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PatrickMacQueen, co-founder of Macqueen & Gottlieb, a leading Arizona Real Estate Law Firm, offers some helpful legal tips on a recent AZ Big Media article (https://azbigmedia.com/real-estate/survey-renters-optimistic-about-moving-plans-despite-pandemic/):

  1. A Landlord or property manager has 14 days to provide a disposition of a Tenant’s security deposit.  Landlords may attempt to skirt this obligations if they are suffering financial difficulty.
  2. There is currently no force majeure/”Act of God” clause in the standard form residential real estate contract.  It is conceivable that a seller may refuse to sell their home to a buyer if the seller is spooked about leaving their home.
  3. Be certain to review your lease prior to breaking it.  You may be obligated to pay your Landlord until such time as your Landlord is able to re-rent the Property.
  4. If you are looking to purchase a home, be sure to include a force majeure clause that allows you to get “out” of your purchase if things get worse.
  5. Consider reducing the amount of your earnest money deposit, just in case you need to get out of your real estate purchase and are unable to obtain a return of the earnest money deposit. 

 

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