Title Security Agency of Arizona (TSA) has on its staff the most experienced Trust Officers in the industry. Joyce Rodda and Diane Sloane have many years of combined experience in the title, escrow, and trust business. Their combined backgrounds in title, escrow and trust enhances the developers experience when dealing with a subdivision trust.
TSA, offers what is referred to in the Arizona Revised Statutes as “Subdivision Trusts”. The subdivision trust is unique to Arizona as it is generally not found in any other state. Most people have not heard of the term subdivision trust, especially when they have developed tracts of lands in other states. Below is a brief explanation of what a Subdivision Trust is and how it can help an owner of land.
When land is deeded by the owner into a subdivision trust, the owner remains the equitable title holder (the owner retains the day to day management of the property) while the fee title holder is the Trustee, Title Security Agency of Arizona. This mechanism allows for the property to be developed at a lower cost than that which may be charged by other governing entities throughout Arizona or even the U.S. Through the use of a Subdivision Land Trust Agreement and a subsequent agreement with the governing jurisdiction the trustee and owner enter into a written agreement which stipulates that property will not be conveyed to an end user (homebuyer) until such time as the infrastructure is in place. This alleviates the need for the owner (developer) to post a bond or letter of credit to satisfy the jurisdiction during the platting process of the subdivision. By doing so the Owner is left with more cash-flow than he/she may have had in another jurisdiction developing the same type of property. Accurate property records are kept so that at any time the owner (developer) can contact our office to obtain a report on what property may be remaining in the Trustees name.
The department works with developers in the platting of property. During the platting process Joyce and Diane have the knowledge and skill set to work with the engineer and thereafter assist during the required Public Report process to meet the State of Arizona Department of Real Estate’s requirements. All the necessary paperwork is gathered by the Trust Department to assure that a Final Subdivision Report is issued by the Arizona Department of Real Estate allowing for the ultimate sales to the home buyer. Whenever a developer or owner of 6 or more lots in a subdivision needs assistance, Title Security Agency of Arizona stands ready to aid in the process.
The other type of trust is commonly referred to as the Real Estate Holding Trust which is formed as a convenient manner to hold title to any real estate which the owner may own in Pima County or other county within Arizona. Again the owner maintains all the day to day operations of the property and the trustee is directed by the owner (beneficiary) in accord with the Trust Agreement.
Contact Joyce Rodda at 520-901-4438 or Diane Sloane at 520-901-4439
for all your Subdivision Trust needs or
email Joyce at joyce.rodda@titletrustsvc.com or
Diane at diane.sloane@titletrustsvc.com
Facebook
Twitter