Ask the TITLEMAN™ - Affidavit Terminating Rights; Power of Attorney; Title Insurance License

by John T. Lotardo aka TITLEMAN™
Sr. VP/General Counsel, Stewart Title & Trust of Phoenix, Inc.

Q. Is there something in the statutes that covers this? We have received mixed information that in order to properly remove a deceased person from the property you have to record the “death certificate” along with a copy of the deed, while we have also been told that all that is needed is to record an Affidavit Terminating Rights of Survivorship.
A. Both ways seem to do the trick. Most title companies only require the death certificate to be recorded to show death has occurred (and to confirm that the surviving joint tenant was not the murderer - since murder terminates the survivorship rights - no this does not happen often.) Some attorneys will do an affidavit of termination based upon death- based upon the probate code permitting such affidavit but is not used as often as it once was.

Q. Some of us are having a heck of a time identifying the AZ Revised Statute that says a person can sign as either “agent” or “attorney in fact” when signing documents using a Power of Attorney. The problem came up because we had a person who signed loan documents using only “agent” after their name. The lender refused to fund the loan saying that he needed to sign the full “attorney in fact” language. We’ve been beating the bushes trying to find something. I know we were told a couple of years ago that either one was acceptable but 14-5501 doesn’t specifically address the issue of what should be used as a title by the signer, it just calls him the agent. Do you know?
A. I understand your dilemma. I have always considered the use of “attorney-in-fact” term as common day vernacular for the term found in the statute - which is “agent”. If you look in section 14-5501 et. seq. you will see that the term agent is used consistently throughout the section. It should certainly have been an acceptable version.

Q. I have an Arizona question for you. I had always thought that in order to become a licensed agent in Arizona the agent must be a resident. For year, I was under the impression that there was a residency requirement. However I just spoke with an agency who received their license today and they do not have one stick of brick or mortar there. Is there such a requirement in Arizona?
A. Thanks for the email. In order to obtain a title insurance agent license from the Arizona Department of Insurance then it is true that no brick and mortar is required- meaning the entity does not need to have a physical presence in Arizona.

The information supplied is of a general nature and should not be relied upon as comprehensive legal advice. Please consult with your own local legal counsel. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

Copyright John T. Lotardo. All rights reserved. John Lotardo (aka the TITLEMAN™) is Senior Vice-President and General Counsel for Stewart Title & Trust of Phoenix, Inc., and State Underwriting Counsel for Stewart Title Guaranty Company. He is a member of the National Advisory Councils for GoGetEscrow.com, GoGetLoan.com, GoGetNotary.com and GoGetRealEstate.com. The information supplied is of a general nature and should not be relied upon as comprehensive legal advice. Please consult with your own local legal counsel. For more about John, visit: www.GoGetEscrow.com/Get/Titleman or www.AskTheTitleman.com.