Strict application of the common law merger rule may no longer be viable; in Arizona, courts may look instead to the intentions of the parties Unless you spent the summer reading Ken Follett’s World Without End, you [...]

A recent ruling in a New Jersey case could add credibility to the argument that, in order to commence a foreclosure, the lender must possess the underlying promissory note Not long after the business phenomenon known as the [...]

A new tax on unearned income, to help pay for the Medicare Hospital Insurance Program, goes into effect in 2013 Whatever your politics or position on the new health insurance law, you may wish to take note of a provision that [...]

A California ruling that a purchase agreement may be illusory, and thus unenforceable, during a contingency period may influence the Arizona courts in future cases There has long been debate among real estate attorneys as to [...]

Indirect benefits do not constitute consideration for purposes of the Gift Clause, Arizona high court rules Many in the real estate community have been awaiting the final decision regarding the CityNorth project. On January [...]

Many long-term commercial loan transactions are essentially non-recourse except for certain carve-outs or “bad boy” provisions – describing events which, if they occur, can create partial (or even total) personal [...]

For tenants without a written lease, a prudent approach for a lender or purchaser would be to provide the 90-day notice to vacate regardless of whether the tenant meets the “bona fide” requirements In May 2009, as part of [...]

What is a defeasance transaction, and why are we hearing so much about it lately? The concept of “defeasance” originated in the municipal bond market. In the 1990’s, the concept was adapted to the commercial [...]

Non-recourse borrowers may, through no fault of their own, find themselves on the hook for more than they had bargained for Like many states, Arizona allows real estate secured lenders to sue commercial borrowers personally [...]

“As is” language will not protect a seller from tort claims based on nondisclosure of significant latent defects known to the seller The Arizona Court of Appeals has recently held that an “as is” [...]