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Personal experience. I have done this. It works fine. People can pay a lawyer if they want to, but they are done all the time without one. I am likely not the only one here. Of all the people giving advise on this, how many have actually been either a borrower or a lender in something like this? What did you do? How many others are just making suggestions but haven't done either?
I've arranged a multitude of personal loans for the purchase of real estate; in fact, close to one hundred. For the most part, I'd personally rather avoid lawyers (which is impossible given the types of real estate I work with), but I never advise a private lender that I deal with to not get legal advice. In most cases, proper legal advice just makes them feel more at ease with the transaction. I've never known anyone who regretted paying for that peace of mind.
What is it about the opening post that makes you conclude that the OP has relatively little knowledge of real estate? I read that OP and don't think its obvious one way or the other. I agree that maybe there are some questions left unanswered but you can't fill in the blanks with what you imagine may be the case.
Quote:
Originally Posted by jackmichigan
The OP seems to have relatively little knowledge about real estate (based upon a number of other posts) and I think it's best that they have someone looking out for their interests.
Perhaps I'm mistaken, but I seem to recall that the OP has made a number of real estate inquiries in the past. I didn't infer anything simply from the original post in this thread.
In this instance, I disagree. While a lawyer is never required for any transaction, I think the OP would be well advised to consult with a knowledgeable real estate attorney. The OP seems to have relatively little knowledge about real estate (based upon a number of other posts) and I think it's best that they have someone looking out for their interests. It's also important that they have proper legal advice because we have no idea which way the OP will go. If a Land Contract or other Seller financing is involved, it's almost imperative that they have a legal representative. It's much cheaper to avoid a mistake than it is to correct one. Those experienced with real estate transactions may choose to avoid attorneys under certain circumstances, but I think the saying "better safe than sorry" is an appropriate one for the OP.
I agree with your logic and you give good reasons why they might need a lawyer.
However, I want to draw the distinction that I was not arguing that they need a lawyer as I love boots seemed to be incorrectly interpreting from my very clear post. My position is that I have no idea whether they need one or not. And yes, you are correct, they are considering a number of scenarios and we have no idea what they will do and what legal risks or other issues that their selected path may involve.
But if one absolutely must draw a definitive conclusion of needing a lawyer or not when we don't know the situation, it's safer to recommend, as you did, that they use one. Particularly if you're here giving advice/recommendations/opinions as a licensed professional. I think most would agree that it's irresponsible for a professional to definitively advise someone over the internet that they do not need a lawyer when even the basics of what they are going to do have not been decided and their whole situation is opaque to everyone here. Like a medical professional advising someone on the internet that they do not need to see a doctor about that lump that appeared on their neck.
What is it about the opening post that makes you conclude that the OP has relatively little knowledge of real estate? I read that OP and don't think its obvious one way or the other. I agree that maybe there are some questions left unanswered but you can't fill in the blanks with what you imagine may be the case.
People are always very quick to spend other peoples money without a thought. I think its irresponsible to tell someone they definitely need a lawyer like so many on here are quick to tell people to do. A lawyer is one option. Others like myself have done it another way. Let the OP decide.
Let's not forget that you definitively said "No lawyer needed". Very irresponsible for a professional to conclude this from a few sentences from the OP (and a million red flags that many of us picked up on). I was the one who said you might need one and you might not. And Jack gave good insights and I agree that the clues are pointing toward "yeah, you probably need a lawyer for this potential dog's breakfast".
Let's not forget that you definitively said "No lawyer needed". Very irresponsible for a professional to conclude this from a few sentences from the OP (and a million red flags that many of us picked up on). I was the one who said you might need one and you might not. And Jack gave good insights and I agree that the clues are pointing toward "yeah, you probably need a lawyer for this potential dog's breakfast".
It isn't needed to accomplish what the OP wants to do. It's a fact. Hiring a lawyer is an option. Unless CA law requires it. They may.
Last edited by I love boots.; 03-17-2018 at 07:53 PM..
It isn't needed to accomplish what the OP wants to do. It's a fact. Hiring a lawyer is an option.
Oh OK, I get it. So you weren't trying to conclude what was best for the OP in their situation. You were just stating the obvious that literally you don't NEED a lawyer. Like there is no physical or legal requirement to have a lawyer. Kind of like you don't NEED insurance on your home if you don't have a mortgage or you don't NEED health insurance or you don't NEED to ever go to a dentist. Or you don't NEED to look both ways before you cross a street.
I think we can be forgiven for assuming that a licensed agent would have the sense to clearly make a distinction between what is legally or physically possible and what is advisable so that people know what you are trying to say and consumers are not misled.
I agree with your logic and you give good reasons why they might need a lawyer.
However, I want to draw the distinction that I was not arguing that they need a lawyer as I love boots seemed to be incorrectly interpreting from my very clear post. My position is that I have no idea whether they need one or not. And yes, you are correct, they are considering a number of scenarios and we have no idea what they will do and what legal risks or other issues that their selected path may involve.
But if one absolutely must draw a definitive conclusion of needing a lawyer or not when we don't know the situation, it's safer to recommend, as you did, that they use one. Particularly if you're here giving advice/recommendations/opinions as a licensed professional. I think most would agree that it's irresponsible for a professional to definitively advise someone over the internet that they do not need a lawyer when even the basics of what they are going to do have not been decided and their whole situation is opaque to everyone here. Like a medical professional advising someone on the internet that they do not need to see a doctor about that lump that appeared on their neck.
Incorrect. ILB advises the use of a professional - a title company.
Incorrect. ILB advises the use of a professional - a title company.
This is something that should have been suggested earlier in this thread. When a real estate broker is not used for a property purchase, at least hire a title company to do a search on the deed and buy their insurance, to cover anything that might be missed and put the ownership in jeopardy.
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