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Tax, SDIRAs & Cost Segregation

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Juan Nunez
  • Real Estate Investor
  • Providence, RI
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Bad closing experience

Juan Nunez
  • Real Estate Investor
  • Providence, RI
Posted Aug 15 2008, 12:16

I dont know where to post this. I just want to get things off my chest and move on. I'm a little pissed off.

I just had a terrible experience at a closing this evening. I postponed everything until Monday because the legal description of the property was too vague and did not specifically mention that I am purchasing two lots. Of course I made the mistake of signing the purchase agreement which only specified 1 lot instead of 2. At the closing the Lawyer which I thought was representing me seemed to be good buddies with the seller agent. He pressured me into signing and actually stated the fact that if I don’t I will lose my deposit. He even looked at his watch and said he had a “pick up to do shortlyâ€. I felt like I had to fend for my self. So I said “I will not sign anything if there is no specific guarantee that both lots will be includedâ€. So…after an hour of useless wordiness from the lawyer, he decided to go to city hall on Monday and look at the county records and add an addendum to the closing documents. This lawyer was clearly not looking for my best interest. He did not care if I got stuck with only 1 lot. I know I made the initial mistake but isn’t the lawyer there to look out for your best interest? I had to literally raise my voice and say “I WILL NOT SIGN “ for the lawyer to do his job.

Rookie mistake # 1.
Donot take a realestate agents word that “things will be fineâ€. Make sure its all in writing before you sign.

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