Yes, you should consult with a real estate attorney in each state that you plan to purchase property in. You need to be aware of state and local law and contract requirements unique to each state. I recommend having a local real estate attorney assist you with your purchases.
This can be done if handled properly by the landlord or his management company. Your documents should be reviewed by an attorney. They may consist of an offer that is binding upon your acceptance. Or they may contain language that provides the proposal is not binding upon the landlord until...Read more »
I recommend that you consult with a probate attorney before taking any action. Since you have been ordered to post a bond, your appointment to serve as personal representative will not be made until the bond is posted. Any action attempted prior to your court appointment is unwise and will be...Read more »
My wife and I want to convert a property to a rental. We intend for an LLC to own the property, and our son will manage it. My son and wife will be members of the LLC but I will not. Is it possible to transfer the title of the property to such an LLC, effectively relinquishing my ownership stake?
It is possible but it may not be advisable. I strongly recommend that you have your proposed transfer reviewed by a real estate attorney and your CPA before you take action. Your attorney will be able to let you know if such a transfer might violate the due on sale clause in your financing...Read more »
Dad has two options. He can call the police and see if the police will remove them as trespassers. Or he can evict per the Arizona Residential Landlord and Tenant Act. If he must evict, I recommend that he consult with an attorney familiar with residential evictions.
In Arizona the owner who wants to sell can force a sale by filing a Partition Action against the other owner. In a Partition Action the court will appoint a special commissioner to sell the home. The court will also decide how the net sales proceeds are to be divided if this becomes an issue.
Loan was in default December 2018. Car was totaled in a very bad accident, and had no insurance coverage at the time. Lender charged off debt as "due to natural disaster" according to my credit report. They didn't file until December 21, 2020. We weren't served until June 18, 2021.
Yes, if the plaintiff prevails and a judgement is entered against you it is possible that your wages will be garnished. I recommend that you consult with an attorney immediately to review this matter and get assistance to defend or settle this claim.
Decree says I get the house once I'm financially able to refinance. Ex decided he wanted the house and I agreed he can have it. He tried refinancing but was having issues because of the decree. Is there a way to change the decree?
No contract between parties. We are siblings. 20,000 mtg bal. My sister vowing to fight it and hold it up for years until the value is ate up with legal and court costs. She does not pay anything towards mtg or property upkeep or repairs or taxes or insurance. For 9 years. I am almost 60 and want... Read more »
A partition action is a lawsuit and is commenced by filing a complaint, not a motion. A lawsuit can be contested and can be delayed. Reaching a negotiated settlement that is fair is a better option. I understand that you have tried this but, once a lawsuit is filed, you will have additional...Read more »
Yes, it is not uncommon to amortize a loan over 20 or 30 years but provide for a balloon payment after 3-10 years. This allows a buyer to purchase and, if needed, provides time to build equity and improve his or her credit so it may be possible to refinance conventionally when the balloon payment...Read more »
Plaintiff's claim might be time barred depending upon many factors including your contract. If dealing with an oral contract or open account the statute of limitations, ARS 12-543, is three years from the time the cause of action accrues. If you are working with a contract in writing, the...Read more »
Maybe. It depends upon how your mom and her husband held title to their home and what estate planning was done by them. Did they have Wills? A Trust? Was the home titled in their trust? Or in their personal names? If so, did they take title as tenants in common? Or as Joint Tenants with...Read more »
Yes, a co-owner can force a sale in Arizona by filing a partition action. The court will order that the property be sold and can decide how the net sales proceeds will be divided between the co-owners if needed.
I have had great tenants for 3 years renting my home. I am selling my house, and I would be interested in offering it to them (they have expressed interest previously). As agent fees usually run about 6%, I was wondering if I could write a retroactive contract wherein a portion (equal to that 6%)... Read more »
I do not recommend using any kind of retroactive contract. A normal residential real estate purchase contract should be used to document this transaction. But your intention is fine. There is no problem in reducing the purchase price of the home in any amount that you and your tenants agree...Read more »
I was the bosses daughters boss at another job. We ended up getting married but before we got married, the dad asked me to come work for him. I worked there for 16 yrs and ran the place for 10-12 yrs. Parents of wife said that I would always have job if we ever got divorced. Part of the business... Read more »
You may be entitled to a portion of any community interest in this business. But from the information you provided, it is not possible to tell. I strongly recommend that you discuss this with your divorce lawyer. Once your lawyer knows the facts, he or she will be able to let you know your legal...Read more »
Yes, you can start charging rent. But you will first need to terminate the current tenancy according to the terms of the Arizona Residential Landlord Tenant Code and any rental agreement or lease that may exist. Once the existing tenancy is terminated, you will be free to negotiate a new tenancy...Read more »
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