Legal Question in Real Estate Law in Arizona

My brother-in-law is way underwater on his home in Phoenix and is thinking of decaliring bankruptcy or walking on the mortgage. Both he and his wife are working, but just can't make enough to cover large mortgage. They want to downsize to a smaller home with property just out of town, but of course can't get a loan. So far bank will not work with them. They ask that we buy the property and rent/lease it to them "to buy" until they can reestablish credit and pay us. Must we use an Arizona realestate attorny or just a realtor? I live in Georgia so hard to meet face to face. I am not familiar with Arizona realestate laws. Any help would be appreciated.


Asked on 9/04/12, 4:19 am

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

In AZ, a real estate attorney is not required and you can buy a property from a seller, by simple agreement of the parties and a deed to convey the property from seller to buyer, with an affidavit of value, properly recorded. If you want title insurance, then you would go through a title company and an escrow process.

I don't understand how you are planning to help the seller by buying the property, however, you should have a well written agreement with the seller so that you protect your own interests and credit standing. Remember, "no good deed, goes unpunished!"

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Answered on 9/04/12, 7:11 am


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