I’m not an attorney – I don’t even play one on TV – so I can’t give legal advice.
But here is how I decide whether or not to use an attorney when I close real estate deals.
You can watch it in this video.
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Read Transcript for “Do You Need An Attorney To Close Your Deals?”
“Do you need an attorney to close a for rent or assignment deal?” – Tim Burns
Joe: And the answer is no, you don’t. First of all, I need to say I am not an attorney – I don’t even play one on TV; I cannot give legal advice. I’m going to tell you what we do and what’s common around the country. We don’t use attorneys to close these deals.
Joe: Now, with that said, I do have a student who uses an attorney on every deal that he closes. That attorney charges him $200, he’s happy to pay it, the attorney takes the paperwork, looks it over to make sure everything’s fine and he’s the one that distributes the money and it makes this guy a lot more comfortable and makes him feel like there’s a lot less liability because of it.
Joe: So if you want to do it and you’re doing a lot of deals, it might make sense simply to have that guy take care of the work for you so you don’t have to do as much paperwork and have him handle this stuff for you.
Joe: And, you can have the buyer pay for it. I think this guy has the buyer pay for it so it doesn’t even come out of his lease option fee. Now, it can be argued whether or not it actually does come out of his lease option fee because the buyer only has a certain amount of money and you’re trying to negotiate the greatest amount that you can get anyway. But if you can, set it up so that the buyer pays for this attorney to do this for you.
Joe: But in 9 cases out of 10, my students do not use attorneys to close these deals and neither do I, neither attorneys nor real estate agents. That’s up to you, though, and if you have any more questions about it, ask your attorney and see what they suggest.
Joe: They may say, ‘Hey, yes, you should use an attorney and pay me $300 every deal’. And that’s fine – if you want to do that, that’s great, too. I’m not saying there’s anything wrong with that. I think that’s actually a pretty good idea because it does reduce your liability. Alright, I hope that helps. Thanks.