All Forum Posts by: Rob Bleecher

Rob,

Do you now, or do you ever, have any residential properties for sale in Lancaster County?

Thanks,

Rob

Do you need a lawyer or do you not need a lawyer? Is a real estate agent all that you need to represent you? These and similar questions can be debated forever. However, in my opinion, the answers always depend on the circumstances. (Yes, "it depends" as lawyers are wont to say). Those very experienced real estate investors on the forums will likely know more about real estate transactions than many, if not most, attorneys who do not specialize in real estate. Those persons may not need an attorney. But some of the very experienced have recommended you get an attorney to assist you.

Those who are inexperienced, as you acknowlege you are, are walking into a mine field without a guide if they go by themselves. But who should "represent" you? This is a very controversialy topic and i am not going to go down that path at this time. Suffice it to say that if the person "representing" you has an interest in whether you make this particular purchase or not because his/her commission depends on the sale, that person has a conflict of interest and cannot "represent" you without reservation. Of course, some attorneys are not trustworthy, so reputation is very important in selecting someone to "represent" you.

And if you do hire an attorney experienced with real estate transactions, at what point should you do so? Although a real estate purchase is often the largest purchase a person will ever make, all too many buyers (and sellers for that matter) seem to hire an attorney only AFTER they have signed the contract. Once the contract is signed, there is a binding agreement and while there are ways to get out of a contract, nonetheless  it may be difficult if the wrong contract is used without adequate protections for the buyer. Further, once a contract is signed, any promises made by a seller or agent that are not included in the contract in writing, are typically unenforceable. 

Finally, the PAR contract is a good one and can be purchased from PAR, or a sample can be downloaded from the web (with the word SAMPLE  written across it). However, even that contract contains provisions and options that require guidance for the inexperienced purchaser. 

Steven, I am interested in learning more about the (possible) Pennsylvania note. 

Rob

Thank you Claudia. Anyone in particular that you like better than the others?

Rob

I would appreciate any recommendations for a real estate savvy CPA in the Lancaster, PA area...preferably one that is willing to work with investors with small portfolios. thanks. Rob

While the question arose from a misunderstood electric bill, it sure generated a lot of discussion with really helpful information on an important topic. thanks.  

As a follow up to my earlier post, take a look at Section 250.512 of the PA LL-T act (google it). While that section states that any attempt to waive the provisions in that section (which includes the 30 day return of security deposits provision) is unenforceable, it also states that the section applies to residential leases, not commercial leases.

The law presumes that parties to a commercial lease are more sophisticated than those to a residential lease, and so generally will hold the parties to the terms of their agreement, i.e., their lease. I recommend you operate on the assumption that the 60 day period is enforceable.

Is this webinar available for re-broadcast?

thank you  David. I am looking forward to attending one or more of these meetings.