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Updated almost 2 years ago on . Most recent reply

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65
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Ararat Vardanyan
  • Real Estate Agent
6
Votes |
65
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Lawyers stealing deals

Ararat Vardanyan
  • Real Estate Agent
Posted

Hi Biggerpockets family. i have a question.

We got two deals under contract last week and it went to attorney review and both attorneys canceled the contract, but I already agreed the price and the terms with the sellers. One of the sellers confessed that his attorney referred another buyer and basically they stole our deal.

My question is how can we protect our contracts from the attorneys? Any experience and recommendations?

Most Popular Reply

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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
30,089
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied
Quote from @Eliott Elias:

How does the attorney cancel the contract? If you and the buyer Are in a legally binding contract, I would dig deeper into that.


 In much of the northeastern states, contracts are contingent on the review of each parties attorney.

And if a clients attorney knows they can sell the property for more money to someone else, they have a fiduciary duty to tell that client that. 

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