Fidelity National Title Agency’s Trust Department offers what is referred to in the Arizona Revised Statutes as “Subdivision Trusts”. A Subdivision Trust may also be referred to as a Land-Holding Trust. The purpose of the trust is to hold title to real property for subdividing and development. Fidelity’s Trust, Title and Escrow departments work closely together to assist you with every phase of development process.
Various municipalities require that the infrastructure such as roads, sewer system, utility lines etc. be in place prior to conveying/recording deeds to an individual homebuyer.
Third Party Assurance Agreements allow the property to be held in trust by a Trustee, and not conveyed from the trust until the infrastructure has been completed, inspected, and approved by the municipality. The Third party Assurance Agreement takes the place of expensive bonds or financial assurances for the completion of these improvements.
A subdivider must obtain a Disclosure Report (public report) prior to making offers for sale. A.R.S. 32-2101 defines a subdivider as "a person who offers for sale or lease six or more lots, parcels or fractional interest in a subdivision or who causes land to be subdivided".
The Fidelity National Title Trust Department assists in the preparation of the Public Report as required under A.R.S. 32-2183 which states," A subdivider shall not sell or lease or offer for sale or lease in this state any lots, parcels or fractional interest in a subdivision without first obtaining a public report from the commissioner except as provided….”
A Subdivision Public Report can be a complicated and detailed process. Your Fidelity National Title Trust Department team has years of experience and knowledge in understanding the various requirements and regulations. Working with this type of expertise can eliminate unnecessary delays in obtaining your Public Reports.