Should We Fire Our Lawyer?
Went to a Real Estate Lawyer three weeks ago... We asked her to draw up some simple documents (POA, Lease Option) and it took her three weeks to do the work. In the mean time, we were asking her questions and all she did was "get back to us" after she consulted the title company. The documents received were almost similar to those we already had on disk. We are a bit confused that the lawyer really was not informed about the things we needed. Should we cut out the middle man and just pay a consulting fee to a title company and have them draw up the documents? Or should we just find another lawyer?
You can do either.
I would try your local REI club for refferals/flyers/bizcards. Another idea is to check your local newspaper for someone advertising to do what you are trying to do.
I found the lawyer I use by calling a lease option add in the paper. I asked the investor who he used and gave him a try. ( I was trying to do my first lease option and didn't want to screw it up).
Also, having a "qualified professional" there explaining the creative purchase to your seller while getting them to sign POAs, quitclaims, subto p&s agreements and the like is really helpful. Definitely worth the $250.00 when you stand to make $40,000.00.
Just my .02
JohnCl[ Edited by JohnCl on Date 02/21/2004 ]
Not all Attorneys’ specilize in Real Estate transactions I consulted with my personal and business attorney once on a deal and he told me I needed another Attorney and gave me his name. ANYONE worth using will tell you when something is out of their expertise and recommend someone else beware of anyone in any profession who says " yea I can do that " to everything you give them...
I see alot of poor legal work. It is rare that I go to a closing and the lawyer (who represents the buyer's lender) has not made some kind of mistake.
The worst case (and this has happend several times) is when the buyer's closing attorney does not even pay off our lender. Pure legal malpractice.
However, I have used the same attorney to represent me for years. She does not make mistakes. I suggest you keep looking for good quality legal services.