ARTICLES & NEWS

REAL ESTATE CONTRACTS ARTICLES

Decree Wording Helps Ex-wife Get New Home Loan

By Christopher Combs | October 4, 2015

  Question:  In a recent column you said that an ex-wife would not be able to qualify for a mortgage loan for a new home in Chandler, even though the ex-husband in the divorce decree was awarded the family home and agreed to be 100 percent responsible for the mortgage loan on the family home.  Under similar circumstances, however, I was able to qualify for a mortgage loan to buy a new home.  My mortgage lender used similar language in my divorce decree to remove any liability for the old mortgage loan from my credit reports.  Just thought that you…

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Deed of Home to Son Can Probably be Rescinded

By Christopher Combs | August 2, 2015

  Question:  After my husband died I became the sole owner of our Surprise home which we owned free and clear.  Two years ago my granddaughter got in a bad automobile accident with no medical insurance.  My son said that if I deeded my home to him, he could get a mortgage on my home to pay for these medical bills.  After I deeded my home to my son he got a $60,000 mortgage on my home, but now has used most of the mortgage money for drugs and partying, and not for my granddaughter’s medical bills.  I am very…

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Paperwork Error Doesn’t Erase Tenants’ Liability

By Christopher Combs | July 5, 2015

  Question:  Twenty years ago we bought a small home in Tempe for our daughter who was a student at ASU.  Since she graduated we have been renting the home, mostly to ASU students.  We never had any problems.  Last summer we rented the home to a boyfriend and girlfriend who went to ASU law school.  Big mistake!  Although both of them signed the lease, and both have paid checks for their one-half of the rent and the security deposit, in the lease itself my husband mistakenly put only the girlfriend’s name on the line in the lease for the…

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Anti-terrorism Clause in Commercial Leases

By Christopher Combs | May 24, 2015

  Question:  Our company is interested in leasing some office space.  In reviewing the proposed lease sent to us by the broker, we noticed that there is an “OFAC” provision.  The landlord’s broker said that this provision is just an anti-terrorism provision that is standard in most office leases and is required by federal law.   Answer:  Pursuant to Executive Order 13224, all United States companies are prohibited from doing business with any person that 1) has committed a terrorist act; 2) possesses a risk of committing or supporting terrorist acts; or 3) is identified on a list generated by…

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Corporate Office Often Must OK New Home Deal

By Christopher Combs | May 10, 2015

Corporate Officer Signature and New Home Deals   Question:  A new subdivision is being developed near our Gilbert home.  Last Saturday we went and looked at several of the model homes in the subdivision.  One of the model homes we loved, and we spent all day negotiating price, upgrades, and other contract terms.  At the end of the day all of the paperwork was signed by us and the sales agent, who told us “Congratulations on your new home!”  My wife and I then went out and celebrated that night!  The following week we received a telephone call from the…

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Home Offer Valid Despite Delay in Acceptance

By Christopher Combs | March 22, 2015

  Question:  We made an offer on a home in Fountain Hills.  Under the terms of our offer the seller had 24 hours to accept our offer.  The seller was out of state, however, and did not accept our offer by returning the signed purchase contract to us until four days later.  We still wanted this home, and we told our real estate agent to deliver the signed purchase contract and our earnest money to the title company and to order the home inspection.  The seller now has a higher offer from another buyer, and the seller says that our…

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Apartment-Complex Sale Killed by Wife's Failure to Sign

By Christopher Combs | October 12, 2014

  Question: I made a written offer to purchase a 90-unit apartment complex in Chandler. The seller accepted in writing my offer. The seller said that because his wife was on the title to the apartment complex, his wife also would have to sign the contract. The seller’s wife was in Europe at the time, but the seller said that, because his wife was not involved in his business affairs, it would be no problem to have his wife sign the contract when she returned from Europe. The seller’s wife has now returned from Europe, but the seller said that she…

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Death Affects a Plan for 3-Year Lease

By Christopher Combs | October 5, 2014

  Question:  Four months ago, my wife and I signed a three year agreement to rent a home in Carefree.  My wife passed away last month.  I would now like to move to Los Angeles to be near my children.  When I contacted my landlord to tell him I wanted to move out early, he was upset.  He said he would cancel the lease with me only when he found a new tenant.  In addition, he demanded that I sign a bill of sale transferring all of my furniture to him, surrender the security deposit of $3,000, and reimburse him…

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