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Updated almost 4 years ago on . Most recent reply

User Stats

55
Posts
48
Votes
Mike Trzaska
  • Investor
  • Cleveland, Oh
48
Votes |
55
Posts

Lawyer for Every Purchase Contract?

Mike Trzaska
  • Investor
  • Cleveland, Oh
Posted

I started doing some driving for dollars and direct marketing this year and have gotten a few leads, and one deal. I used a lawyer to draw up the first purchase and sale contract that led to the deal I purchased. It cost me about $700 total, but he only would give me the PDF. I used him again for another lead, and he drafted the purchase contract again (basically changed the names, pulled in the new exhibits like legal description etc.). Cost me $400, and the deal ultimately fell apart. This to me is not sustainable. Also, the contract is over 14 pages and a little intimidating. Luckily the deal I bought was from a friend, but I'm nervous this detailed of a purchase and sale contract would scare off a potential seller I don't have an existing relationship with.

For those out there that are doing off market purchases:

Do you have your lawyer draft each contract or do you just fill in the blanks on a template?

Did you use a lawyer to draft your first contract template?

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