Need an attorney before making offers?? - Posted by Tom(Al)

Posted by Tom(Al) on July 05, 2002 at 10:56:14:

Thank you,that is great advice!

Need an attorney before making offers?? - Posted by Tom(Al)

Posted by Tom(Al) on July 04, 2002 at 13:33:59:

I very recently completed LeGrand’s subject2 andL\O courses and have a potential subject2 deal in the works.I sure don’t have all the answers or many answers, but I do feel cofident I can make some offers and learn along the way.

I was wondering if most of the successful investors before making any offers started out with all of their “ducks in a row” i.e. corporation,attorney and accountant,lots of cash,large credit lines,business name,detailed marketing and business plan,lenders,partners,etc?

Or,did the successful investors(when they were newbies) take immediate action after listening to and reviewing a course, book, or seminar-gradually educating themselves along the way and learning from their mistakes while making offers?
I was just wondering.

Anyway, my other question is this:Is it mandatory I have an attorney lined up to work with me on my first subject2 deal?

Like I said earlier, I don’t have all the answers not even close,but I will learn as I go with continuous education,networking,and asking questions from this wonderful discusssion group.

Thanks
Tom(Al)

Re: Need an attorney before making offers?? - Posted by GL(ON)

Posted by GL(ON) on July 04, 2002 at 17:50:48:

If everything goes smoothly and everybody does exactly what you want, then any kind of agreement will do and you don’t need a lawyer.

But if anyone involved in the deal gets sore, they are very likely to have a lawyer go through the whole deal with a fine tooth comb, looking for ways to make trouble for you.

In that case you need the best real estate lawyer in town on your side, the one whose very name scares other lawyers and makes them back down.

Now all you have to do is figure out beforehand which deals will have problems, and only consult the lawyer for those ones (joke).

I always have a lawyer on my side when I go into a real estate deal.

Re: Need an attorney before making offers?? - Posted by JoeS

Posted by JoeS on July 04, 2002 at 14:10:50:

My answer has always been…if you need to ask if then you need to have one, at least until you get familiar and comfortable. I used an attorney for my first 3 deals. Now I use a Title company exclusively. Check with your State’s laws regarding the matter of a closing agent. Some States are Title company only, some are attorney only and some are both. NY allows either to do a closing.