How much would it cost for a lawyer to check out a contract?

[Ethan McRae]

My investment partner and I would like to househack together. I am in the process of putting together a contract, however, I would like a lawyer to look it over and give us some feedback on what else should be included. 

I am curious to know how much this would cost. Im sure it would take less than an hour of a lawyers time so I am guessing this would just be a few hundred dollars? Furthermore, where can I find a lawyer for this?

Also, what exactly makes a contract legally binding? If we both sign off on the terms of the contract, does it then become legally binding or would it have to be approved by a lawyer for it to officially become legally binding.

Many thanks 

[Bob Floss II]

@Ethan McRae There are a few details to make it a legally binding contract, but odds are you can make binding when you two sign it. Just my two cents when it comes to partner contracts:

1. It will take a lot longer than an hour to review; because

2. Partnership agreements tend to be lacking when you do it yourself. They either rip one off the internet that looks good, but is filled with fancy language that say nothing substantive, or is only filled with language dealing with how much money you are going to make. A good partnership agreement needs to address all the scenarios where things can go wrong.