Is it legal to own a commercial property (apt. comp.) without any kind of insurance? What if any is required? What does it cover?

If I am the owner of an apt. complex, what is my legal obligation for insurance on said property? Am I responsible for a “vicious dog” attack on one tenant because of another tenant? And what if I don”t have any insurance?

A: Barring some contract saying otherwise, you are probably not required to have insurance. Of course, not having it means that you would be liable for covered damages yourself, instead of being able to submit a claim to an insurance company. Whether you have liability for a “vicious dog” attack depends on whether you reasonably should have done something to prevent it. The facts of the case will be particularly important on this type of a claim. If this has happened in your complex and you are concerned about possibly being sued, you will probably want to consult with an attorney quickly to discuss ways to minimize your exposure. Some early work can prevent a lot of problems down the road.

* This answer does not constitute legal advice. I am admitted in the State of Arizona only. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. You should not rely on this advice alone, and nothing in these communications creates an attorney-client relationship.

Published By:

Gunderson, Denton & Peterson, P.C.
1930 N. Arboleda, Suite 201
Mesa, Arizona 85213
Office: 480-655-7440
Fax: 480-655-7099

Answered by Arizona Real Estate Lawyer
Re-posted from AVVO Legal Questions & Answers.

I am an independent contractor 1099 Real Estate Broker in AZ can unsecured debt credit card company collect garnishment

Citibank and dillards obtained a judgment against me in 2008 for a debt default in 2005 there is a garnishment at my place of business although with 1099 IRS status I am self employed. How can they collect?

A: A garnishment can be valid against payments to you, even if you’re not an employee. You may want to look into whether the garnishment was properly done, whether the parties named are correct, and whether other procedural issues have been followed. You might have some defenses. However, it is NOT a defense that you are an independent contractor.

* This answer does not constitute legal advice. I am admitted in the State of Arizona only. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. You should not rely on this advice alone, and nothing in these communications creates an attorney-client relationship.

Published By:

Gunderson, Denton & Peterson, P.C.
1930 N. Arboleda, Suite 201
Mesa, Arizona 85213
Office: 480-655-7440
Fax: 480-655-7099

Answered by Arizona Real Estate Lawyer
Re-posted from AVVO Legal Questions & Answers.

Negotiating Your Commercial Lease

Making sure you are not on the wrong side of a one-sided agreement

Most businesses lease the property where they do business. The lease can be a significant investment for a business, and sometimes can even be the difference between enjoying a profit or suffering a loss. The lease can also commit a business for an extended period of time, closing off other possibilities. Consequently, it is very important that business owners negotiate carefully when choosing their lease terms and hire an experienced Arizona real estate attorney to review the contracts.

Commercial Lease Negotiation

Forming a commercial lease is very different from forming a residential lease. Commercial tenants are assumed to be more sophisticated and so they are given fewer protections under the law. Furthermore, the terms of a commercial lease are generally much more negotiable than the terms of a residential lease. The first draft of a commercial lease that is given to a potential tenant usually has terms that strongly favor the landlord. However, it is expected that the tenant will negotiate more equitable terms. The following are some basic questions that should be clearly answered in your lease:

  • What is the term of the lease and when does it begin? Is there a renewal option and whose option is it?
  • Is the leased property clearly described? Does it include bathrooms, common areas, or parking?
  • Who pays the utilities, repairs, taxes, and insurances?
  • Do you have a gross lease, a net lease or some combination?
  • Is there an exclusivity clause that prevents the landlord from renting to a competitor? What is the definition of a competitor?
  • How much is rent? Does the rent increase each period? Is there a cap on the amount that rent can increase?

 

Careful Review of your Commercial Lease

There are many, many more significant provisions that will be important in your lease. Commercial leases can become complex, and it is important that you consult with an attorney experienced in real estate transactions to ensure that you obtain a fair commercial lease that will benefit your business. Many of the Mesa real estate attorneys at Gunderson, Denton & Peterson have experience reviewing, negotiating and litigating commercial leases, and frequently counsel with clients to identify key issues and protect clients’ specific lease interests.

Published By:

Gunderson, Denton & Peterson, P.C.
1930 N. Arboleda, Suite 201
Mesa, Arizona 85213
Office: 480-655-7440
Fax: 480-655-7099

Re-Posted from: http://gundersondenton.com/real-estate-law/negotiating-commercial-lease/

Arizona Real Estate Refinances, Short Sales or Foreclosures

Mark Twain once said, “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” If you purchased or refinanced residential property between 2005 and 2007, you have important questions and probably more than a few wrong ideas about your real estate investment that an Arizona real estate attorney can help you with.

How much is that property worth today, realistically? Chances are it’s worth significantly less than what you owe, so now what?

Short sale, foreclosure and real estate taxes

You’ve considered walking away. You’re hoping you can get a break through a government bailout program you heard about. You wonder if it’s better to short sale the property or simply let it go to foreclosure. You want to know how all of this may affect your credit. What about taxes? There seem to be a hundred other gnawing questions festering in your mind as you review this year’s property tax valuation notice confirming yet another year of steep decline in property value.

Distressed Real Estate: find the solution that fits you

Unfortunately, there is no one-size-fits-all solution that makes sense for everyone. In fact, it is extremely unlikely that what makes sense for you will make sense for the next person. It is even more unlikely that your best course of action will simply occur to you. False assumptions and misinformation abound. Even more prevalent is the constant bombardment of advertising from opportunistic persons offering you a uniform solution that benefits them with little consideration for what is really in your best interest.

Distressed Real Estate: a complex business decision

The truth is this: you are facing a very complicated and nuanced business decision. Like any business decision, you must be informed on all relevant considerations and options, or you are likely to choose poorly. You might be surprised to learn what facts and circumstances really make a difference in your range of options. The most important factors can be boiled down to the nature of the property and the financing history. From there, any number of irregular circumstances can make a big difference. Things like whether it is a VA loan or whether only one of a married couple signed the loan documents. The key is to properly identify and understand the significance of your favorable facts as well as your troublesome facts.

That is where we come in. We’ve advised hundreds of homeowners searching for answers regarding their distressed real estate. We have thorough knowledge of the relevant statues, case law and lender practices to help you determine just where you stand. More importantly, we can help sort through your issues and available options and develop a customized strategy based on your best interests. You have important questions and we have the answers, including answers to questions you don’t know you have yet. Contact us today to discuss what you don’t know regarding your distressed real estate, and more importantly, “what you know for sure that just ain’t so.”

Published By:

Gunderson, Denton & Peterson, P.C.
1930 N. Arboleda, Suite 201
Mesa, Arizona 85213
Office: 480-655-7440
Fax: 480-655-7099

Re-Posted from: http://gundersondenton.com/real-estate-law/real-estate-refinances-short-sales/

What if any effectivness does a personal guarantee have when included on a Note or Deed of Trust in Arizona?

On documents pertaining to properties would the personal guarantee provide protection to us as a lender?

A: A personal guarantee is an important protection and I would almost always require one as a lender. However, it needs to be drafted properly and in conjunction with the other loan documents. There are specific Arizona statutes on this issue, and they must be followed, or the guarantee could be worthless.

* This answer does not constitute legal advice. I am admitted in the State of Arizona only. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. You should not rely on this advice alone, and nothing in these communications creates an attorney-client relationship.

Answered by Arizona Real Estate Lawyer at Gunderson, Denton & Peterson, P.C.
Re-posted from AVVO Legal Questions & Answers.