What the real estate lawyer does

[Bryan Weller]

Newbie question. People speak of the importance of having a good real estate lawyer on your REI team. I understand the things a real estate lawyer does for you when you are landlording (rental agreements, evictions, etc...), but what kinds of things does the lawyer do for you when you are flipping? Just a question to learn.

[Bill Gulley]

Some of this has been mentioned, it's easier for me to list some of the real estate issues;

Draft, review and have contracts and disclosures excuted
Draft notes and deeds required
Escrow funds and make disbursements
If they are title agents as well, they can issue title insurance
Do title examinations and issue a title opinion
Close the transaction and do the filings needed
Set up an escrow account and oversee payments
Act as the Trustee on the deed of trust
Handle notices of default and secure collateral in foreclosure
Represent you as a creditor in bankruptcy matters
Review construction contracts and represent you in disputes
Represent you in Tenant disputes and evictions
Obtain judgments and provide collection services
Represent you in sale contract and disclosure disputes
Represent you in obtaining compliance or relieved from code violations
Best of all, they can keep you out of trouble! :)