REAL
ESTATE: Land and anything permanently
affixed to the land, such as buildings, fences, and those
things attached to the buildings, such as light fixtures,
plumbing and heating fixtures, or other such items which would
be personal property if not attached. The term is
generally synonymous with real property and realty.
TRUSTEE SALES:
The beneficiary under a deed of trust has a choice of two
alternative and mutually exclusive remedies after default: (1)
exercise of the trustee's power of nonjudicial sale or (2)
judicial foreclosure as a mortgage. See
A.R.S. Section 33-807. The trustee's power of
nonjudicial sale provides a quick and inexpensive remedy that
my be completed in 91 day after recording the Notice of
Trustee's Sale. Only the IRS has a post-trustee sale
redemption period.
At anytime prior to the day of the
trustee's sale the home owner, or any lienholder, may
reinstate (pay the amount owed to date, including all fees and
costs). The reinstatement will act to cancel the pending
trustee's sale.
A.R.S. Section 33-813.
A judicial foreclosure of a deed
of trust is conducted under
A.R.S. Section 33-807(A).
FORCIBLE ENTRY AND DETAINER:
A Forcible Entry and Detainer is
an action that a landlord, or new property owner can take if
the existing occupant refuses to leave after appropriate
notice. This occupant could be either a tenant or
original owner of property that was sold at a foreclosure or
trustee's sale. The laws governing forcible entry and
detainer actions are different if the property is
residential
A.R.S. Section 33-1377 or
non-residential
A.R.S. Section 33-361.
