Contracts and Attorneys
Newbie here, I’ve already found a ton of useful information here on BP. I’ve been looking at and made offers on a few investment properties. I’ve had a couple of deals fall apart for one reason or another. To date this is the closest I’ve been to my goal. Whatever happens I usually adapt and move on. I’m interested to know what the community thinks about my current contractual setback. My Attorney is willing to walk away from my deal, and have me possibly find another attorney. Problem is the sellers attorney does not want to remove the notification time for a mortgage commitment letter in the contract. They have extended the time for notification from 5 days to 10 days. He’s explained that this opens the firm to malpractice suit from me the “buyer” if I can’t get a mortgage. The deal is purchase price $415K 25% cash down 75% LTV. I did a full income & asset verification with my lender for my pre-approval. Should this be a deal killer for me as well or find an Attorney willing to proceed?