ARTICLES & NEWS

REAL ESTATE PLANNING ARTICLES

Community Center

Developer Has Sold the Community Center

By Christopher Combs | March 22, 2020

Question: We purchased our new home in a Chandler subdivision six years ago. At the time of our purchase we received a brochure from the homebuilder stating that one of the benefits of our purchase was the community center which could be used for recreational and social activities. After all of the homes in the subdivision were sold by the developer, the developer deeded the community center to the owner of an adjoining golf course for a golf maintenance building. I always thought that, if the homebuilder’s brochure stated that a certain item such as a brand name microwave would…

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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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