Tempe Arizona Business Law Blog

If you're in construction, sooner or later you're bound to encounter someone who doesn't want to pay up after a job is done. A mechanic's lien can come to your rescue.

Mechanic's liens essentially allow you to place a hold on the property. Once properly filed and recorded, the property cannot be refinanced, used to secure a loan, sold or transferred until the lien is paid or otherwise removed.

If you're selling a home, you're likely conscious of the fact that you need to disclose any known defects to potential buyers. However, some defects involve more than plumbing issues or leaky roofs. Some properties are considered "stigmatized" for reasons that are disturbing and unique.

What's a stigmatized property?

You've probably heard of the Leaning Tower of Pisa, right? Well, it's probably the most famous construction defect in history. Unfortunately, unlike the tower, most construction defects don't turn into tourist attractions -- they turn into nightmares for their owners.

There are all kinds of possible signs of a construction defect, but the defects themselves are likely in one of the four following areas:

Plaintiffs have filed a class action suit against the National Association of Realtors (NAR), RE/MAX and some other big names in the real estate industry. If it's successful, the way that real estate is bought and sold may change -- for good.

The lawsuit was filed on behalf of a single homeowner -- but will represent anyone who has sold property and paid a broker commission within the last four years in specific geographical areas covered by the Multiple Listing Service (MLS) -- including Arizona. The MLS is widely used to advertise properties for sale.