Real Estate Attorney: Good vs Great

[Raylor G.]

Hello BP,

What constitute a great real estate attorney? What exact answers are you looking for during an interview, and what specific questions should be asked? Or are all real estate attorneys created equal? (I know the answer to that one).

[James Miller]

You want a lawyer who has experience in the areas of law your matter 'triggers'. For instance, wraps, lease options, and seller financing are much trickier than they used to be since Dodd Frank / TSAFE. 

Also, you want a lawyer that communicates with you in an effective manner.  You need to understand him so you can follow the advice / make decisions based off the advice. And he needs to understand your goals and your situation to provide good advice.

You also want a RE lawyer who doesn't suggest only forming an LLC by filing a certificate of formation only. That's not good enough (it's the bare minimum) for an LLC.

If a RE lawyer recommends a bazillion LLCs, you might want to ask about simplifying your structure using a holding company and an operations company. Some people do need many LLCs, but if the recommendations is more than 3, you're likely in the very high net worth range. If the RE lawyer says he doesn't do series LLCs, you may want to get a second opinion.