Buying Off Market Deal - Do I Really Need A Lawyer?

Buying Off Market Deal - Do I Really Need A Lawyer?

Chicago, IL · Member since 2015 · 414 posts · 94 votes

I found an off market deal and came to a verbal agreement with the seller. I spoke with the seller's lawyer today and he sent over a contract. I read over it and everything looks good. The only thing is we agreed for him to cover closing costs and I didn't see that. He thought I had a lawyer reviewing it, but I told him that the closing cost bit is my only objection and asked if his lawyer could just add that in and I'd be ready to sign.

If his lawyer adds in that the seller pays closing costs and everything looks good, do I really need to have a lawyer look over it? I don't want to pay $800 to have someone read over a cookie cutter contract for 5 minutes.

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Real Estate Agent · Los Angeles, CA · Member since 2015 · 201 posts · 82 votes
10y
Art Maydan the fact that you already found a flaw in it should point you to a lawyer. No two deals are the same, no such thing as cookie cutter.
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  • Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    10y

    Pay the lawyer! If this deal can't withstand and extra $800 to make sure you're okay legally, it's no deal.

    I'm assuming you've done the title search, etc. already?

  • Real Estate Agent · Los Angeles, CA · Member since 2015 · 201 posts · 82 votes
    10y
    Art Maydan the fact that you already found a flaw in it should point you to a lawyer. No two deals are the same, no such thing as cookie cutter.
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    I deal with real estate contracts on a daily basis....and I still make sure a lawyer reviews them all.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Art M.   IL is terrible place to close.. you don't need a lawyer the only reason you need one is the way the closers are set up there.. title companies won't deal with individuals they MAKE you hire a lawyer these are vanilla deals it only benefits the Bar association its total BS closing in that state.

    Lawyer does not gurantee title the insurance company does Lawyer is simply agent for them.

    commie plot really.. I was very frustrated doing business there.. LOL.. I don't need no stinkin lawyer to tell me how to close deals. 

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