Owner Financing and Lawyer Involvement

[Stanley E.]

Hi BP. I wanted to get some insight on owner financing and creative financing. If you are doing a deal where the owner finances, do you need a lawyer to draw up the agreement or a RE agent? Same question for creative financing? Thanks.

[Stuart Birdsong]

@Stanley E. Your Real Estate Broker/ Agent is not an Attorney and if draws up your Owner Financing Docs it may be deemed he is practicing Law(Illegal).  Beware of doing this. If I were you I would hire an attorney to write the docs up on your behalf, as it will provide you the most control and the best terms for exit strategies,etc...... This is a situation where spending the money on an attorney will be helpful, and pay off. Cheers!

Stuart