead exemption, not exceeding the value provided for in
subsection A of this section, automatically attaches to the person's
interest in identifiable cash proceeds from the voluntary or
involuntary sale of the property. The homestead exemption in
identifiable cash proceeds continues for eighteen months after the
date of the sale of the property or until the person establishes a new
homestead with the proceeds, whichever period is shorter. Only one
homestead exemption at a time may be held by a person under the
provisions of this section.
33-1102. Exemption by operation of law; designation of multiple
properties on creditor's request; recording
A. A person who is entitled to a homestead exemption as prescribed by
section 33-1101 holds that exemption by operation of law and no
written claim or recording is required. If a person has more than one
property interest to which a homestead exemption may reasonably apply,
a creditor may require the person to designate which property, if any,
is protected by the homestead exemption. The creditor shall demand the
designation by sending a letter by certified mail, return receipt
requested, to each address of the person which may reasonably be
protected by the homestead exemption. The person shall designate the
property by recording a homestead exemption in the office of the
county recorder where the property is located or by sending the
creditor a certified letter, return receipt requested, within thirty
days of receiving the creditor's demand letter. If the person receives
the creditor's letter and fails to respond as provided by this
subsection, the person may only assert the homestead exemption by
recording a claim in the office of the county recorder where the
property is located.
B. If the person is married, the homestead may be selected from the
community property, the joint property or the separate property of the
person.
33-1103. Effective date of homestead exemption; extent of exemption; exceptions
A. The homestead provided for in section 33-1101, subsection A is
exempt from process and from sale under a judgment or lien, except:
A consensual lien, including a mortgage or deed of trust, or contract
of conveyance.
A lien for labor or materials claimed pursuant to section 33-981.
To the extent that a judgment or other lien may be satisfied from the
equity of the debtor exceeding the homestead exemption under section
33-1101.
B. A sale as described in subsection A of this section and not
excepted by subsection A, paragraph 1, 2 or 3 of this section is
invalid and does not convey an interest in the homestead, whether made
under a judgment existing before or after homestead is established.
33-1104 . Abandonment of homestead; encumbrance of homestead
A. A homestead may be abandoned by any of the following:
A declaration of abandonment or waiver.
A transfer of the homestead property by deed of conveyance or contract
for conveyance.
A permanent removal of the claimant from the residence or the state. A
claimant may remove from the homestead for up to two years without an
abandonment or a waiver of the exemption.
B. A declaration of abandonment or waiver shall be executed by the
claimant and acknowledged. A declaration of abandonment or waiver is
effective only from the time of its recording in the office of the
county recorder in the county in which the homestead property is
located.
C. This article shall not be construed to repeal the provisions of
section 25-214, subsection C, pertaining to the acquisition,
conveyance or encumbrance of community property.
D. Any recorded consensual lien, including a mortgage or deed of
trust, encumbering homestead property shall not be subject to or
affected by the homestead claim or exemption.
E. Notwithstanding the provisions of subsection A, paragraph 2 of this
section, a transfer of the homestead property by deed of conveyance or
contract for conveyance under a trust, as defined in section 14-1201,
in which the claimant retains the power to administer and revoke the
trust shall not constitute an abandonment of the homestead.
33-1105. Sale by judgment creditor of property subject to homestead exemption
A judgment creditor other than a mortgagee or beneficiary under a
trust deed may elect to sell by judicial sale as specified in title 12
the property in which the judgment debtor has a homestead under
section 33-1101, subsection A, provided that the judgment debtor's
interest in the property shall exceed the sum of the judgment debtor's
homestead plus the amount of any consensual liens on the property
having priority to the judgment. A bid shall not be accepted by the
officer in charge of a sale under this section which does not exceed
the amount of the judgment debtor's homestead plus the amount of any
consensual liens on the property having a priority to the judgment
plus the costs of the sale allowable under title 12. After receipt of
a sufficient bid, the officer shall sell the property. From the
proceeds, the officer shall first pay the amount of the homestead to
the judgment debtor plus the amount of any consensual liens on the
property having a priority to the judgment and then pay the costs of
the sale. The remaining proceeds shall be applied in accordance with
the provisions of section 12-1562, subsection A. If the sale does not
occur, either because of voluntary abandonment by the judgment
creditor or because no sufficient bid is made, the judgment creditor
may not charge any costs or attorney fees incurred in connection with
the sale against the judgment debtor by addition to the judgment or
otherwise.
Also, if you are interested, here is a link to the all of the Arizona statutes:
http://www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=33
Scroll down to "Chapter 8" for the HOMESTEAD AND PERSONAL PROPERTY
EXEMPTION statutes.
From what I read it appears that you get an automatic $100,000
exemption without any written claim or recording. As to limitations, I
suggest you read the statutes and see if any of the limitations apply
to your situation. Please ask for a clarification if I can be of
further assistance.
Thanks, Redhoss |
