Doc's for Real Estate Lawyer & CPA

[Larry Fullard]

Hi I am in the process of Purchasing my first 4plex in Mesa AZ. What documents leading up to closing and so on are imperative for a lawyer to look over. Obviously there is a lot of paperwork and i don't want to spend funds where i don't have to unless it's necessary, ex: should he look at prequal and financial breakdown etc.. and for my CPA the same question, is there something specific coming up while i'm collecting all financials he should be looking over or is it literally everything?

[Doug McVinua]

@Larry Fullard Arizona is typically not an attorney state when dealing in residential real estate. (single-family - 4 Plex) Attorneys are common in large commercial deals in Arizona. I would recommend a qualified Real Estate Broker that understands Property Management/Rentals review the property, the leases, etc to determine what you have or don't have. If specific questions arise you might then approach an attorney to review.

Arizona is an Escrow and Title State which means you get a property under contract, open Escrow at an Escrow Co and Escrow typically also provide the Title research and underlying Title Insurance, etc.

The CPA might be very useful in determining if the numbers work for you, just be sure the CPA gets good numbers. I see a few, OK more than a few throwing numbers around that aren't real. Properties have income and expenses, false numbers on either side skew the results.

Mesa, AZ is a great market, we currently have zero vacancies in properties we manage!