Check with your lawyer that such a penalty is permissible in your state though.

It’s a good idea to review local real estate development compensation norms or even consult with a lawyer to ensure the deal is fair.In your uncle’s case, the terms seem fairly favorable to the engineer if he is only handling the development and not contributing any capital.

I will confirm with my lawyer and accountant when it comes time, but I thought I should hear what other investors suggest.  

However it is typical to allow the lawyer representing the lienholder (lender) to make an unofficial bid referred to as the "upset price".

Long story short, I had to file for Chapter 7 bankruptcy, and it took me seven years to rebuild my life and raise my credit score back to 750.

Their role is purely administrative, so if you file incorrectly or choose the wrong entity type, you’re on your own.3.Hiring a Lawyer or CPA (White-Glove Service):This is the most comprehensive option, with costs ranging from $1,000 to $3,000.

I'm talking to the seller's broker, but I would like to find my own people to assist with the due diligence period, such as an SBA loan broker, an accountant with experience doing QoE for this kind of transaction, and a lawyer.

Should I get a lawyer too? 

I hired a lawyer to handle it, and she was given proper notice. 

Quote from @Alex Fierro: Greetings, finding a business/real estate lawyer that will actually return calls or emails has been taxing so I decided to post here to get the advice from all the gurus.