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RECENT ARTICLES

Listing Commission is Owed if Seller Backs Out

By Christopher Combs | January 15, 2019

Question: I represented the buyer in the purchase of a Tempe home. Three days before close of escrow the Canadian seller changed his mind and refused to sign the deed to close escrow because of tax problems. The buyer had the financing and all inspection conditions were satisfied. The buyer got his earnest money back because he doesn’t want to hire a lawyer to sue the seller. I believe that as the buyer’s broker I am owed a commission by the listing broker who refuses to talk to me. Am I right? Answer: Yes. The general rule is that a listing broker has earned a commission if a ready, willing, and able buyer with no remaining contingencies, e.g., financing or inspections, is ready to close the transaction. The listing broker then owes the MLS commission earned by a buyer’s broker. Note: If the seller refuses to close the sale of…

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Tenants Have Protection in Foreclosures

By Christopher Combs | January 3, 2019

Question: We have been renting a home in Chandler for several years. We just signed another one-year lease. Two nights ago a process server came by and posted a notice of foreclosure in our front yard. Our landlord lives in Chicago and has not returned our phone calls. If our home is sold in foreclosure, when will we have to move? Answer: In general, a federal law protecting tenants in their homes during any foreclosure by the landlord’s mortgage lender has been in effect since 2009, and has been recently renewed with no expiration date. If you are a bona fide tenant, i.e., not related to the landlord and paying fair market rent, you should be able to stay in your home through the end of your one-year lease. Although there is a minor exception if your home is sold at the foreclosure to a buyer who will actually live in…

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