Legal matters involving real estate transactions are often complex because they typically require an in-depth knowledge of more than one area of the law. The real estate attorneys at the KM have that in-depth knowledge as well as the experience necessary to help clients through even the most complex real estate transactions.
In recent years the number of foreclosure filings across the United States reached record levels due, in large part, to the economic recession the country endured. For many Arizona property owners the fair market value of the property they own is below their outstanding mortgage indebtedness.
For a property owner who is able to wait out the market the temporary drop in value may not create a significant concern; however, for a property owner who is also facing serious financial difficulties the drop in value can be a huge problem because the property owner cannot sell the home for enough to pay off the mortgage. If the owner can no longer afford the payments on the mortgage and is unable to sell the home to pay off the mortgage, a short sale in lieu of foreclosure may be the best solution.
A short sale allows the property owner to sell the property for less than what is currently owed on the mortgage. To pursue a short sale the lender must approve the transaction. Obtaining approval from a lender can be difficult without the assistance of an experienced attorney. Moreover, the details of a short sale negotiation warrant the assistance of an attorney to ensure that the property owner clearly understands the terms of the sale and the financial and legal ramifications of entering into a short sale. Just because a lender agrees to a short sale, for example, does not always mean the property owner is released from all financial liability for the mortgage deficiency.
Real Estate Litigation
The real estate industry has had more than its fair share of challenges during the recent economic downturn. In good times or bad, however, this real estate industry is always evolving and developing. While the key players, laws, regulations and practices in this industry continue to change, KM has evolved to continue its focus on significant real estate issues.
Our attorneys help clients resolve disputes, achieve their objectives and gain a competitive advantage in the real estate industry. Our real estate litigation practice group, is well-positioned to assist with any issues and disputes that arise during any phase of a real estate venture or project.
KM represents clients in acquisition and development disputes, construction related matters involving general contractors, subcontractors and related liens as well as title disputes and trustee sales / foreclosures. Our attorneys have represented both creditor clients asserting rights under a deed of trust as well as defended against deficiency lawsuits and litigated fair market value disputes.