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Posts Categorized: Laying Down the Law

Greed Doesn’t Pay: Excessive Interest Charged By Lender May Result In No Interest

Laying Down the Law

Written by: Christopher J. Charles, Esq. Founder and Managing Partner of Provident Law, PLLC   Pigs get fat and hogs get slaughtered. That is why hard-money lenders should avoid seeking hyper aggressive interest rates. Although conventional mortgage interest rates remain historically low, interest rates on private loans, or “hard money” loans range anywhere from 5%… Read more

Maricopa County Introduces New Venue For Resolving Business Disputes

Laying Down the Law

Written By: Christopher J. Charles, Esq. Founder/Managing Partner, Provident Law, PLLC With special guest writer Andy G. Anderson   Prudent business owners value predictable costs and minimal disruption to business operations. Legal disputes often conflict with those goals. Currently, business disputes are assigned to judges with general civil litigation dockets, housing matters that range from… Read more

Vacant Land Not Protected By Anti-Deficiency Statutes

Laying Down the Law

Written by Christopher J. Charles, Esq.   ATTENTION all investors, builders, and anyone planning to build a home: according to the Arizona Supreme Court’s recent Wild Creek decision and the recently amended anti-deficiency statutes, loans obtained to purchase vacant land are not necessarily protected by Arizona’s anti-deficiency statutes. Let’s review the basics. Where applicable, Arizona’s… Read more

Congress Extends Mortgage Debt Relief Act

Laying Down the Law

Written by Christopher J. Charles, Esq.   The general rule is that the forgiveness of debt is a taxable event.  26 U.S.C. § 61(a)(12).  Debt forgiveness is included within the taxpayer’s gross income. For example, if you loan your nephew $100,000 to open a fast food franchise and then later, you hit the Powerball and… Read more

Subcontractor Mechanics Liens Don’t Apply To Owner-Occupied Residences

Laying Down the Law

By Christopher J. Charles, Esq.   The Valley’s real estate market has officially rebounded and construction is booming again. Because most contractors don’t get paid until the job is complete, Arizona law affords contractors specific rights and remedies to ensure that they get paid.  But as the Arizona Court of Appeals recently held, contractors’ rights… Read more

The Arizona Entity Restructuring Act: New Law To Increase Efficiency and Lower Cost For Arizona Businesses

Laying Down the Law

By Christopher J. Charles, Esq. & special guest Andy G. Anderson, Esq.   Many prudent real estate professionals form a business entity such as an LLC or PLLC for their business.  On January 1, 2015, Arizona introduced a more business-friendly legal framework for entity restructuring transactions. Thanks to this new law, these transactions will be… Read more

Can REALTORS® Use Drones To Photograph Listings?

Laying Down the Law

By Christopher J. Charles, Esq.   If drone manufacturers have it their way, drones will soon be as commonplace as iPhones. Domino’s wants to use drones to deliver pizzas; Amazon wants to use drones to deliver books; and UPS could use drones to deliver mail. I recently attended a wedding in Del Mar, California, that… Read more

Vacation Rentals and The Super Bowl

Laying Down the Law

By Christopher J. Charles, Esq.   I.  INTRODUCTION The Valley will be the entertainment hub of the world in January/February 2015.  Phoenix metro will host not only the Super Bowl, but also the NFL Pro Bowl, the Waste Management Phoenix Open, the Fiesta Bowl and the Barrett Jackson Collector Car Auction all within that timeframe…. Read more

Love Your Neighbor

Laying Down the Law

By Christopher J. Charles, Esq.   Most are familiar with the Judeo-Christian principle: “thou shalt love thy neighbor as thyself.”  Unfortunately, not everyone actually practices this principal.  And not all “neighbors” are created equal. What legal options do property owners have when their neighbors breach the peace? Imagine the following scenario. You finally arrive home… Read more

Proceed With Caution: The Unrealized Cost of Pursuing Liquidated Damages Clause

Laying Down the Law

By Christopher J. Charles, Esq., David Degnan & Joshua Black   Many real estate listings contain a “liquidated damages” clause that allows the agent to collect a commission if the seller breaches the listing.  However, agents should be reminded that the best defense is sometimes a good offense and the pursuit of a claim for… Read more

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