Legal Advice

[washregal]

I am in the process of buying out a lease purchase.

Does anyone have any verbiage they can provide to me in reference to the seller signing off on:

tax Liens
Pending Lawsuites
Incomberences
Or any other issues that are associated with the property should be addressed or divulged prior to me purchasing the properties.

Thank you in advance.

 

[Reds]

You need a lawyer who is familiar with the laws in your state or the state where the purchase is being made. A lawyer who either specializes in business law or who has been in business (other than law) is invaluable. And it will be expensive.

 

[Earl Weiss]

I am in the process of buying out a lease purchase.

Does anyone have any verbiage they can provide to me in reference to the seller signing off on:

tax Liens
Pending Lawsuites
Incomberences
Or any other issues that are associated with the property should be addressed or divulged prior to me purchasing the properties.

Thank you in advance.

Free legal advice is worth what you pay for it. I am a lawyer and do not play one on TV. Irrespective of having a Seller sign off on the language, rather than having to worry about suing a seller wherever he may be and if he becomes judgement proof your lawyer will insist not just on the correct language but title insurance and Searches which show any incumbrances, tax liens lawsuits, clearances from taxing authorities as applicable.

will a lawyer cost you? Yep. But if you don't have one and things go bad who are you going to sue for malpractice, yourself?

 

[Sequoia]

Legal

How you approach an attorney can greatly sway your legal costs.

If you walk in and ask "create me a contract," you may be in for a large bill.

I've successfully made my own contracts in the past, some of them lengthy, based on review of other people's agreements and then massaging them to fit my situation. Then, if I feel the need, I have the final agreement that I've prepared myself reviewed by an attorney.

Sometimes an attorney catches or notices something that was well worth paying for. Sometimes they don't.

So you might consider gathering copies of similar agreements to review. If you can, they would be best to get from within your same state as a few things can change a bit from state to state.