Page 6 December 2 0 1 4 By Tyler J. Carrell Like it or not, nearly everyone is a party in at least one contract. Some may take the time to read every word of contracts, such as an employment contract, and others may skim through contracts because of their length or dullness, such as mortgage or loan documents. Finally, there may be some contracts, such as online “terms and conditions” contracts, where most people immediately click “agree” and don’t read them at all. Most attorneys would encourage people to read every contract before signing. While every contract is unique, there are some common contractual provisions you should be aware of that are included in many different types of contracts. Here are some of those common provisions and what they really mean for you. Governing law; venue. This provision indicates that the law of a certain state or states governs the contract. In the case of a dispute regarding the terms or performance of the contract, this provision is designed to dictate the way in which the contract is interpreted. Since the laws of Arizona and the laws of another state may vary, the governing law provision attempts to alleviate any confusion of what law governs the contract. In addition, this provision may also state where any lawsuit related to the contract should take place (e.g., the Maricopa County Superior Court, Arizona). However, the venue provision may be separate from the governing law provision. But even if the governing law and venue are separate provisions, they are rarely, if ever, in conflict. Alternative dispute resolution (ADR) or arbitration provision. This provision is included to cut down on potential legal costs, should a dispute arise between the parties of the contract. While a typical lawsuit may involve several pleadings, extensive discovery and a costly trial, many contracts dictate that any dispute be adjudicated at a less formal, but binding arbitration. In addition, the ADR section usually includes the process for selecting an arbitrator, or the person(s) who acts as judges or a jury at arbitration. Some contracts call for a three arbitrator panel, where each party selects one arbitrator, and then the two arbitrators choose the third arbitrator themselves. Other contracts simply call for the parties to agree upon a single arbitrator, or ask for the court to appoint an arbitrator if the parties cannot agree. Severability; waivers. A severability provision is put into contracts to preserve the remainder of a contract in the event that a certain provision is held to be invalid. This provision prevents an “all or The contractual provisions and what they mean for you nothing” approach to the enforcement of a contract. If a party challenges a certain provision of a contract and argues that it is defective or should be unenforceable, the severability provision allows the parties (or a court) to strip the defective provision from a contract while continuing to enforce the remainder of the contract. Attorneys’ fees. In the event that a dispute arises under the contract, many contracts include a provision that awards the successful party its attorneys’ fees and costs incurred to litigate or otherwise resolve the dispute. Even if this provision is not included, Arizona law, specifically A.R.S. §12-341.01(A), states in relevant part that: “[i]n any contested action arising out of a contract…the court may award the successful party reasonable attorney fees.” Counterparts. Finally, the counterparts provision usually appears near the end of a contract. This section allows the contract to be properly executed even if the parties do not sign the same copy of the contract. In my practice, many clients sign real estate contracts or (in the case of litigation) settlement agreements by signing a separate copy. In today’s technological- minded society, this makes executing contracts much more convenient. A PDF copy of the contract is often included in an email to the client. The client then prints the contract, signs it and scans a copy back to his or her attorney. The attorney exchanges the signed copy with the opposing party (or their counsel), and the opposing party provides a copy that they signed. The counterparts provision ensures that even though the parties did not sign the same copy of the contract, the contract is still enforceable and was executed properly. Tyler J. Carrell is an associate at Gallagher & Kennedy, where he focuses his practice on commercial litigation, real estate transactions and bankruptcy. For more information about Mr. Carrell, please visit gknet.com. www.ChristyRealty.com Marshall & susan Christy Selling Arcadia & Surrounding Area Since 1984. 602.909.4208 Steven Rust Business Development Sales & Marketing 4808 North 22nd Street, Ste. 100 Phoenix, AZ 85016 Phone: 602.327.1525 srust@ewtaz.com www.ewtaz.com Anne Kanelopoulos Senior Loan Officer, NMLS#205733 BK 0902429 | NOVA NMLS#3087 Direct: 623.341.1395 Team Line: 480.382.2066 AnneK@novahomeloans.com www.ateamloans.com FABULOUS LUXURY ESTATE ~ GATED COMMUNITY ELEGANTLY APPOINTED TUSCAN-STYLE ESTATE, ideally situated on an exceptionally private .7-acre view lot. Single-level 5773 s.f. 4BR/3.5 bath master split plan with 4-car garage offers game room, office, kids’ wing, gourmet kitchen, bar, 3 fireplaces & too many amenities to list. Featuring heated pool & spa, sport court, putting green, fireplace & BBQ, backyard is an entertainer’s paradise! Offered at $1,820,000 11087 E. 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2014 Tavan School District Sales Results (1/1/2014- 10/31/2014) Active Homes - 92 Homes Homes Sold - 167 Homes Average Sale Price - $448,509 Average Sold $ Per SF - $207 Average Days On Market - 80 days • There is currently 5 months of home inventory (based on 2013 sales results) • 2014 home sales have decreased 7% this year. (based on 2013 sales results) • Home prices have increased 9% this year. (based on 2013 sales results) • $ Per Square Foot prices have increased 8% this year. (based on 2013 sales results) • Homes are taking 17º% more time to sell this year. (based on 2013 sales results) 2013 Tavan School District Year End Sales Results Homes Sold - 217 Homes Average Sale Price - $403,875 Average Sold $ Per SF - $189 Average Days On Market -66 Days 2012 Tavan School District Year End Sales Results Homes Sold - 207 Homes Average Sale Price - $326,316 Average Sold $ Per SF - $158 Average Days On Market -66 Days 2011 Tavan School District Year End Sales Results Homes Sold - 203 Homes Average Sale Price - $265,505 Average Sold $ Per SF - $128 Average Days On Market -102 Days 2010 Tavan School District Year End Sales Results Homes Sold - 145 Homes Average Sale Price - $294,278 Average Sold $ Per SF - $142 Average Days On Market -140 Days Arcadia Real Estate Stats 2014 Hopi School District Sales Results (1/1/2014- 10/31/2014) Active Homes - 133 homes Homes Sold - 198 homes Average Sale Price - $976,564 Average Sold $ Per SF - $283 Average Days On Market - 121 days • There is currently 5 months of home inventory (based on 2013 sales results) • 2014 home sales have decreased 22% this year. (based on 2013 sales results) • Home prices have increased 13% this year. (based on 2013 sales results) • $ Per Square Foot prices have increased 7% this year. (based on 2013 sales results) • Homes are taking 27% more time to sell this year. (based on 2013 sales results) 2013 Hopi School District Year End Sales Results Homes Sold - 305 Homes Average Sale Price - $845,430 Average Sold $ Per SF - $262 Average Days On Market -88 Days 2012 Hopi School District Year End Sales Results Homes Sold - 282 Homes Average Sale Price - $777,607 Average Sold $ Per SF - $235 Average Days On Market -102 Days 2011 Hopi School District Year End Sales Results Homes Sold - 238 Homes Average Sale Price - $635,344 Average Sold $ Per SF - $197 Average Days On Market -124 Days 2010 Hopi School District Year End Sales Results Homes Sold - 202 Homes Average Sale Price - $670,142 Average Sold $ Per SF - $200 Average Days On Market -156 Days If you are buying or selling a home in Arcadia, call Tommy! 4344 E Clarendon • $595,000 2,605 square feet • 18 car parking • Swimming Pool Arcadia Home Offi ce Potential 3111 N 53rd Street • $1,050,000 5 bedroom / 6 bathroom • 4,818 square feet Charming Arcadia Ranch visit Tommy Atkinson .com Free MLS Access • Complete list of ALL Hopi properties for sale • Complete List of ALL Tavan properties for sale • Complete list of ALL Arcadia foreclosures 5625 E Exeter • Call for Pricing 5 bedroom / 5 bathroom • 5,400 square feet Charming Exeter Ranch 6243 E Monterosa • $1,895,000 6 bedroom / 4 bath • 4,593 square feet Charming Arcadia Ranch 6310 E Lafayette • $879,000 3 bedroom / 2 bath • 2,099 square feet Arcadia Fixer Upper 2536 N 57th Street • $450,000 3 bedroom / 2 bath • 1,491 square feet 17,712 square foot lot 4849 E Earll • $550,000 4 bedroom / 3 bath • 2,673 square feet Arcadia New Construction 6241 E Calle Del Norte • $1,495,000 6 bedroom / 5 bathroom • 4,800 square feet Spacious Santa Barbara West USA Realty Cell: 602-625-6020 tomatkinson1@msn.com Fax: 480-275-7368 5500 N 67th Place • $2,200,000 5 bedroom / 5.5 bath • 5,773 square feet Paradise Valley Estate Thinking Of Selling Your Home? Call Today About My Flexible Commission Program Geared To Save You Money!