Posts Categorized: Laying Down the Law
Congress Extends Mortgage Debt Relief Act
Laying Down the Law
March 23, 2015 |
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
February 20, 2015 |
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
January 21, 2015 |
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
November 21, 2014 |
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
October 15, 2014 |
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
September 8, 2014 |
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
August 13, 2014 |
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
Court Awards $140,000 Commission Pursuant to Liquidated Damages Clause
Laying Down the Law
July 21, 2014 |
By Christopher J. Charles, Esq. Every now and then REALTORS® are faced with a tough decision when their client cancels a listing or a purchase contract. Should REALTORS® extend grace and hope to preserve the relationship with the client or demand payment for their commission? Because listing contracts are drafted by REALTORS® and their… Read more
What You Need to Know about the Economic Loss Rule (Part 2 of 2)
Laying Down the Law
June 16, 2014 |
By Christopher J. Charles, Esq. & David Degnan, Esq. Prudent real estate professionals should have a general understanding of which real estate related claims are and are not recoverable – not only for themselves, but for their clients’ sake. And just as important, real estate professionals should understand how contracts may impact those claims…. Read more
What You Need to Know about the Economic Loss Rule (Part 1 of 2)
Laying Down the Law
June 16, 2014 |
By Christopher J. Charles, Esq. & David Degnan, Esq. Whether you’re a real estate broker, contractor, lender, or attorney, most real estate professionals will encounter litigation at some point in their career. As a result, it’s important to understand what claims and damages are recoverable concerning real estate-related disputes. This article begins a two-part… Read more