Re: Question for investors who use RE attorneys - Posted by Brent_IL
Posted by Brent_IL on October 24, 2003 at 20:15:41:
I agree with the others, but I wanted to post slightly off-topic to point out that your query is similar to other posts that ask about performing or paying for some action.
The purpose of a purchase contract that?s contingent upon anything is to narrow the topic of negotiations. It doesn?t eliminate negotiation. Until contingencies are removed, and negotiations are finalized, you don?t have a deal.
If you don?t have a deal, you don?t need a lawyer, you don?t need to order title insurance, you don?t need to form a corporation or an LLC or any other legal entity, and you don?t have to give the real estate broker 10%, or whatever, earnest money.
In some eastern states, lawyers write the contracts. But the terms of the offer should be mutually agreed upon before you pay for an attorney.
A basic tenet is to use outside services when they are needed. Sometimes legal services are used preemptively in advance, as in approving an addendum for use in your state, but not always.
Phil is so right that by the time you get the written offer back from the lawyer any good deals will be gone. I like rm?s idea to pick-and-choose among pre-approved addenda to make your offer.