Posted by Bill Bronchick on October 27, 2003 at 11:53:26:
It’s amazing how many people look for free forms around here. They cite price as a factor - they aren’t willing to spend to get good forms or pay an attorney to review their own forms. A few people even suggested on this site that this was a waste of money because it eats into profits.
A lawyer spoke at my real estate club meeting on Sat. He does a lot of evictions, particularly on failed lease/options and land contracts. He said that 9 times out of ten, the biggest problem was poorly drafted agreements. He said that the client often has to pay THOUSANDS EXTRA because of the poor paperwork. What could have been a clean eviction ended up in long, drawn out hearings before a judge to determine the meaning of a particular contract provision that was vague.
In short, take the time and expense to get good forms. And, to make sure they are properly filled out (a mistake many investors make, even with good forms), pay an attorney to review the paperwork on the first few deals.