Real estate is a great way to make a whole lot of money. But people who have a whole lot of money are great targets for other people. Just like a kid in a candy store, the have not’s want to play the “Gimme-Gimme-Gimme” game.
And they like to use lawyers to play.
You, as a real estate mogul, need to fight back with your own lawyers. Not just in a ‘My lawyer can beat up your lawyer’ sort of way. More like ‘an ounce of prevention is worth a pound of cure.’ Having all your documents, agreements and paperwork in order can keep you out of court and potentially out of the poor house.
It used to be that real estate investors hired attorneys to draft all their paperwork for them – at great expense. Not anymore. Hello world wide web. The internet has changed all that. Now there are forms all over the net. With a little determined searching, you can find great:
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Leases
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Applications
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Warranty Deeds
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Purchase Agreements
…and a host of other forms that real estate investors use regularly to run their businesses.
Most of these forms, however, have a big disclaimer saying that you should check with an attorney for your state before using them. That is a wise thing to do, but an expensive thing as well.
Instead we found several websites that might save you a trip to your lawyer’s office. Not to mention a big bill when he passes your documents off to his $10/hour paralegal intern to review.
These sites can provide documents valid in your state, have your documents reviewed by one of their (cheaper) lawyers, or refer you to a lawyer for further consultation at a discount rate.
These sites could be your Dream Team for real estate legal advice.
Legal Zoom
Legal Zoom seems to be one of the most well-known websites. It offers a lot of features. Not only does it have more than 160 different legal forms, it also offers the following services:
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Free Registration
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Document reviews under 10 pages are free
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Longer reviews (over 10 pages) are $39
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Create business entities (pricing is here for an LLC)
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Sign up for a personal or business legal plan
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General business forms
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Regular newsletter
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Instant legal help
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Certified copies of documents
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Website terms and conditions
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Agent services
With Legal Zoom, you can almost have a one-stop shop for all your legal needs. It may not be the cheapest site, but it sure can provide what you need.
Nolo
If you’ve always wanted to be a lawyer but didn’t have the patience/money/time/interest in going to law school, Nolo is the site for you. In addition to providing you lots of forms, Nolo also provides lots of material to execute the forms, or legal proceedings yourself.
Once you register for the site, you can customize a form, or learn all about the forms to avoid getting in trouble. The forms can be customized by state so you won’t need a lawyer to look them over.
Nolo also has a ‘Get Informed’ section with tons of articles giving free legal information. For real estate investors, there is some great free information on:
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Business formation
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Foreclosure
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Landlord/Tenant Law
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Real Estate
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Small Claims Court and Lawsuits
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Taxes
…plus a whole bunch of information on personal affairs. If you are about to go through a divorce, they even have a package to go through the whole divorce process without a lawyer – only $46.99! (We’re hoping you never need that.)
Something you actually might need is a way to transfer ownership for properties. Nolo can walk you through quitclaiming the property all by yourself.
Nolo has tons of books on many aspects of real estate law and calculators for personal finance. If you want to become an expert in protecting yourself (not a bad thing to do), then this is the place.
They even offer podcasts by top professionals to explain the latest legal changes. If all this information is overwhelming, Nolo also offers advice in finding a good lawyer in the area of law you need and the geographic location where you live.
Nolo is more expensive if you are just looking for a legal forms template, but if you want more in-depth information, this is where it’s at.
Law Depot
Since Nolo and Legal Zoom are a little more expensive, we thought you might want a site where you can download legal forms for free. Law Depot is that site. Sound too good to be true?
You’re right. There is a catch.
When you register, you have to give your credit card information. Then you can use the site for 7 days. After the week-long trial period, guess what? Yup. You get billed. Unless you cancel.
The pricing is not that bad though:
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$33 per month if you just go month-to-month
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$7.99 per month if you get a 12 month subscription
So you can download like a maniac for 7 days and then cancel for free, or pay to download at a more leisurely pace.
This site is basically a customized legal forms website. They have a lot of real estate forms, and you can customize them to your state. Once you select the form, the site will ask what state. Then it will ask you a lot of questions pertaining to your situation, and spit out a form or contract specifically tailored to you.
Professional lawyers developed all the forms and they offer a $10,000 guarantee, which would cover any damages you incur as a result of the forms on this site. They even offer you $100 if you are the first to find a mistake on any of their forms.
Law Depot is a simple, easy-to-use way to create most of the legal forms you need for free (as long as you remember to cancel in 7 days or less). It doesn’t have all the extra features of a Legal Zoom or Nolo, but you get what you pay for.
Review Your Forms – Do you have what you need to run your business? Are they all kosher from a legal standpoint in your state? If you don’t know for sure, check with a lawyer. Or download forms from one of these sites.
Learn about the Law – Knowing your rights means you will be in a better position to negotiate and avoid trouble should a conflict arise.
Seek Legal Help – Start a relationship with a lawyer, even if you don’t need one right now. Ask other investors who they use. Make sure the lawyer understands real estate.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.