A commercial lease is an agreement between the landlord and the tenant to use the property for business or commercial activity. When entering into a commercial lease, it is imperative that you have an attorney review the lease agreement. Commercial lease agreements can be quite overwhelming and daunting which can easily intimidate or pressure the tenant into signing under the landlord’s immediate terms. Many times there are even portions of the contract that are partially obscured which makes it hard for the day to day individual to fully understand.
Your attorney will be able to spot things that could pose a potential problem in the long-run and help negotiate the terms that are best suited for your needs. In the event an emergency or dispute, your attorney will be very familiar with the agreement as outlined from the beginning and will be able to provide a sense of protection for your business.
The IBC Law Firm can also assist on the other end of the commercial lease transaction serving as the drafter for the contract. The IBC Law firm is capable of taking your needs as a property owner into consideration to help you and your commercial space maintain profitable and ensure the process is as smooth as can be with the ideal contract in place.
Real Estate Purchase Agreements
A purchase agreement for real estate is a contractual agreement between two (or more) parties to purchase the prospected real estate property in which they have the legal capacity to do so. The contract carries “legal consideration” which is what exactly is being exchanged in place of the property such as money, a promise to pay or even an exchange promise. This contract must be done so in writing enforced by the U.S. State of Frauds and signed by both the buyer(s) and seller. No other agreements other than written will hold such as handshakes, verbal, etc.
You need a real estate purchase agreement most importantly to outline exactly what you are buying or selling under what exact terms, conditions and contingencies. When entering the purchase agreement, there are various details that need to be agreed upon such as contract obligations, rights, deposits, timeline expectations, property conditions, etc. There has to be a cut and dry outline of what is going to be done in what time frame at what cost to avoid any discrepancies or conflicts.
If a conflict does arise, settling the disagreement should be simple if one party has not completely fulfilled their side of the agreement. It is extremely helpful to have an attorney on your side through a very important and costly process to ensure your expectations are met and things are clear to all parties.
General and Special Warranty Deeds
Warranty deeds are used for the process in a real estate sale where the buyer and seller are not known to one another. The ownership goes from the buyer to the seller but guarantees that the buyer is protected from hardships such as fraud. The seller has to be legally able to sell the property to the buyer and there cannot be any debt that is associated with the property when selling. The difference between a General Warranty Deed and Special Warranty Deed is the seller is only responsible for the specific period of time in which they owned the property for its faults. A General Warranty requires the seller to be responsible for all unsettled damages or debts throughout the extent of the property’s lifespan.
Quitclaim Deeds can be used for a couple different purposes with the most common being the transfer of real estate between two parties who know each other. This transaction has the least amount of protection for the buyer. These type of transactions are used for low-risk circumstances and mostly do not include the exchange of money. Although the title is being transferred, that does not mean the grantee is responsible for the mortgage since there was no actual sale being made. There could be legal troubles if the mortgage ends up not being paid or if the property is sold so it is very ideal for the grantor to have legal backing.
A Beneficiary Deed is a form of security for the owner of real estate property to ensure that the grantee obtains interest upon the death of the owner. By law, the transfer of interest occurs right at the time of death and no sooner or later. It ultimately is the least complex way to guarantee that property and if chosen not to do so, the risk of probate is possible which is very timely. Trusts can also be very costly so a Beneficiary Deed is a very logical way to ensure property transfer smoothly.
Arizona Landlord Tenant Law
The Arizona Landlord Tenant Law for residential properties provides a clear outline of what is expected from both the landlord and the tenant when entering a contract. All portions outlined in the act ensures that they are done in good faith and in the best interest of both parties. There are many ways to avoid conflict with the act in place however it is crucial to be aware of your expectations and rights.
As a tenant, you need to ensure that you are taking care of all responsibilities as outlined. Paying rent on time, keeping the property clean and safe, complying with building codes, conducting themselves appropriately to neighboring individuals, etc. It is important that all communication with the landlord leaves behind a paper trail such as rent payment deposits, pictures of move-in conditions, notice of needed maintenance, etc. to ensure that you are protected as a tenant. Violating any of the outlined obligations can result in a tenant eviction so it is very important that the tenant fully understands and complies with the Arizona Landlord Tenant Law.
As a landlord, there also is a long list of regulations that need to be understood. The landlord is to comply with all outlined expectations and if they are not met, the tenant is able to serve the landlord with a written notice to comply. If the landlord proceeds to not meet the requirements, the tenant can terminate the rental agreement. The landlord must also respect the living quarters of their tenants such us unnecessary visits however they need to ensure that they are properly maintaining the property properly. Some duties include keeping areas clean and safe, proper trash removal, provide running water and reasonable amount of cooling and heating, maintenance, etc.
It is the liability of the landlord taking on a landlord tenant relationship so they must fully understand what they are responsible for from the beginning. If a tenant does not comply with their expectations, the landlord is entitled to serve the tenants with an eviction notice and to render the property within a short time.
Residential Lease Agreements
A Residential Lease Agreement is a contract that is entered between the property owner and the tenants of the property. Residential property could be a house, an apartment, a condo, a townhome, or even simply a room in someone’s home. The agreement clearly outlines who all parties are, the requirements of all parties, property details timeline of tenancy, dispute resolution methods, etc. A Residential Lease Agreement begins with the possibly tenants putting in an application and then the landlord conducting an inspection/walk-through to make sure the property is as says, This agreement then is bound by a written contract and in the event of any requirements not being met by either party, it could result in an eviction, a lease violation or other dispute methods.
An easement is giving those access to your property without the other parties having any ownership at all. Easements serve a specific duty such as walkway access to a public beach or a public park for a specific party such as the general public. Easements can also be used for emergency access or maintenance like activity. Most times the property deed does come as a part of the closing paperwork and can be located there. If not, the property deed can be obtained by public records through the county which is where the easement is thoroughly explained and outlined. Most times the property deed does come as a part of the closing paperwork.
Licenses on Real Property
Real Property Licenses gives a party the green light to perform as they should on someone else’s property. A license does not hold the same weight as an Easement, a license is temporary and does not hold any ownership. A license can at any time be revoked and is not able to be transferred. A license can serve it is intended purpose and do nothing more, it cannot turn into an Easement. It specially allows for the outlined purpose to be carried out on another’s property through written or oral communication, expected, implied, or other various ways to be agreed upon.
Arizona serves as a Community Property state in which it is outlined that property obtained under time served as a married couple belongs 50% to one party and 50% to the other. “Property” is the umbrella over many different aspects other than just homes and cars, it can also serve as wages, savings, retirement, investments, etc. Upon a split, it is most common that there is an equal distribution of assets and if one takes on greater than the other, an equalization payment is in order. An equalization payment requires the party to pay the sum of money in difference of the larger asset that was taken. Property that was acquired before the marriage took place belongs to that person as sole and separate property.
Complexities can occur such as a business being in the starting stages upon marriage and grows substantially during that time period. Another complex aspect of Community Property is real estate. The home could be in one name and not the other, paid for by one and not the other, an inheritance from one party, etc. which require legal counsel to help understand and sort through the uncertainties.
This article contains general legal information and does not contain legal advice.