ARTICLES & NEWS

REAL ESTATE PLANNING ARTICLES

golf course

Golf Course Must be Operated by New Owner of Golf Course

By Christopher Combs | January 26, 2020

Question: My husband and I are looking to buy a new home in the Southeast Valley. We looked at a Chandler development, and the CC&Rs said that an 18-hole championship golf course would be built on land not far from our new home. My husband loves to play golf but I have no interest in golf. I would rather buy a new home in a Gilbert community with access to the shops and restaurants in downtown Gilbert. Will the Chandler developer have to build the golf course because of the representations in the CC&Rs? If so, how long does the…

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Advantages to Beneficiary Deeds in Arizona

By Christopher Combs | July 22, 2019

Question: In a recent article you had the opportunity to notify readers of the availability and advantages of a beneficiary deed, but you blew it by only adding it as an afterthought. You were addressing property in California and Montana also, which may not have the beneficiary deed option. I urge you to submit a follow-up article on the advantages and costs of a beneficiary deed for owners of real property in Arizona. Answer: Thank you for your comments. First, the advantages of a beneficiary deed are that real property can be transferred after death without probate, and a beneficiary deed can…

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Who Pays Reverse Mortgage When We Die?

By Christopher Combs | May 16, 2019

Question: My husband and I live in Leisure World in Mesa. We paid cash for our home. We have been talking to a neighbor about the benefits of a reverse mortgage so that we can get the money to do more traveling. If we get a reverse mortgage, who pays off the reverse mortgage when we die? I am concerned that our children will have to pay off the reverse mortgage. Answer: There is no requirement to “pay off” of the reverse mortgage when you die.  The reverse mortgage lender will sell your home, and after satisfying the amount owed…

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Revocable Living Trust Preferred over Transfer Deeds, Will

By Christopher Combs | March 19, 2019

Question:  At the time my husband died five years ago we jointly owned our home in Arizona, plus a rental home in California and 160 acres of land in Montana.  I then became the sole owner of these three properties. I am not in good health now, and I have drafted deeds to these properties to be delivered to my two sons.  My sister says that I should not sign and give these deeds to my two sons, but that I should transfer the three properties to my two sons in a will.  Do you have any suggestions? Answer:  If you deed…

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It’s Best to Exchange Deed, Money at Same Time

By Christopher Combs | March 13, 2019

Question:  Ten years ago, I bought a home with my boyfriend in Sunnyslope.  We broke up three years later, and he moved to Colorado to be a ski instructor.  At that time I paid him $15,000 for his interest in the home, and he promised that he would give me a deed to the home.  Just like all of his other promises, I never got a deed.  Last week his mother said that he died in a car accident.  Although I do not want to sell the home now, will I have a problem selling the home in the future?…

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Transferring a Mobile Home Through Beneficiary Deed

By Christopher Combs | November 22, 2017

Transferring a Mobile Home Through Beneficiary Deed   Question: I am a senior citizen who lives on Social Security in a mobile home in Florence. My mobile home is my only significant asset, and I want my daughter to have the mobile home when I die. I read your column about beneficiary deeds that can transfer a home without any probate. I wonder if I could use a beneficiary deed to transfer my mobile home to my daughter when I die?   Answer: A mobile home itself is personal property. If your mobile home is affixed to your land, however, the mobile…

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Transferring a Mortgage

Transferring a Mortgage after Death of Parent

By Christopher Combs | October 16, 2017

Transferring a Mortgage after Death of Parent   Question: In a recent column you wrote about a mother being able to transfer her Sun City home to her daughter either by beneficiary deed or by a small probate affidavit. If there is a mortgage on the Sun City home at the time of the mother’s death, will the daughter have to pay off the mortgage immediately?   Answer: Probably not. Although most mortgages have a standard due-on-sale clause that requires the mortgage balance to be paid off immediately upon any transfer of the home, most mortgages are governed by federal…

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Probate Preferred Over Beneficiary Deed If HOA Transfer Fee

By Christopher Combs | September 6, 2017

Probate Preferred Over Beneficiary Deed If HOA Transfer Fee   Question: In a recent column you discussed the advantage of a mother executing and recording a beneficiary deed to her daughter for a Sun City home. The advantage was that the daughter, without the necessity and cost of a probate, would be the owner of the Sun City home upon the mother’s death. In Sun City, however, there is a $4,000 transfer fee paid to the HOA that is generally due upon the transfer of a Sun City home. This $4,000 transfer fee can be avoided by probate of the…

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