How to close off market deal

[Joey Chrisman]

Hello,

May have landed my first off market deal.  Wondering if I need to get a real estate lawyer involved to protect me.  Looking to purchase property as is no inspection and cash sale.  Don't care too much about state of property as I'm basically rebuilding just about everything inside.  If I use a title company and get the title insurance am I really risking a lot by not getting attorney involved?  I understand the risks with the flip but I think my purchase price has more than covered me on the what if's and I know these houses particularly well as its in my neighborhood.  my biggest thing is just making sure my earnest money goes to escrow and title company and then that the title is free and clear and able to be insured.  As long as I Have that I should be ok.  Even if the house burned to ground I still would be sitting on a nice plot of land.  But ideally that isn't the case but I think that's the worst case scenario If say I agree to purchase as is and then a tornado comes through or the house catches on fire after I give earnest money and then the buyer still demands I have to buy the house for said price.  How do most people go about it once you have serious seller?  Unfortunately not to that stage quite yet but could possibly be.  

[Will Barnard]

Unless there exists verbiage in your purchase contract you do not understand, you really don't need an attorney on a single family home purchase. Of course you should have title and escrow, get title insurance, get a liability and hazard insurance policy, and you should have a third party opinion on market value (existing and future after repairs) plus an opinion from your contractor on rehab budget (be sure to provide a full detailed scope of work).