Real Estate Law
Beneficiary Deed Can Only be Used by a Natural Person
Question: My mother is the trustee of her revocable living trust (“RLT”), with me as the sole beneficiary. The only asset in the RLT is my mother’s Sun City home. My mother wants to simplify things and record a beneficiary deed to me for her home, which beneficiary deed will not be effective until her…
Read MoreHOA Enforcement of CC&Rs Prohibiting Short-Term Rentals Does not Require Complaining Neighbors
Question: We live in North Phoenix with CC&Rs adopted twenty years ago that prohibit any rental of homes in our community for less than one year. In the last three years, for the months of January, February, and March, we have lived with our daughter in Tucson, and we then do short-term rentals (“STRs”) of…
Read MoreEscrow Company Required to Transfer to IRS 15% of Sales Proceeds of Real Property Sold by a Non-U.S. Citizen
Question: We are Mexican citizens who sold a 20-acre parcel of land in Buckeye for $3,000,000. At close of escrow, the escrow company transferred 15% of the sales proceeds, i.e., $450,000, to the Internal Revenue Service (“IRS”). The escrow company said that the reason for this transfer to the IRS is that we may have…
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