The Arizona Department of Real Estate (ADRE) and the Arizona Department of Revenue (ADOR) are working together to educate property management companies (PMCs) on the process and advantages of the new E-Solution Bulk Upload Procedure to submit transaction privilege tax (TPT) to the state. [Read more…]
Change in Law = Change in your Lease
By Williams, Zinman & Parham P.C.
During the entire legislative session, we provided our clients with status updates on bills in the legislature, including SB 1376, which we helped draft. Mark Zinman in our office also testified in support of the bill in the legislature. The bill has been signed into law and will become effective August 3. This article will discuss some of the details of the bill and suggest changes that landlords may want to make to their leases, policies, and procedures. [Read more…]
Broker’s client is a developer. The developer wants broker to coordinate advertisement of the development. The developer wants to send broker $1,000 a month to advertise the property. The developer wants receipts to show how the funds are spent in advertising.
Does broker have to place the funds in a trust account?
A.R.S. § 32-2151(B)(2) provides: “A broker shall not permit advance payment of monies belonging to others to be deposited in the broker’s personal account or to be commingled with personal monies.”
Therefore, upon receipt of the funds, the broker should immediately place the money into a broker trust account.
A husband and wife (“Lessees”) entered into a written lease (the “Lease”) with a homeowner (“Lessor”). Both the husband and wife signed the Lease, pursuant to which the Lessees were going to lease the property for two years.
The Lessees moved into the property and completed the first year of the Lease. However, Lessor is unhappy with some of the terms of the lease, and now wants to draft an addendum to the Lease.
Husband/Lessee signs the addendum. Wife/Lessee refuses to sign the addendum.
Is the addendum valid if only one Lessee signs the addendum?
In accordance with the Statute of Frauds, A.R.S. §44-101, a lease for a period of one year or longer must be in writing and signed by the parties to be charged.
In this case, the Lease complies with the Statute of Frauds as it is in writing and signed by the parties. However, the addendum to the Lease is an attempt to change either terms and/or conditions to the Lease. Accordingly, in order to comply with the Statute of Frauds, the addendum must also be signed by both the husband and wife. Because the wife/Lessee did not sign the addendum, the addendum is not effective and the original Lease terms remain unchanged.
PMCs encouraged to register for program
The Arizona Department of Revenue’s new transaction privilege tax (TPT) electronic filing program for property management companies (PMCs) goes into effect next month. [Read more…]