Buying 23 fully developed lots - do I need an attorney?
I am going to be purchasing 23 fully developed vacant lots in a subdivision of new construction duplexes. The development was 30 lots total (60 addresses)
I will be purchasing the lots from the bank via short sales. I need to get the partners to agree to my price, which 2 of the 3 have done verbally. I also need the bank to approve the short sale, which they have preliminarily done.
I will also be taking over the current HOA.
This purchase will run thru a title company, and it is my understanding that the utility company no longer holds installation deposits on the lots.
The only issue that comes to mind is that there is a detention pond in the subdivision that requires some repairs according to the town. But Am I buying that? or am I buying individual lots? I need to look into that.
I just want to cover all of my bases here so please tell me why I should have an attorney draft the purchase agreement. I'm not against having one review the documents, but I am not sure why I need one otherwise.