Signing Your Life Away
What do ya'll make of the documents that apartment syndicators’ attorneys create? It seems like page after page after page of information, yes, but primarily indemnifications and worst-case scenarios. It’s mind-boggling how many dispiriting things the attorneys cram into these docs.
I guess the ideal way to look at it is: If you like the company and believe in the operator, then basically assume you are signing a document that allows you entry but which virtually negates any ability you would have to complain or sue if things went south.
It’s easy for me to get hung up on twenty or thirty of the paragraphs, but I guess if you wanna play, you gotta pay (not financially, but signing away all possible options should something go wrong with the syndication).
I suppose it is true that you can pay an attorney to write anything, and if you don’t like what a syndicator's law firm came up with, your choices are a) deal with it or b) hit the road. There is no c -- no changing any wording, no complaining, no “outs”.
I think this is the worst aspect of investing in apartments. What do you say — am I taking this all too personally or seriously?