For our first L/O we used premaid forms bought for about $10, and had a laywer proof them for us for $100.
The lawyer didn't know what she was doing. She used our title company as a reference. She just spot checked the docs (now we have a good copy on the computer for reference).
What we learned was to continue to use these docs as jumping platforms and befriend the title company. We found that the title company is obviously more knowledgable in writing these docs, have them at their finger tips and are cheaper.
Oh yeah, and after that $100 lawyer proof, she only changed minor spelling mistakes. But for our first deal, it gave us the courage and piece of mind that it was done correctly.
My personal experience, which is only one deal... is that I'd prefer to have an experienced attorney draft and approve the signed docs.
In a l/o there's much you can't control... if your t/b's move out, trash the place, or even whether or not your t.b.'s exercise their option.
You can control the legal ramifications of particular occurrences, though. The contract is the one thing you can usually totally control--use this to your advantage.
rubbertoes,
I dont know if this helps, but I'm looking for a lawyer now so that I can have him/her ready for my future deals.
What do the experienced investors here think? :D
For our first L/O we used premaid forms bought for about $10, and had a laywer proof them for us for $100.
The lawyer didn't know what she was doing. She used our title company as a reference. She just spot checked the docs (now we have a good copy on the computer for reference).
What we learned was to continue to use these docs as jumping platforms and befriend the title company. We found that the title company is obviously more knowledgable in writing these docs, have them at their finger tips and are cheaper.
Oh yeah, and after that $100 lawyer proof, she only changed minor spelling mistakes. But for our first deal, it gave us the courage and piece of mind that it was done correctly.
Good Luck.
This is only one of many opinions.
My personal experience, which is only one deal... is that I'd prefer to have an experienced attorney draft and approve the signed docs.
In a l/o there's much you can't control... if your t/b's move out, trash the place, or even whether or not your t.b.'s exercise their option.
You can control the legal ramifications of particular occurrences, though. The contract is the one thing you can usually totally control--use this to your advantage.
Do find an experienced RE attorney.
Thanks for the help everyone
toes