Real Estate Contracts
COVID-19 Addendum to Purchase Contract is Helpful
Question: In your recent column the buyer of an expensive Carefree home no longer wanted to close escrow on the home because the COVID-19 crisis caused a change in the buyer’s financial circumstances. The buyer wanted to cancel the transaction and forfeit the $25,000 earnest money. Under the standard Arizona Association of Realtors (“AAR”) Purchase…
Read MoreMortgage Lender Generally has the Right to Either Foreclose or Sue
Question: We bought forty acres of land in Coconino County five years ago for $200,000. We made a $20,000 cash down payment, and the seller did seller carryback financing of $180,000, plus ten percent interest, all due in five years. Although the forty acres of land in Coconino County was to be part of a…
Read MoreLandlord Can Collect Only Six Years’ Rent on Mistake
Question: For eight years we have rented space in a Glendale office building for our travel business. Our lease included three parking spaces at a cost of $50 a month per parking space. Our office manager has paid the monthly rent invoice from our landlord every month for eight years. Last week our landlord said…
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