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Updated over 7 years ago on . Most recent reply

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Yanky Baum
  • Vendor
  • Brooklyn, NY
0
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Do I need a high priced lawyer for a RE partnership agreement?

Yanky Baum
  • Vendor
  • Brooklyn, NY
Posted

Hi, I'm new here. Seems like an exciting place.

I'm getting into a deal with another few investors. We are all investing some capital to purchase a property, which we are hoping to sell for a profit within a few months.

Question: Do I need a high powered fancy-fluff lawyer to draw up the partnership agreement between the investors? One partner established a corporation which is the title holder for the purchased property, and the other partners will get a cut of the profits through a rider or addendum to the operating agreement of the corporation.  - Is RocketLawyer or LegalZoom good enough? Is a standard off the internet shelf agreement enough? Is a paralegal good enough?

Or, what are the pitfalls I need to be aware of?

Thank you very much!

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