Arizona Real Estate
Crappy neighbors crappy home life
Posted on July 21, 2014 in Arizona Law Regarding Business and Real EstateIf you practice law in New York, you better know finance. Texas, it’s oil law. Hollywood, the savvy lawyers get into entertainment law. If it’s Arizona you better know real estate. By hook or crook, it always shows up in Arizona. That’s because we are a fast growing State.
In my early years, I represented the Arizona Association of Realtors. One time I sat on a panel. The panel was asked to speak to homebuyers about the most important item of due diligence in buying a home. One lawyer said it was title insurance. One said it was the home inspection. A realtor said it was the school system. When it was my turn I was baffled a little because all of the good answers were taken.
Then I recalled how happy my childhood was. Besides my brother, sister, church & great parents it was the neighbors that helped make our house a home. So, I blurted out- ‘it is your neighbors…that is the most important factor in buying a home…crappy neighbors crappy home life.’
So, as simple as this sounds, before you make the greatest financial decision of your life in buying a home, speak to the neighbors. Before your money goes hard, make sure that you like the neighbors. It is that simple.
Call Bill Miller at 602.319.6899 for any Arizona Real Estate questions you have.
Builder be Aware
Posted on July 11, 2014 in Arizona Law Regarding Business and Real EstateHome Builder be Aware!
On April 22nd, 2014, HB 2018 was signed into law by Arizona Governor, Jan Brewer. The bill will amend two key anti-deficiency statutes, A.R.S. §§ 33-729 and 33-814, the former relating to judicial foreclosures and the latter to non-judicial foreclosures. Borrowers have relied upon both of these statutes in order to avoid liability on mortgages or deeds of trust after foreclosure. On top of amending the statutes, HB 2018 also includes additional provisions to both of the statutes; the provisions serve to elucidate and limit anti-deficiency protections for borrowers on all mortgages and deeds of trust executed after December 31, 2014.
Deficiency protections for commercial homebuilders, who receive loans for the purpose of constructing new homes to sell but the homes are not completed or occupied at the time of foreclosure, will be eliminated by the amendments to A.R.S. §§ 33-729 and 33-814. Should the property under consideration never be completed or actually made use of by the borrower, the amendments also clarify that the borrower is not entitled to anti-deficiency protection.
The amendments will give more guarantees to lenders for loans to commercial and residential homebuilders, even though there has been a downward trend in underwater mortgages over the past couple years.
We have represented many home builders over the years, if you have questions about this new law give Bill Miller a call at 602-31-6899 or stop by the office at 8170 North 86th Place, Suite 208 Scottsdale, AZ 85253.
Securities Fraud + Class Action = Alive and well.
Posted on July 6, 2014 in Arizona Law Regarding Business and Real EstateThe Supreme Court made it harder for investors to band together to pursue class action claims that they were misled when they bought or sold securities. But the justices did not accept a broader challenge, one that could have put an end to most class actions for securities fraud. So, as we say, class actions regarding securities claims are still alive.
The Wall Street bunch expressed tempered enthusiasm for the decision, calling it a small step.
“While today’s decision inches toward bringing securities law back in line with the ordinary rules for proving fraud cases, much more can and should be done,” said Lily Claffee, general counsel of the United States Chamber of Commerce.
Chief Justice John G. Roberts Jr., writing for the majority in a unanimous decision that split 6 to 3 on its rationales, said that defendants facing class actions might try to show at an early stage that their statements did not affect their securities’ market price.
The decision, in a case involving the oil services company Halliburton, will cut back on suits that can involve enormous sums. Settlements involving companies and investors over the last decade have totaled about $62 billion, with about $10.5 billion of that amount going to plaintiffs’ lawyers, according to a report from NERA, an economic consulting firm.
While we do not pursue class actions at the Law Firm of William A. Miller, we know plenty of big time firms that do, so if you think you have a securities’ case, call Bill Miller at 602.319.6899. We handle individual claims before the Federal District Court, Maricopa County Superior Court, FINRA and the AAA.
The Confidentiality Agreement
Posted on June 15, 2014 in Arizona Real EstateConfidentiality agreements are common in real estate & business. Sometimes they are used to get an investor to get his ‘eye off the ball’. Or they are often viewed as routinized documents unworthy of close reading. WRONG! When drafting and negotiating confidentiality agreements you should be aware of broad restrictions on your actions. For example,…
Read More…be careful what you ask for
Posted on May 13, 2014 in Arizona Law Regarding Business DisputesAs they say, you need to be careful what you ask for…In the summer 2006, Clint Underhill purchased 64 shares in Underhill Holding Company, Inc. (HC) from David Caruthers and Caruther’s wife for $6,000. Several months later, the Caruthers wrote to Clinton and accused him of knowingly misrepresenting HC’s value. The Caruthers demanded the return…
Read MoreIronite Fertilizer Victory
Posted on January 24, 2014 in Arizona Loan WorkoutOn October 15, 2013 after four years plus of bare-knuckle litigation and high stakes legal positioning the investment bankers who financed Ironite have their victory. Case closed. The law firm of William A. Miller represented these investment bankers when the former operator of Ironite Fertilizer sued them for a host of unfounded claims demanding millions…
Read MoreLandlord Liability for Tenant Acts
Posted on July 31, 2013 in Arizona Law Regarding Business and Real EstateIf a landlord knew or should have known of activities by the tenant that could cause a danger or nuisance, i.e., damage to neighbors, to surrounding property owners, or even to a passerby, then the landlord can be held liable for tenant bad acts. See Klimkowski v. De La Torre, 175 Ariz. 340 (1993). In the Klimkowski…
Read MoreLerner v. DMD Realty. LLC
Posted on June 10, 2013 in Arizona Law Regarding Business and Real EstateIn the Lerner case, 648 Ariz. Adv. Rep 35 (CA 1, 11/27/12) the Arizona Court of Appeals continued to uphold the stigmatized property statute. The statute gives non disclosure bogie’s. It limits the things that MUST be disclosed and cuts off liability for other non disclosures that common sense would suggest need be disclosed. ie….
Read MoreYour Word is Your Bond
Posted on March 21, 2013 in Arizona Law Regarding Business and Real EstateIt’s hard to figure out why lawyers will not quote what the cost of a suit will be. While, variables do exist, your lawyer should know what these variables might be. That can be factored in. Well, the legal marketplace is changing, and companies are now demanding value-based engagements with their outside firms that create…
Read MoreThe End of National Century
Posted on March 15, 2013 in Arizona Law Regarding Business and Real EstateJust weeks before a scheduled trial, Credit Suisse has reached a $400 million settlement in litigation over the demise of National Century Financial Enterprises. The settlement resolves claims that bondholders were defrauded to the tune of $2 billion when National Century collapsed amid a health-care financing scandal in 2002 — and reportedly brings the bondholders’…
Read More