Question: We have a summer home in Williams that is currently for sale for $140,000. We purchased this summer home for $48,000 over 20 years ago and we have made improvements of $40,000, but we are missing many of the receipts for these improvements. We understand that because this summer home is not our principal [...]
Real Estate Law Blog
Question: Both my husband and I have children from previous marriages. When we signed the contract to purchase a Tempe home, our real estate agent said that most spouses at the closing will take title to a home as “community property with right of survivorship.”Should we take title in that manner if we want the [...]
We signed a contract with a contractor to do some remodeling work in the kitchen but the work was of very poor quality. We only paid the contractor $4,000 of his $10,000 bill. The contractor has now recorded a $6,000 mechanic’s lien against our home. We have approximately $80,000 equity in our home, and our understanding is that the homestead exemption protects up to $150,000 equity in our home from any judgments of creditors. If we do not pay the contractor the remaining $6,000 owed for the remodeling work and we are sued by the contractor, will the $150,000 homestead exemption protect the $80,000 in equity that we have in our home?
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