Blog Posts: Real Estate

Any real estate broker knows that in order to be legally entitled to be paid a commission, there needs to be an agreement in writing, signed by the owner of the property. The name of the law that requires such a writing is the “Statute of Frauds,” so named because the existence of the writing avoids any “fraud” on the part of a broker in cla...

There are many reasons why a Landlord and Tenant may choose to include an “option” in a commercial lease. The most common type of option is one that gives the Tenant the right to extend the lease term, usually for additional — sometimes two or more — terms of equal length to the original term. While an option is found within the lease itself...

If you ask most people what it means to be “fraudulently induced” to enter into a contract, they will likely respond that it means that they were lied to.  But while it's true that being told something that is not true is one of the elements of fraud, each of the four following elements must be present, for the non-truthful party to be legally liab...

On all of the television court shows, one theme that is pervasive is that the judge, in issuing his or her ruling, attempts to fashion as result that is “fair” to the parties.  But as anyone who has first-hand experience, either as an attorney or as a party, with “real life” lawsuits, knows well, it is all too often true that the concep...

The legal right to use someone else’s land for some limited purpose usually arises out of the user having either an easement or a license. A very common easement is one used for ingress and egress, meaning the right to travel over someone else’s property to reach one’s own property. Easements can also include such rights as the right to place util...

If you ask somebody whether they “know” something, they will readily tell you either “yes” or “no.” There is no doubt while watching Jeopardy – either you know or you do not know the answer (or actually the question). A person is said to have actual “knowledge” as to a certain fact because they have actual awareness of it; whereas, if they are una...

One of the most basic real estate laws, which all agents have drilled into them from the time that they first start studying to become an agent, is that all agreements for the payment of real estate commissions must fully comply with the statutory requirements for such agreements. Of course, having that knowledge does not necessarily stop agents, under certain cir...

Both real estate professionals and laypersons oftentimes are confused by the differences between covenants and conditions. In its simplest terms, a “covenant” is an agreement to do or to not do something. Covenants are unconditional promises found in contracts, and the failure of a party who makes such an agreement to abide by its terms will entitle the...

Tax Consequences of Foreclosure or Short Sale of Personal Residence in Arizona It is difficult to read any economic news or watch a local TV news program without seeing the prevalence of foreclosures and short sales of personal residences in Arizona.  It is not uncommon in today's economic crisis to own a home that was purchased in the last five years that is subs...

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 Disclosur...