I don’t know about you, but I have found that attorneys are powerful “tools” when used properly. I have used attorneys for contract law, business structuring, litigation, legal document preparation, SEC compliance, owner financing and notes compliance, and more. But most of these are “1 and done” things, or, are needed every now and then when things pop up.
But there are 3 things that we consistently need done, and attorneys have proven that they are highly valuable in doing them for us.
1) Evictions. When I need this done, I like that fact that I don’t have to deal with it. I hate dealing with it actually. So I send an email with name, address, and lease , and tell my attorney to call me when its done. They send the letter, receive the calls, go to the judge, file everything, set up the lock out, etc etc. I have an awesome attorney that will even show up at the property on my behalf. It is definitely worth the money to let them be the ‘in between’ so I can avoid any hassle or stress that comes with these.
2) Probate. The probate process can get quite messy sometimes and I have learned that not all attorneys are created equal when it comes to deeding property. Sometimes a seller will use a family friend or referral and that attorney doesn’t specialize in probate. I have experienced the title company’s underwriting to not accept the method of title transfer that was used by some attorneys. Also in AR, probate can be skipped and a small estate can be used to convey title much quicker and easier. We use an attorney to assist us and our sellers to get through the probate process much easier than if they used an attorney that doesn’t specialize in it. It has saved us so much time and headaches.
3) Title issues. In the wholesale business, we run across title issues all of the time. Its to be expected, actually. Some of the common issues we see are liens and judgements on a property that are ‘clouding’ it and preventing the seller from selling at a reasonable price. A lot of these liens are from 3rd party services, and many will settle for much less than the recorded amount. An attorney can take on this role as the representative and negotiate with the lien holder a discounted payoff. I have learned that when an attorney is doing this, the lien holders seem to work with them better as compared to myself or the actual seller.
I hope this gave you some ideas or insight on ways you can add an attorney to your processes in your business. Remember, find one who specializes in the area that you are needing services in.