Wholesaling property contract - Attorney
I have submitted a contract to the seller and she wanted her attorney look at the property. Upon receiving the contract back, their was some changes. Some changes I am not comfortable with.
The main one is:
If I default, seller may persue all available remedies in the event of the buyers's breach or default. What are all the available remedies?
The attorney crossed out: all deposits will be retained by the seller as full settlement of any claim, whereupon Buyer and Seller will be relieved of all obligations.
What should be my next step. I feel I need to obtain an attorney on this one. Do anyone know of an attorney that work with investor who wholesale property? I stay in the Chicagoland area.
HELPPP
Manueln,
Sounds like you should be protecting yourself as well. It appears that the attorney has re-written the contract to her favor. I'm not familar with the deal you have in the works, but before I would move forward, I would certainly have my own attorney review any changes to the contract if I was uncomfortable.
The easiest way to find a local attorney who specializes in Real Estate Transactions is to call a couple of local realtors, and ask them what local RE attorney they referr their clients to. It would only take 30 seconds of their time, and most would be willing to help you out. The costs that each attorney charges may vary slightly, but this should place you in the hands of a local expert.
Hope this helps, and Best of Success!