Posts Tagged ‘default’
If Buyer Defaults, Seller Still May Owe Real Estate Commission
Question: We signed a purchase contract for the sale of our Peoria home, and escrow is scheduled to close next week. Although we are prepared to close, we have been having second thoughts about moving to a California beach town. Therefore, we were not exactly unhappy when the buyer telephoned us that he no longer…
Read MoreProtection Of Anti-Deficiency Statute Cannot Be Waived
On June 13, 2013, the Arizona Court of Appeals ruled that the Arizona anti-deficiency statute cannot be waived in advance by a homeowner. Parkway Bank and Trust Company v. Joseph Zivkovic, 1 CA-CV 12-0612. Facts: Zivkovic personally guaranteed a loan for his business, listing himself as the borrower and incorporating a previous loan…
Read MoreTrustee’s Sale May Recoup Land Debt
Question: Seven years ago, when the land market was booming, we sold 40 acres of our farmland near Tonopah in western Maricopa County for $1,200,000. The buyer paid $200,000 cash to us, and we did seller carryback financing for seven years of annual payments, interest only, on the balance of $1,000,000. The buyer has made…
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