AboutTodd C. Menard Expertise National Association of Realtors Code of Ethics and Professional Standards
* Contract Questions: 05/05 Arizona Real Estate Purchase Contract, Exclusive Buyer Broker Contracts, Listing Contracts and associated contract documentation as it relates to boilerplate, covenants, contingencies, procedures and procedures.
* ARMLS Arizona Regional Multiple Listing questions
* Real Estate Professional Standards and Practices, Ethics, Obligations, Duties
* Agency relationships in Arizona, Procurring Cause
* Questions typicaly arising during the listing period
* Questions typically arising during the escrow period
* Questions about working with a real estate agent v. REALTOR
* Questions Related to New Home Builders
Experience Real Estate experience (17 years),
Designated Broker (1995-present),
President of Professional Real Estate Partners (2005-present),
President of American Institute of Professional Standards and Practices
Certified Negotiation Expert (CNE),
Master of Real Estate Society (MRE),
AZ Real Estate Instructor (13 years)
AZ Dept. of Real Estate Continuing Education Instructor,
AZ Assoc. of REALTORS Professional Standards Committee,
AZ Assoc. of REALTORS Board of Directors (2008-09),
AAR Certified Ethics and Professional Standards Instructor,
AAR Forms Committee 2005 - Residential Purchase Contract 2005,
Southeast Valley Regional Assoc. of REALTORS (SEVRAR) Board of Directors (2008-2009),
SEVRAR Grievance Committee Chairperson (1998-2007),
SEVRAR Continuing Education Instructor (2003-present),
SEVRAR Education Committee (2007-present),
AZ Dept. of Real Estate Commissioner's Statute Review Committee (2007)
Organizations National Association of REALTORS,
Arizona Association of REALTORS,
Southeast Valley Regional Association of REALTORS (SEVRAR),
Phoenix Association of REALTORS,
Scottsdale Association of REALTORS,
Maricopa/Glendale Association of REALTORS,
Arizona Regional Multiple Listing System (ARMLS),
American Notary Association
Publications "Real Estate in 2008"- Lifebushido Publishing (Contributory Author), SEVRAR Magazine,
Internet Crusade, RealTown ListServe, Blogger.com, Active Rain
Education/Credentials - AAR Certified Ethics and Professional Standards Instructor, Graduate REALTOR Institute (1993), Certified Negotiation Expert (CNE), Over 100 Hours of annual real estate continuing education, Annual Ethics and Professional Standards Development Workshops as required by the ational Association of REALTORS, Approx. 72 hours of NAR Code of Ethics training annually, Numerous IDW, Seminars and Train the Trainer programs, Business Management Degree - 1981
Awards and Honors Platinum Production Award - Keller Williams Realty Int'l (2001),
Double Platinum Production Award - Keller Williams Realty Int'l (2002),
Top Recruiter Award - Keller Williams Realty Int'l, SW Region (2002),
Who's Who in U.S. Executive (1983),
Who's Who in U.S. Real Estate Professionals (2007)
Question about 9 months ago i signed a lease option to buy on a 1375 sq. ft. home. now i find that my family needs more space than this house can provide. my lessor has agreed not to sue me for NOT purchasing the home. but he does want me to pay the monthly rent until he finds a new tenet to rent or lease the property. is this legal for me to be responsible for this rent? how long can he impose the unoccupied renting of this property against me?
thank you for your help.
nathan
p.s. I live in pensacola, fl.
i know laws are different in all states. but any advise would help. thank you.
Answer Hello Nathan - I appreciate your comment knowing the laws are different. Thank you. I would recommend that you go online and review the Florida Landlord Tenant laws. A quick search provided me with this address (www.megalaw.com/fl/top/fllandlord.php) The reason I ask you to begin here is to determine what the landlord can and cannot request/demand of you as a tenant who desires to break a lease. It could be considered reasonable that you would "agree" to pay the rent during the landlords search for a new tenant provided there are stipulations of what the landlord must do for diligence in finding a new tenant. What I mean is, if you are making the payments where is the priority/immediacy for the landlord to find a replacement tenant? I think there should be a time limit on how long you are willing to pay the rent... say no longer than 60 days (two payments). As it stands right now, yes, you have requested the landlord mutually cancel the contract to which you are bound and he/she has agreed. You do not want the Landlord to come back to you after you have paid those interim payments and then indicate the premises are not in appropriate condition and you owe more! I recommend that the landlord perform an inspection of the property to determine its current condition is in a similar manner to that of when you took occupancy. Once the condition of the property is determined both you and the landlord should have a written agreement that you will also be entitled to a return of your earnest money. If you gave the landlord a non-refundable deposit on the sale portion of the lease purchase/option than you should not agree to pay any further expenses as the landlords position would be similar to you being unable to close on the purchase option at the end of the Lease period. If this were to occur wouldn't you still have the right to vacate at the end of the lease portion and wouldn't the landlord be in the same position as today, looking for a new tenant.. but without you paying the rent? I would recommend that if you did not pay a non-refundable deposit that you implement a time limit to the financial exposure as mentioned previously. Mutual cancellation even though it appears to be in your favor is mutual. Therefore, YOU also have the ability to negotiate... of course with appreciation for the landlords willingness to be flexible and cancel. none-the-less you possess the right and should make certain that you don't position yourself to voluntarily make payments without a time or amount cutoff.
Contact a property management company and ask how difficult finding tenants are in the current market... they may also have a tenant that could move in right away.. yes it may costs to acquire this new tenant but you could always pay the fee ($400) and have a qualified replacement right away. Then you would not have to pay any monthly rent! You could also check with the local real estate offices too. Commissions on rentals are usually a flat $300 up to 3-5 of the gross annual rents ($1200 rent x 12 months = $14,400 x 3 = $432.) Still not more than one months rent. Limit your exposure! I hope this helped. - Todd
