Month: June 2018

Jury Awards Large Commission in Commercial Property Dispute

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One of the largest jury verdicts awarding a brokerage commission in Arizona history was recently awarded from a commercial property dispute. A Scottsdale real estate agent was awarded a commission of $420,000 against a brokerage firm who had listed a large office building in north Scottsdale in this.

The facts are as follows:ws:

A brokerage firm named Cavan Commercial LLC (“Cavan Commercial”) had a 6% listing agreement on a large office building in north Scottsdale. Cavan Commercial and a real estate agent named Chris Wyatt entered into a 3% co-brokerage agreement if Chris Wyatt’s client Buyer A purchased the office building. Four days later Buyer A signed a purchase contract to purchase the office building for $14,000,000. The $100,000 earnest money was paid 1/3 ($33,000) each by Buyer A and his two investor partners who Chris Wyatt had introduced to the designated broker of Cavan Commercial at a meeting three months earlier in Cavan Commercial’s offices.

A few days after the Purchase Contract had been signed by Buyer A, Buyer A and his two investor partners formed a limited liability company (“LLC”), and assigned the purchase contract from Buyer A to this LLC. Buyer A and his two partners subsequently got in a dispute, and Buyer A agreed to transfer his membership interest in the LLC to his two investor partners.

For Section 1031 tax purposes, at the time of closing the LLC assigned the purchase contract to the two investor partners as individuals. The transaction closed. Immediately after the transaction closed, the two investor partners transferred the title to the office building back to the LLC.

Although the escrow commission instructions at closing prepared by the title company provided for a 3% commission to Chris Wyatt, this provision for Chris Wyatt’s 3% commission was crossed out by Cavan Commercial, who revised the escrow commission instructions to provide for the entire 6% commission ($840,000) to be paid to Cavan Commercial.

When Chris Wyatt complained and requested his 3% commission, the designated broker for Cavan Commercial said -Sue me.- Chris Wyatt did. Almost four years to the day after Chris Wyatt had introduced Buyer A and his two investor partners to the designated broker of Cavan Commercial, the commission dispute was tried before a jury in Maricopa County Superior Court. After a three-day jury trial, the jury deliberated less than one hour and awarded the entire 3% commission of $420,000 to Chris Wyatt. (Wyatt v. Cavan Commercial, LLC; CV2006-01270; Jury verdict November 14, 2008.)

Chris Wyatt was represented at the jury trial by John Skiba, with assistance from Chris Combs and litigation paralegal Lisa O’Brien. Don Martin, a former president of the Arizona Association of REALTORS, testified as an expert witness on behalf of Chris Wyatt. Cavan Commercial (renamed Logan Commercial LLC prior to the setting of the trial date) was represented by two lawyers from a national law firm.

Note: During the questioning of prospective jurors before the trial began, one of the prospective jurors was a real estate agent, and in response to questioning from Cavan Commercial’s lawyer, the real estate agent said that she did not know if she could be fair because she was tired of seeing real estate agents being “cheated” out of their commissions. Although she was honest, she was immediately excused as a juror!

Combs Law Group was organized as and continues to be a highly specialized, boutique real estate law firm. Christopher A. Combs is a State Bar of Arizona board certified real estate specialist and the founder of CLG. For more information please contact us at info(at)combslawgroup.com or by calling 602-957-9810. Article Source: Arizona Association of Realtors

Things To Consider Before Buying Property Online

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Buy Bulgarian Properties online

Buying property is exciting but a stressful and expensive process. You work day and night, spend thriftily, make investments and take loans to buy your own chunk of dreamland. Nevertheless, it is imperative to keep certain things in mind before you buy a property. You may face good load of troubles but you should also know how to tackle them all. If you want to make your home buying experience easy and stress-free, you can always hire a professional real estate agent. If you are looking to buy Bulgarian Properties online, you should seek services of a professional real estate firm.

Analyze and Research

When you are searching a property, make sure that you do appropriate research. Count the number of real estate agents in your area and find out who is best service provider. Visiting each website helps you gather detailed information about the realtors and various properties that they are selling. There are customer reviews on every website that help you to find out authenticity of the website. Evaluate and analyze property details, images, size of property and type of property. Check out the procedure of purchasing. In addition, ensure that the real estate agent has a good reputation in market.

Pricing and Affordability

Some real estate agents also provide an option of financing that helps a customer in getting finance if he is anywhere short in making a full payment. You should primarily check the pricing details and then make your next move. If you find a property that suits your requirements, you can compare price on other sites too. Different companies offer deals and discounts to customers but you may also negotiate with the dealer to give you a concession. You should investigate about the presence of hidden costs as they can spoil your financial plan. If you want to buy Bulgarian Properties online, always keep in mind the affordability factor.

Services

Professional realtors provide several services like Comparative Market Analysis, facilitating a purchase, Total Market Overview, document preparation, real estate appraisal, exposure to property, home selling kits, property management, leasing, consultation, exchanging property, and prepare contracts. Make sure that your real estate agent you plan to hire is offering all these services. In order to confirm the things, you should make a call or email the officials for necessary information.

Goodwill of the firm

When choosing a real estate firm, you should always check for its reputation in the market. Make sure that the company has years of experience in the sale and purchase of properties and has a good customer base. Buy Bulgarian Properties online only from those realtors who are working under guidelines set by government of the state.

Hire The Best Real Estate Consultants For Buying A Property

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If you are interested in buying a property, with the help of real estate consultants you can do the job seamlessly. These professionals with their years of experience in the industry are expert in offering reliable services for booking, investments, documentation, transfers, property survey, sale purchase of residential and commercial plots, villas, bungalows, flats, independent floors, offices, shops, etc. Under the guidance of these professionals you can purchase any kind of property that suits your budget as well as taste. These professionals are expert in offering the reliable consultancy services and make sure that you get the perfect property of your choice.

When it comes to buying the property many of you will agree on the fact that it is considered as one of the most arduous tasks. Thus, you need someone who is an expert of this field and give you proper guidance. And in that respect these consulting firms with their sole purpose provide honest and professional services to its valued customers. The customers or we can say potential buyers can count on them for all property related requirements whether small and big and they serve their customers with enthusiasm.

These reliable firms cater to all the needs and requirements of their clients under one roof be it sale or purchase of the property, relocation services, investment, advice, property management services and many more. These firms are holding years of experience in sale and purchase of residential, commercial as well as industrial lands. By understanding and recognizing the needs of their clients and person who want to live enjoy, these firms assist them in finding a best property which suits their requirement and budget the most. This is the reason that these firms are highly in demand these days and many potential buyers as well as sellers are showing their keen interest in order take professional advice.

No matter what kind of services you are looking for these firms with their team of professional consultant provide you all the relevant answers of your questions. As these professionals have years of experience in the industry thus it is easy for them to understand your needs and search for a best property that compliments your lifestyle as well as budget. Hence, at the end it can be concluded that whenever you are on a property search consult these experienced firms as these are the only reliable option that can solve all your problems.

Commercial Property Analysis for Your Next Investment Property

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If you plan to purchase an investment property, you should consider getting a commercial property analysis before any real estate deal. Incomplete research can sink the deal on any real estate. You must understand everything about it before making the purchase.

Many individuals consider several factors when they get a property analysis. The location of the land is very important. Is the land in area that is appreciating? Are there other business property buildings around this place? Also, the price of the asset is very important. Are the taxes expensive? Are there any local government and zoning laws? Finally you should see if the investment property is a source of potential rental income.

All investors must realize that commercial real estate has different guidelines and regulations which must be followed different from residential real estate. You do not want to purchase investment commercial land to find out that you are not permitted to lease it to a specific type of business. You may also be prohibited from making certain improvements on your property which go against the zoning laws. As an investor, it is important to go to City Hall and educate yourself on the local governmental rules and regulations which will govern what you can do with the land. Make sure you are able to do all that you plan on the property in question. Taxes are very important to consider when you are conducting a commercial property analysis. Many local municipalities offer tax breaks or incentives for business property owners who fall under a certain business-type or industry. You may also be eligible for a tax reduction, if you meet the applied deadlines. If the region charges taxes on commercial real estate at a high rate, investors could be unpleasantly surprised…especially if they do not consider taxes in their commercial analysis.

Many lending companies participate in programs which fulfill a variety of different business and community needs. There are many issues lenders take into consideration which influence whether a loan can be granted. Such issues include zoning requirements or economic make-up of the community. Commercial property analysis professionals can evaluate many factors that can help you decide whether or not to pursue a loan for that particular site.

Since your time is very expensive, you should be efficient when contacting your sellers, lenders or brokers concerning a site. Evaluating analysis information can be time consuming, but may cost you the deal if the investigation is not done thoroughly.

Securing the appropriate documents and information for your commercial venture can be hard for you to accomplish on your own. This is one of the reasons why you may want to hire a professional. This person can allow you to maximize your time. You should be able to focus on generating profits from your investments. You should have your commercial land analysis conducted by a professional; consider employing a broker or using investment property software to help you get that commercial real estate you have always wanted.

If you are planning to purchase an investment property, ensure that you get a thorough commercial property analysis before any real estate transaction. The KISCL seasoned resources will assist with all aspects of commercial real estate purchasing. Contact them online by visiting http://www.kiscl.com/.

Should I Buy New vs Existing Property

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The most common question that hogs every home buyer is the choice between a new vs an existing property. Both have their share of advantages and disadvantages. A thorough research is needed to get a good property deal. Moreover since you buy a house not once or twice a year, you need to look at all the aspects and get your dream home. To make our choice easier, the VP of Real Estate Guidant, Sangeeta Shah, explains us the advantages and disadvantages of new and existing home. One of the main reasons that gives a new home benefit over an old one is less maintenance and remodeling cost and efforts. A new property will not need any renovations or modifications for atleast first couple of years. The walls, the landscape, the garden, the flooring all bear a fresh look. A new home also promises modern amenities and facilities unlike older properties. Another most important reason that new home score well over old home, is good resale value. If you are looking for a short term goal or have an immediate plan of selling the house and moving in a new one, then a new property surely fetches you more bucks. If you wish to settle in with a new property, just make sure that you do not have budget constraints. It is understandable that a new house is more expensive as compared to an old house. However, if budget is restricted you can settle for an old property. Apart from budget, an old house also has its share of advantages. One of the main advantages of an old home is an established neighborhood. You know how your area looks like, you know about your neighborhood, schools, cafes, eating joints and the facilities your area offers. Old homes also have bigger and better space area. They have sprawling gardens, bigger rooms and slightly traditional interior that give a royal feel to the house. It can be said that it is an entirely personal call to choose between old vs new property. Just look deep into the factors that you believe the most and decide thereby. The choice is between maintenance cost vs higher price and resale value vs space. Make a wise choice and enjoy living in the home of your dream.

Article written by Dravya Kapoor, International Real Estate Consultant nt

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