Attention All Knowledgable Investors!

What is attorney review? Would this be the same as opening escrow?

This is when the attorney's of the seller and the buyer look over thier contracts to make sure both parties are covered in a legal sense and don't get into a contract that does not behoove them.

If that is the case, I would think you would want to have the review as soon as you have a signed contract. You would not want to assign a contract, and then make significant changes to that contract. As an end buyer, I would want this done before I sign an assignment agreement.

I would agree but my attorney has already reviewed and ok'd the contract.

if your attorney has already approved it why would they want to do it again?

Exactly.. I'm wondering if this is a NJ thing and has to do with using a real estate contract verse going through a for sale by owner with Dean's contract..

Hi - First, to clarify a few of your statements above - you cant be using a realtor AND be doing FSBO at the same time. It has to be one or the other. If using an agent, though, then attorney review is part of the standard negotiation process here in Jersey. Sometimes it can be three days, sometimes a week or two. It depends on how fast each attorney responds to each other. Beyond this, you still have the time frame of inspections, mtg commitments, and of course any other exit clause such as approval of partner, etc. Attorneys are not generally paid until day of closing, so that should not require any money out of your pocket. I'm sure he will want to paid for his time if the end buyer you assign it to does not follow through with him to closing. That is a discussion for you and your attorney, and of course you and your end buyer.
Hope this helps answer some of your questions.

It sounds like the language of the contract is not final until after this review period. So if a buyer writes an offer through an agent, it is presented to the seller and the seller accepts the offer, the details of the contract are not final until after the attorney review. Do I understand this right?

Al

Hey Laura thank you for your input I know you did some delving around to get some info for me. Thanks Al for your input as well. I am so excited to get my first deal done I can hardly stand it! Once you do the first one I'm sure the rest just comes! This sheds some light on the subject.. I spoke to a fellow investor today who did assignments in NJ and used an agent who was familiar with contracts and did not use an Attorney at all. I thought that was interesting..So I guess my Attorney will review the same contract for the most part every time I tie up a deal for assignment..

Hi DG Family:

Anyone doing assignment deals in NYC.

Thanks

Anyone doing assignments deals in Philadelphia Area?

Thanks

It's great to see all the comments. I think it is helping me alot. At this point I have no idea what to ask, so this is paving the way.
Thanks to all,PS, Dean Graziosi & Company seem to be some of the most passionate poeple I have run across, that's what got my vote.I'm hoping for great things.
Lee

I have send offers but I need to know what would be the best thing I must do to protect myself in case I don't find the end buyer for this property how can I back out of the contract if I dont want to buy it any more.
please help

Hello fellow DGF. I have a cash buyer that is very active and wants me to birddog for him and I also have an agent sending me leads that match my buyers criteria all I need to know is how to go about putting in an offer.

if anyone with experience could let me know how to put in an offer and what I will most likely need in order to put in an offer to a bank or a property listed by an agent.
Please help, the leads that I am getting from my agent are great but I dont know how to present my offer to get these properties locked up on contract and assign them to one of my cash buyers.

Thanks in advance. God Bless DGF.