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Updated about 8 years ago,
Pay attorney if deal falls apart?
I'm about to sign a contract for a wholesale deal in NY. Putting $500 EMD. My attorney said if the deal falls through that I'm out my EMD and have to pay him. I wanted an inspection clause to protect me in case I cancel the contract for whatever reason. He said I could only get my money back if I actually get an inspection and not because I wanted to back out. I was always under the impression if you were assigning contracts that the end buyer would use the wholesalers attorney to close the deal. Seems everything I'm learning in the real world of wholesaling does not work in NY? Wholesaling being no risk seems like a bunch of BS.