@Garrett White
Agree with @Kris Benson on lawyer due diligence.
Let's face it, if lawyers were free (or very cheap) almost nobody will ask the question should I hire one or not.
This is complex stuff, often case by case specific and time-consuming. Plus we're all trying to sleep well at night.
This is why it's a pretty good reflex to find a way around such as a boilerplate template. Some are available for free or for a low cost on the Internet. Here's the thing:
For simple contracts its a very usable solution. You just need to be sure those contracts are compliant with your states and are designed for the intended purpose (BP did an awesome job putting those together: http://get.biggerpockets.com/forms/index/)
But when a lot of money is in the balance or complex/specific things are required, it might not be the best solution.
Here's why:
1. Chances are you're going to need an attorney anyway to finalize the document. In that case, you'll need a lawyer that will accept to work with your template which is rare since they all use their own template. Why? Because they know its good quality and its state compliant so they don't have to waste time checking it all over.
(It's possible that you know a very good attorney that will not charge you for that (revision) but it's rare)
2. Time - getting in par with all the intricacies when filling a template yourself can cost you more time than hiring a lawyer (again, if it's fairly simple then it's a different story)
3. Peace of mind: Lawyer's work comes with an insurance - their signature. If something needs to be revised or goes wrong, they're responsible.
4. Last but not least, a good lawyer will also provide valuable info on how to conduct your affair in the future or what you should look out for. This, to me, is the most important part. You want professional advice and should come more intelligent after getting it.
In sum, for PPM copy, getting an online template is not best.
Hope that helps!
PS:
@Tyler Kastelberg Thanks for the mention!
