Using Lawyer in Las Vegas Transactions
It is important to use professionals in all specialized areas, and real estate is no exception. You want to know that contracts say what you want them to say and that they say it correctly. One of the biggest mistakes that newbie real estate investors make is using standard form contracts. When the provisions of the contract get tested, or you reach a point where the form is subject to interpretation, you finally realize that you should have had a custom contract developed.
While the contract provisions can be held against you if you are the party who drafted it, or your attorney drafted it, you are still way ahead of the curve if you have spelled out important provisions that are missing from most form contracts supplied by stores or brokers.
Attorney drafted contract provisions are still subject to negotiation, but wouldn’t you rather ask for what you want in a well crafted real estate contract rather than hoping a standard contract with hand written changes has covered all of the points? Once your attorney drafts a contract with provisions that you want in it, you can use it as a template for future transactions.
If you have done business with any established firm that buys and sells real property you will find that they have developed a real estate contract that benefit them, and they will try to force the contract on you. If they want to arbitrate problems, they will have an arbitration clause within the contract. If they want to shift escrow fees to the buyer, the provision will be in there, and unless you take exception to it you will have agreed when you sign it.
Attorneys can prepare leases, options, purchase contracts, deeds, mortgages and most of the documents that you will need to acquire and dispose of real property. Don’t find out that you should have had an attorney after a problem has developed, be proactive and use them from the beginning.
Copyright 2008, Glenn Rigdon, Horizon Village Realty
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