Fort Lauderdale, FL · Member since 2014 · 19 posts · 3 votes
Sorry if this is posted in the wrong forum, i didn't see one specific to legal issues.
I have a deal worked out and now need an attorney to review the docs, how does one find a RE lawyer in their area who is good and through? Having the attorney review the docs is the last stage before i get keys.
A little background about this property is that it was financed by a hard loan company who foreclosed twice on it from the same borrower, cause he was able to come up w a wad of cash on month 1 and 2 but then just stopped paying all together. So this is a non MLS deal, the hard loan company representing the "investor company (LLC)" says and i have verified, there is no first mortgage.
So needless to say I am in a position to acquire a loan for around 2.5% for 24/mo because the hard loan company knows i am good for it and the investment company just wants to try and recoup their initial investment at this point.
I have a good title guy, but not legal representation when it comes to RE. any help would be great.
Rental Property Investor · Louisville, KY · Member since 2013 · 47 posts · 8 votes
12y
David,
My first thought is if you have a title guy, couldn't he refer you to a RE lawyer to review? Here in Louisville, the title company is a one stop for title and closing the deal. Not sure in your area if you need two different? But if so, I would start with the title guy's referrals. I found two attorneys at my local REIA and asked other investors I knew in the area who they chose and why. If all else fails I'd say get out the phone book if you need one fast. Hope that helps.
Portland, ME · Member since 2012 · 616 posts · 550 votes
12y
In Maine we don't often have legal representation for a normal sale. Realtors use Purchase and Sale forms that have had legal review. You should be all set with the title attorney unless you are moving a boundary line or something. Get title insurance and make sure they actually send you the policy. I had one attorney do a closing and he did not send in my money for the policy. I figured out how to solve the title issue myself so I could sell the property, but you should not have to do that.
You might want a lawyer to look over the loan documents. However, the lender usually won't make any changes suggested by your lawyer and the documents are usually slanted in the lender's favor. They have the money so they make the rules.
Thank you Dave and Amy for your replies. I trust my lender so I don't think he would try and pull a fast one, but money can make people do strange things sometimes.
His "normal" rate is 12%, I just happened to be chatting with him when this deal came up :)
Again thank you both for your input, i think a review of the docs from my attorney is on my agenda for today. have a good day