When In Doubt, Disclose, Disclose, Disclose
So Joe, who lives and works in Chicago, has decided that he wasn't getting enough use out of his second home in Scottsdale, located on the 15th fairway of a very challenging golf course, and has, with some regret, put it up for sale. A buyer is quickly procured, and Joe's listing broker presents him with form entitled "Residential Seller's Property Disclosure Statement," commonly referred to as a "SPDS" ( … Read More
What is a Subordination, Non-Disturbance and Attornment Agreement, and Why Do I Need One?
While most commercial leases contain a requirement that the tenant will execute a "Subordination, Non-Disturbance and Attornment Agreement," commonly referred to a an "SNDA," a majority of tenants who have signed such leases, and most likely several of the real estate agents who have represented those tenants, would be hard pressed to explain the meaning of an SNDA, and why they are needed by both commercial … Read More
Better Safe Than Sorry Always File UCC Termination Statements
If you are negotiating a new business loan, you know that your due diligence investigation on the borrower should include a search of the Secretary of State's records* to confirm that the assets being pledged as collateral are "free and clear" and not subject to the security interest or other lien of another lender, lessor or other secured party. A UCC lien search of the Secretary of State's records will … Read More
To SPDS or Not to SPDS: Is the Standard Disclosure Form in the Best Interest of Sellers?
It is a common misconception that a seller's completion of the Arizona Association of Realtor's Seller Property Disclosure Statement ("SPDS") is required by law and will eliminate litigation regarding non-disclosure. The Arizona Association of Realtor's form residential purchase contract—the most commonly used form purchase contract in the state— requires the seller to complete and deliver a SPDS … Read More
Categories: Real Estate
Top Tips About Binding Arbitration Clauses
When faced with a contract dispute, parties frequently hire attorneys and use the court system to resolve their dispute. However, there is an alternative dispute mechanism - Binding Arbitration - which is available to resolve disputes if the parties have already agreed to use that method of dispute resolution. In boilerplate contract language, binding arbitration provisions may exist. Such … Read More
Letter of Intent
In a typical residential sales transaction, the first formal document usually exchanged is an offer, usually by the buyer to the seller. The seller then either accepts or submits a counter-offer, and back and forth it goes until one side either accepts the other's counter-offer or calls off the negotiations. Upon the acceptance being communicated the two sides have successfully entered into a legally binding … Read More
Confirm Your Easement Access
Have you purchased or handled a sale of rural land with a winding, dusty private driveway that crossed neighboring property once or twice before reaching the public road? Did you compare that driveway with the property deed, to see if the deed included an "easement" for the driveway? Did the legal description of the easement actually match the driveway's layout? When you are buying unimproved land, it is essential … Read More
How Domestic Partners Can Hold Title to Property in Arizona
In today's world, fewer marriages exist and more people are cohabitating in committed relationships for various reasons.
Arizona's community property laws do not apply to the ownership of real property between unmarried individuals. This limits the way in which title can be held, but also raises additional issues, such as what happens to the property upon the death of one of the individuals.
If two people … Read More
Why Bother Recording Your Judgement?
For years, one of the easiest ways to be paid on your judgment was to record your judgment with the County Recorder. By recording your judgment, it would become a lien against any real property owned in the county by your judgment debtor. Whenever the judgment debtor sold or refinanced their house, you would receive a call from the title company wanting to know how much it would cost for you to release your … Read More
Dog Bites Landscaper! (What should you do?)
If a customer's dog bites you, a landscaper, pest control operator, utility worker or other worker that has a legitmate and legal reason to access someone's property, the first thing to do is seek medical attention! After receiving medical care, you might want to think about this: who should pay for medical care? In most cases, the dog's owner will be liable for damages, but that will depend upon a couple of … Read More