Mark Chernoff

Mark Chernoff

Practical solutions to business, real estate and injury litigation
  • Business Law, Real Estate Law, Personal Injury
  • Arizona, California
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Summary

For nearly two decades Mark Chernoff has represented business of all sizes, business owners, real estate investors, and individuals in dispute resolution. He has handled cases of every shape and size, carefully considering client goals, evaluating options, and developing practical strategies. Before Practicing law, Mr. Chernoff served in the United States Peace Corps in the Republic of Moldova. Outside the office he enjoys spending time with his family, running, cycling, and hiking.

Practice Areas
  • Business Law
  • Real Estate Law
  • Personal Injury
Fees
  • Contingent Fees
    The firm handles injury cases on a contingent fee basis. The fee depends on the type of case and the firm's initial evaluation
  • Rates, Retainers and Additional Information
    Business and real estate cases are handled on an hourly fee basis. Please contact the firm for rates.
Jurisdictions Admitted to Practice
Arizona
California
Languages
  • English: Spoken, Written
Professional Experience
Attorney
Chernoff Law Firm, PC
- Current
Attorney
Ridenour, Hienton & Lewis, PLLP
-
Attorney
LaVoy & Chernoff, PC
-
Education
University of Arizona
J.D. / Law (1995)
University of Southern California
B.S. / Business Administration (1992)
Awards
AV Rated
Martindale-Hubbell
Professional Associations
California State Bar
Member
- Current
Arizona State Bar
Member
- Current
Speaking Engagements
Use of Seasonal Credit and Preparing A Small Farm Financial Plan for Loan Applications, Peace Corps, Moldova, Cimislia, Republic of Moldova
TACIS - Technical Assistance to the Commonwealth of Independent States
Covenants-Not-To-Compete, Other Restrictions On Cmpetition, And Implications In Title And Escrow Offices, Annual Convention, Tucson, Arizona
Land Title Association of Arizona
Foreclosure Prevention Litigation and Trustee Sale Trends, Annual Convention, Tucson, Arizona
Land Title Association of Arizona
Mortgage Fraud: What is it, why do we care about it, and how can we prevent it?, Annual Convention, Tucson, Arizona
Land Title Association of Arizona
PDF Files in Law Practice, Lawyers In Limine - Monthly CLE Group, Scottsdale, Arizona
Lawyers In Limine
Asset Protection: A Litigator's Approach, Lawyers In Limine - Monthly CLE Group, Scottsdale, Arizona
Lawyers In Limine
Websites & Blogs
Website
Website
Blog
Chernoff Law Blog
Blog
Newsletter
Legal Answers
1 Questions Answered

Q. One co-owner wants to be bought out. How do you split the equity? The house has appraised for $30K more than purchase.
A: This would depend heavily on additional details that are not provided. For the purpose of this answer, I will assume the real estate is held by two owners as tenants in common, each with an equal half ownership. If that is the case, the exiting owner's legal option is to sue for partition. The court would likely force the sale of the property. If the property is of substantial value, then the sale costs and commissions would likely eat up all the equity, leaving both owners with nothing. It is possible the cost of sale would even eat into the equity that may exist from their down payment, but the question does not say how much the down payment is. This is a bad outcome for everyone, so the smart thing to do is avoid the litigation and reach an agreement on fair transfer arrangements. Because both parties would likely get nothing out of a partition action, it makes sense for both to compromise. The parties should figure out what the net proceeds would be from a sale at a fair price. They should deduct loan repayment, title and escrow fees, sales commissions, and any other costs of sale. That would give a fair estimate of the exiting partner's equity. What is fair once you know this number is subjective, but I think the exiting partner should be happy to be able to exit early, and take a significant discount to avoid the cost of actually suing for partition.
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Contact & Map
Chernoff Law Firm, PC
California Office
19800 MacArthur Blvd, Suite 1000
Irvine, CA 92612
USA
Telephone: (949) 416-3550
Chernoff Law Firm, PC
Arizona Office
14300 North Northsight Boulevard
Suite 210
Scottsdale, AZ 85260
USA
Telephone: (480) 719-7307