Leases on a Multifamily

7 Replies

I was recommend to meet with real estate attorney in the my area of investing (Springfield, IL) for quality state "bullet proof" state specific leases for Illinois. Legally sound and is in great pdf format allowing me to interchange names and numbers easily along with my companies branding on them.

Three weeks later...

After meeting with attorney I was told I would receive lease the next day via email and be billed separately. After multiple calls and emails I have still received nothing. Secretary said she would pass along information, personal email, and voicemail to attorney. Still nothing.

I have accepted that this is unacceptable service and not the type of business I want to work with. My concern is I will see leases and bill some random day. However, I am still left without a quality lease for new tenants I am acquiring. In time sensitive need for a quality lease or attorney for multifamily property in Springfield, IL.

Any help is greatly appreciated.

Thanks.

Chase

@Chase Gruening

.  There is no such thing a "bullet proof" legal document. Anyone can be sued at any time for any reason regardless of the document. Baltimore is famous for 'professional renters" suing landlords with great leases.
. When someone brushes you off, whether a lawyer,realtor, or contractor, it's usually because they feel after meeting that what you are asking for is either not worth their time,too vague or too specific or that the liability of taking you on as a client will lead to bigger problems for them in the future.

Start by calling your local title companies and have a meeting with the Lead attorney. They will have access to a Law Library and will be able to download you an Illinois compliant Lease. Boiler Plate leases are more apt tp hold up in court, then ones that have been "crafted".

I would send an email to your lawyer and let them know due to the lack of response, you no longer require their services, do not send a lease, and do not send a bill as you did not receive the product you were looking for in the timeframe you needed it, and did not receive any helpful response either.

That at least gives you some ground to stand on if they do send you a bill.

As for a lease, I’d start with a BP lease, review your landlord tenant laws, and build what you think is a good lease - then ask a lawyer to review it. One who does this all the time should be able to read through it, make comments, add a few clauses and be done with it.

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The advices above are sound. Get a copy of boiler plate lease or make one yourself, but definitely have a lawyer go over it. Then of course, take the necessary precautions to add layers of protection to yourself and your business.

We use our blackbelt lease that has been checked and rechecked by different attornies over the years. Whatever lease you get pay a second attorney to look it over again before using it. PM for product sales and service.

Check out the Springfield Area Landlords Association in your area. They are an affiliate of IL REIA and have great benefits from National REIA as well.

"Boilerplate" refers to the usual standard terms and clauses that appear in any contract - e.g., price, term, conditions, habitability, etc.

I would recommend going onto IL State Bar Association's website, and searching for RE Attorneys in Springfield. Usually, there is also a Bar Association hotline that you can call and receive referrals. I would then cross check that referral against reviews, etc.