Attorney Transaction Killer Series - Time is of the Essence

Rule #2 for Attorney Review of Real Estate Transactions

Understand the Impact of Drafting Delays - Supply, Demand and Market Conditions

As an attorney and a real estate broker, I understand the need for attorney review of some (not all) real estate transactions to protect the interests of the tenant or purchaser.  However, this "How the Attorney Killed my Real Estate Deal" series will focus on how inexperienced attorneys can inadvertently kill a deal or transaction through overzealous negotiation, risk-proof contract drafting, and plain ineptitude.  For the "How the Attorney Killed my Real Estate Deal" series, you may have to read each installment sequentially as facts or circumstances are not fully repeated or explained in each part of the series.

 

Transaction Killer Factual Scenario

In a prior installments, I discussed the importance of selecting an attorney who can facilitate as opposed to impede a transaction is so important to getting the deal done.  In response, I received several comments from attorneys expressing some concern about the purpose of the series.  I want to assure the real estate attorneys out there that their hard work and value that you add does not go unnoticed.  This series is aimed at those attorneys who don't review transactional documents and don't necessarily appreciate the dynamics of residential real estate sales transaction.

Time is of the Eseence - Just Get It Done

In real estate, there is no more true fact then "time is of the essence."  Now, I am not talking about the legal definition and use of this term.  Rather, I am talking about the need for timely action.  The inertia associated with slow or plodding or untimely review of transactional documents can kill a deal as sure as a missed deadline or unsatisfied contingency.

How Long is Too Long to Complete Attorney Review

Now, back to the original story.  When we left off at the last installment, we talked briefly about the initial revisions sent regarding the Lease and Lease Purchase Addendum.  What we didn't discuss was the timing of the receipt of the initial revisions.  In the transaction that serves as the case study for this series, the attorney review period was two to three weeks.  For a residential lease transaction, this type of review period is entirely too long. 

Here is the timelines for the attorney review of the transaction:

  • Day 1 - Lease and Lease Purchase Agreement sent to Customer for attorney review.
  • Day 7 - Comments in poorly written form received from Customer's Attorney (5:00 p.m.)
  • Day 8 - Revisions to Lease & Lease Option sent to Customer's Attorney for review (11:30 a.m.)
  • Day 9-10 - Weekend - No Response.
  • Day 11 - Telephone Conversation - Requesting Comments on Revisions.
  • Day 12 - No Response to Telephone Call.
  • Day 13 - No Response to Telephone Call.
  • Day 14 - Telephone Conversation - Customer's Attorney indicates review of Revisions is complete and will send written comments.
  • Day 15 - Written comments received from Customer's Attorney (2:00 p.m.).  Telephone Call to Customer's Attorney - No Response.
  • Day 16 - No Response to Telephone Call.
  • Day 17 - Reply to written comments sent to Customer's Attorney. (12 noon).  No response to telephone call or e-mail.
  • Day 18-19 - Weekend - No Response.
  • Day 20 - Sent e-mail informing that showings resumed for property.
  • Day 21 - Property leased to other interested party.

After reviewing the time line, you can certainly see the worst case for attorney review.  The Owner's Attorney prepared and sent revisions in 18 hours after receipt of the initial revisions and 46 hours after second set of revisions.  This included time necessary to review the terms with the Owner and to revise the Lease and Lease Addendum.  In contrast, the Customer's Attorney took 7 days to propose the initial revisions and took an additional 7 days to respond to the revisions made by the the Owner's Attorney.  14 days to review a Lease and Lease Option is entirely too long.  Even after e-mails and telephone calls to the Customer's Attorney, there still was no response to the final set of revisions.

Bargain from Strength - Understand Supply, Demand, Market Conditions and the Value Proposition 

Now, this brings me to my second point.  Before an attorney starts their review of the contract documents, it is important to understand the time deadlines as well as the bargaining power between the parties.  In leasing transactions, there is typically little or no attorney review.  In my area, residential leases are generally offered on a "take it or leave it basis."  Other than the monthly rent, security deposit, utilities, lease term, and landlord repairs, there is typically little or no discussion or negotiation of the remaining terms.

Understanding the Value Proposition

In the situation that serves as the basis for this series, the Customer's Attorney was either unaware of the typical custom in residential leasing or simply didn't care.  However, there was something more.  The Customer's Attorney didn't take into consideration supply, demand, market conditions or the value proposition associated with the Property.  Had the Customer's Attorney considered these items, she would have found as follows:

  • Discounted Rent - Rents for the neighborhood average between $1.00 to $1.10 per square foot.  The negotiated rent at $0.93 per square foot (or $0.56 per square foot after apply the seller credit) represents a savings of $1,032.00 in reduced rent over the lease term.
  • Deeply Discounted Sales Prices - The option price was $200,000.00.  This represented a discount of 24% of list price or $64,000.00
  • 40% Seller Credit - Rental credit applied to the sale of $6,000.00.
  • Appreciated Values under Option (as opposed to Lease Purchase):  Although there are no guarantees, median prices in the neighborhood continue to rise.  In 2008, the median price increased 8%.  Assuming a modest 1% increase in prices, the option price represents a possible price appreciation during the lease term of $2,000.00.
  • Higher Level of Finish - Builder Upgrades totaling $10,000.00.

Using rough calculations, the value proposition is pretty simply to understand.  Compared to other units in the building and neighborhood, this transaction offered a savings of over $83,000.00.  It doesn't appear that this value proposition was clearly understood or appreciated by the Customer or the Customer's Attorney.

Understanding the Market

Similar to the value proposition, there appears to be any clear understanding of market conditions, supply, or demand.  Although notice was provided that the unit would be released for sale or lease unless the revised Lease and Lease Purchase Addendum were signed, no response was ever received from the Customer's Attorney and the Property was released for showings.  In 48 hours, the unit was under contract on the same terms offered to the Customer.  I attribute this to the quality of the finishes and the favorable terms offered.  Nevertheless, it appears that the Customer's Attorney miscalculated supply, demand and market conditions.  Although it may be a buyer's market, premium units that are well priced sell or lease quickly - buyer's market or not.

The Rules: 

So, here is a simple rule for attorney review:  When you are reviewing a real estate transaction, the Attorney:

  • Should respond in a timely manner.
  • Should communicate issues to the other party so that they are aware of an issue and can prepare a timely response.
  • Should understand that there is no deal until the transactional documents are signed.
  • Should understand that supply, demand, market conditions, favorable pricing, quality of the property, the value proposition offered by the transaction, etc. can increase the importance of getting the deal done quickly.

Interested in professional representation by a real estate professional who understands the need for prompt action to get the deal done?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381 or send an e-mail to Ryan@PREASignatureRealty.com.

Attorney Review Series

Attorney Review Series - Residential Leases

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PREA Signature Realty is a full service brokerage located at 1709 Park Avenue in the Lafayette Square neighborhood of the City of St. Louis.  PREA Signature proudly serves the following city neighborhoods:  Lafayette Square, Soulard, Benton Park, Benton Park West, Downtown Loft District, Forest Park Southwest, Central West End, Tower Grove East, Tower Grove South, Compton Heights, Shaw, The Hill, Dogtown, Carondelet, Holly Hills, St. Louis Hills, Dutchtown, and the Other Historic Neighborhoods of the City of Saint Louis, Missouri. 

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29 Comments on Attorney Transaction Killers Series - Rule #2 for Attorney Review of Real Estate Transactions - Understand the Impact of Drafting Delays - Time is Really of the Essence

AUG
16
894,590 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

This series is so good.  It is especially good for agents in attorney managed contract states.  Neither of the states in my market are, thank goodness.  In MD and VA, real estate agents/brokers manage real estate transactions. 

The few times when attorney review has been a condition of a contract have turned out to be comical.  In one case, at the settlement table, the attorney for the sellers, an estate trustee, recommended that the sellers kill the contract about to be settled and look for a conventional buyer.  My buyer was closing an FHA financed contract.  I believe that attorney was senile.

With another one, the buyer's attorney threatened to sue the builder seller because they installed the incorrect color carpet on the upper level.  However, the buyer, my client, had already accepted the carpet and was getting a $1500 credit for the mistake and, in fact, liked the color better than the one they had selected. 

Of course, the one where the attorney dismissed me at settlement didn't endear me to him.  If the buyers, my clients wished to dismiss me, they could have done it prior to closing and saved me an hour drive to the title office. 

My experience with attorneys brought in at the last minute for contract review or settlement is not good.  IMO, they have always been obstructionists or superfluous.  Usually, they just sit at the closing table and shake their head in approval.  How much is that worth??

Don't get me wrong.  I love attorneys and would be lost without mine on whom I rely for all things legal.  However, when it comes to real estate sale case management, I simply haven't seen the need. 

I wish this post was more related to real estate sales rather than commercial leases since that has more agent appeal.  However, it is a very good read.

 

 

 

 

4:59am • #1
894,590 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

And another thing.  Forget about "attorney drafted contracts".  Not in my market.  In fact, my E&O requires that my buyer clients use board approved (attorney written) contracts. 

The only time I had an attorney drafted contract was for a Land Installment Contract that was so out of touch with the actual real estate transaction, I withdrew my representation of the prospective buyer and let the attorney represent the buyer in the transaction.  It never closed.

5:02am • #2
159,177 Points 3 Featured Posts Localism Sponsor Outside Blog Hit Router

It's amazing how 3 full weeks flew by with all the delays, due to the customer attorney's seeming lack of attention & timely response. I've heard it takes 21 days to begin a new habit---and this is not a good one at all! Your knowledge as an attorney is a huge beneftit for readers, providing a very well illustrated and comprhensive picture of these problems. I think there are a lot of "growing" problems (previously less common) that require a ton more education for those needing to handle them.  Your post is very educational and I value the way you are able to spell things out. Time is essential in these contracts, and I'd expect this post will help to get professionals checking their watches. Thanks for this value-packed post!

5:08am • #3
296,133 Points 42 Featured Posts Localism Sponsor Outside Blog

I love this attorney perspective of the time delays.  Missed phone calls, lack of communication, and failure to respond in a timely manner or just plain unresponsive.  A review should be just that-am review-not a re-write.  Your suggestions make sense.

 

5:44am • #4
316,174 Points 2 Featured Posts Outside Blog

Time is of the essence...an oft unrealized reality. Thanks, an excellent series.

7:57am • #5
180,093 Points 4 Featured Posts

Good focus on lease-purchase. This is something rarely done by the normal real estate agent. Although your focus is on attornies in the process, this post should give pause to any Realtor who wants to execute a lease-purchase without knowledge of the important details. I look forward to your future articles in the series.

8:28am • #6
221,148 Points

WOW, I perceive you are going to be opening a bunch of eyes!  Mine especially! Thanks for this really great series!

8:39am • #7
240,645 Points 30 Featured Posts Localism Sponsor Outside Blog

Hi Ryan ! Great topic !! And something that we all have different understandings of. Here we have attorney review with virtually every deal, and the way it plays out can vary widely. Usually its pretty straight fwd, but  from your post we can certainly see the dangers of delays and non responsive attorneys. Good reality post !

8:54am • #8
151,916 Points 3 Featured Posts Localism Sponsor Outside Blog Hit Router

Ryan,  I'm going to bookmark this. thanks for taking the time to present it.

 My market does not rely on attorneys to draft or negotiate contracts.  Like Lenn our forms come from PAR and are written by attorneys. Thank goodness.

My one experience with an attorney who became involved was a night mare.  He found an ancient city sewer map that showed an easement existed at the rear corner of a property.  He told the buyer this was dangerous.  If the city had placed a sewer line through the property it could blow up,

We finally got it closed but not before I had to go to the sewer authority to resolve the issue.

9:17am • #9
10 Featured Posts

Ryan - I have a "TIME IS OF THE ESSENCE" plaque sitting on my desk.  Great post.  

9:23am • #10
1 Featured Post Outside Blog Hit Router

Like Lenn and Bonnie, my market doesn't rely on attorneys to draft, monitor, negotiate or close residential contracts.  Our FAR contracts are written by attorneys.  So when I know an attorney is going to get involved in a plain vanilla purchase/sale of a home I just take a deep breath.  I know he's going to "do something"; after all I think they just "do something" to justify a fee.  I have never had an attorney look at a contract and say, yep this looks good.

I find that the "do" really doesn't materially improve the transaction for either party.  What the "do" does is usually to cloud and complicate a very simple item. 

BTW, I have nothing against legal professionals, I have very good relationships with several of them in my area and they certainly are needed in certain situations. 

9:58am • #11
105,727 Points 1 Featured Post Outside Blog

Ryan, The NABOR (Naples Area Board of Realtors) contract is written by attorneys and is revised on a an all too frequent basis.  I used to use title companies...(the preferred closers in FL) but in the past three years have gone back to knowledgeable RE attorneys to make sure everything is being interpreted properly. Many Realtors are not keeping up with changes in the contract and they often misquote.  I used to think of attorneys as deal killers.  I have dealt with serious mold, radon repair issues that were resolved QUICKLY by my attorney.  I now would not close without one!  Thanks for the post!

11:20am • #12
238,365 Points 1 Featured Post

Ryan,

This is one of the best articles I have seen on Active Rain. It's very, very true, and occurs in just about every jurisdiction.

The particular attorneys to which you are referring are too busy to do the work, respond in a ess tham timely fashion and overcharge.

Having practsied law myself for over 25 years, I often draft up the more complex clauses and send them in ahead of time for pre-approval.

The only leverage you have is to say..."let me know by 3:00 pm if there is anything wrong with this clause?"

Then, if they don't respond in time, it's their fault.

Not having any understanding of the client's bargaining position is the biggest sin. They can rewrite an entire one-sided agreement, to a one-sided agreement in their client's favour, only to have the other party sell to someone else.

Who needs to pay thousands of dollars on drafting and re-drfating legal documents for deals that never go anywhere?

Brian

12:07pm • #13
132,349 Points 9 Featured Posts Localism Sponsor

EXCELLENT write!!

We don't have attorney closings here in AZ BUT we often have attorney reviews/drafting of commercial contracts and leases . . .

What I always found curious was that attorneys write the contracts our Associations (REALTOR and Commercial) use and they're the ones who remind us that time is of the essence. . . but whenever attorneys are involved they seem to forget that key fact as if it doesn't apply to them!

12:22pm • #14
208,447 Points 19 Featured Posts Outside Blog

Lenn - In St Louis, we use a sale contract approved by the St Louis Association of Realtors and the Bar Association of Metropolitan St Louis.  It is jointly drafted and works well for existing homes.  As to leases, most owners or leasing companies use their own form leases tailored to the property.  Where there is the biggest need for attorney review of contracts is developer contracts used for new construction and REO property.  In those cases, you sometimes see onerous provisions. 

When I am reviewing transaction documents, I first get clear directions from the client.  I then identify potential issues and assess the risk.  The client then chooses what is the point of contention.  The only other items that I address are provisions that overreach or violate provisions of Missouri law. 

As to residential closings, I review everything before the closing and rarely attend a closing as an attorney.  When I do, I usually usurp the role of the closer and review the HUD-1 and deed.  After that, it is more about making the client feel good then adding value at that point.

12:29pm • #15

I'm in Florida and thank goodness attorneys aren't generally involved in the real estate transaction.  The few times I have had clients get the contract reviewed by an attorney it has done nothing but slow down the deal. One of my clients had a contract reviewed by an attorney and he charged her $300/hour and had me add the exact same wording that was already in the body of the contract to the additional terms section.  Ridiculous.  I guess there may be a time one of my clients or I needs an attorney to review a contract, but 99.9% of the time I think we're much better off without them!

12:52pm • #16
208,447 Points 19 Featured Posts Outside Blog

Mara - Reviewing a lease and lease purchase addendum should take less than an hour.  When I am going to request changes or counter, I always discuss the issue with the opposing attorney before I start drafting.  Sometimes, I just don't get why a provision is necessary so I ask.  When I do object to a provision, I always propose alternate language.  When the responses are prompt, it shows that you are willing to work to get it done.  The transaction that served as the basis of the post was admittedly frustrating.  It gets worse.

Florida Pines - This was a little bit more than a review.  However, I can't believe that the customer wouldn't push harder to get the deal done.  One of the major problems was at the outset settled issues were unnecessarily reopened and the terms and structure of the transaction changed.

Gary - It just goes to show the need to get it done or move on quickly.  The best properties and best deals are not going to wait for an attorney to review and comment on the deal for two weeks or longer.

Joe - I agree.  Lease options and lease purchases aren't your standard transactions in my area.  They are becoming a bit more common.  Even with the added complexity, there was no reason for 2 weeks or more of drafting.  My suggestion is get it on paper and signed with the terms you want.  Force the other side to counter.  If it had been done this way, you could at least point to firm deadlines as opposed to dragging it out over 21 days.

Eveylyn - I have worked with attorneys reviewing developer sale contracts.  The majority have gone smoothly and were resolved in 24 hours.  However, this one wasn't one of them. 

Sheldon - I think that the fact that attorney review is very uncommon in my area is a part of the problem.  If it was common, I think that you would have attorneys who only do contract review and closings.  However, when you do anything infrequently, it always takes longer than it should.  There is a later post in the series about sticking to what you do best.

Bonnie - In our state, attorneys must review the sale contracts used by brokerages.  After that, it is uncommon to review residential transactions.  In this case, it would be fairly common to review the lease purchase addendum or lease option.  However, I don't many owners that will accept changes to their form lease.  The reasons include cost, timing, and a desire for consistency among tenants.

Marie - Some attorneys can complicate a simple contract.  The odd part about this post is that we agreed to most of the changes or explained why we couldn't do so in great detail just to get this deal done and we still met resistance as each step.

Kent - it is a great plaque to have.  I have a couple of things - right now it is a cartoon from South Park.  You probably can guess what it says.

Marcia - I recently handled the release of an EPA lien and addressed some severe soil and groundwater contamination.  The process was frankly resolved faster than this simple residential deal.  There is a time and place for attorney participation in residential transaction.  I am just not sure that there was any added value in this transaction.  Plus, the attorney killed the golden goose - I mean great deal in this case.

Brian - You hit it out of the park.  Two great points - first, communicate why you want a change and make it easy by providing the proposed language and, second, understand your bargaining power and what it takes to get the deal done.  He who has great leverage in the transaction is more likely to get more (not all) of their contract terms.

Candice - Same here.  It is pretty amazing - but I don't think that some realize or care about the importance of getting it done.  An experienced agent with a good in-house attorney can spot and draft a quick provision and understand the importance of protecting the client while balancing the provision to get the deal done quickly.

12:59pm • #17
208,447 Points 19 Featured Posts Outside Blog

Loree - I see a role in some residential transactions.  But the sale of existing homes and leasing generally aren't the areas where they are needed.  Easements? Title defects?  Environmental conditions? Yes, I would seek legal counsel.  Based on your comment, you will enjoy the next post.  The attorney added financing and inspection contingencies to the lease option.  If you are leasing and possess the property and have over 11 months to address these items, why do you need financing and building inspection contingencies?  The answer - you don't.

1:03pm • #18
171,225 Points 5 Featured Posts Outside Blog Hit Router

Ryan -- WOW -- you had a BLOG post just from Lenn's comments alone!  Which, as always are always spot on, and what I refer to as: WLS (What Lenn Said!)

As an attorney yourself, this is pretty powerful stuff!

In Oregon we don't have settlement attorneys.  I remember going to a walk-through with my buyer client in a new construction subdivision, and the builder's rep said, "Oh, your attorney is here," when he saw me. Pretty much says it all.  WE represent our fiduciary here!  ;-)

BTW -- I got a kick out of the photo you used!  THANKS!

Before my life in real estate I was a paralegal, and I'm a 'certified' legal secretary through the Beverly Hills Bar Association!  WHOPPEE!!  But that 15 years in that field sure was helpful!  When I review contracts I see them in a very legal light.  Our Sales Agreements /purchase contracts are very good!!  Started out with 4 pages, when I first became licensed . . . now they're 8.

1:34pm • #19
Localism Sponsor Outside Blog

I too am glad that I live in Virginia.  I do have an attorney that I or my client can consult if the need arises.

1:35pm • #20
208,447 Points 19 Featured Posts Outside Blog

Carla - We use title companies in St Louis.  However, it varies.  The rural counties still use abstractors and closing attorneys.  This post is more aimed at attorneys who get involved in reviewing sales contracts, leases, etc. before execution or after execution but during some contingency for attorney review and approval.  I was a bit miffed about this transaction because the attorney was less than responsive and blocked the lease/sale - even though the customer clearly was interested and was getting a great deal.

Damon - It is definitely a good idea to have some on retainer to handle the big and small issues in a timely manner.  Attorneys can be myopic in terms of protecting their clients.  It is a good thing.  However, it is also important to remember the goal - get the deal closed.  In contrasts, agent can be myopic in terms of the sale.  So, it is important to have a balance.

3:23pm • #21
269,509 Points 4 Featured Posts Outside Blog

Great post Ryan. Here is AZ we don't typically use attorneys (mainly commercial).  If an attorney comes into play it's because an issue as popped up after the fact.  We use standard contracts so it's fairly uniform.  Being the broker I have access to a great attorney whenever I need advice - which is usually several times a year.

I'm  glad we don't have yet one more process to slow things down (especially now as they're slower than molasses with the lender/appraisal stuff going on).  Sounds like a lot of folks get real frustrated waiting for attorneys to respond. 

3:49pm • #22
208,447 Points 19 Featured Posts Outside Blog

Anna - Same here.  Residential transactions typically use attorney-association approved contracts.  Usually it is smooth sailing on the drafting side.  However, when an inexperienced or less than diligent attorney is involved, it can derail the transaction.

4:46pm • #23
279,106 Points 2 Featured Posts

Hi Ryan -- Just another gold nugget of information on why it is so important to make sure anyone you hire knows how to connect the dots.

7:57pm • #24
208,447 Points 19 Featured Posts Outside Blog

Chris - You offer good advice.  However, when picking attorneys or title co or real estate agents, it is often difficult for the consumer to get objective advice.  Need a JD Power type tracker to rate some of these professionals.

9:25pm • #25
AUG
17

Coming from NY where attorneys are an integral part of the residential real estate system I find many of these comments comical.  My mother-in-law bought a couple of acres of land with a mobile home on it in Norman, OK.  In that area a title company handles the closing. As she was returning to NY for Thanksgiving I instructed her to bring the bank and closing documents with her for me to review.  The late fee on her mortgage was 10% of the outstanding principal balance! Not of the monthly payment but of the outstanding principal balance. I called the title company and told them she could not sign these documents. They apologized and said the late fee should have been 10% of the monthly payment, not the outstanding principal balance.  The representative of the title company told me they had been using these documents for this lender for 10 years and no one caught that error. I asked her if I could buy all that lender's mortgage but my sarcastic humor went over her head.

In another instance I had a friend who was NY lawyer retiring and moving to Indiana.  He was told they don't use attorneys or get title insurance in the area he was purchasing.  Needless to say he obtained title insurance and when the title company gave him the continuation search at the closing table it was disclosed the day before closing that the owner gave an easement to this neighbor to ride horses across the property my friend was buying.  The closing was postponed until the easement was removed.   He avoided a very unpleasant surprise but would a lay person of caught this deception? Probably not.

There is one point I will agree with the tenor of this blog.  Real estate transactions in my area go smoother when an attorney with real estate experience is involved. The worst transactions are when a litigator or corporate attorney is handleing a closing for a friend or family member.  They sure can screw up a deal.

2:36pm • #26
208,447 Points 19 Featured Posts Outside Blog

David:  I'm not bashing attorneys or their role in residential transactions.  Instead, I am commenting more on the practitioner who is outside their field of expertise and dabbling in residential real estate.  The case study that serves as the basis of this series is about the review of a residential lease and option.  When you read the entire series, I think you will see that I don't advocate against the use of attorneys.  In fact, I advocate the use of experienced and knowledgeable real estate attorneys.  In this case, I  would note that 7 days to review the initial lease and addendum and 7 additional days to review the approved changes in the redlined documents was simply too long. 

In the cases you describe in your comment, I would agree that attorney review of the documents would have caught the problems.  However, there is a difference between attorney review and the wholesale rewriting of the documents.  I have had to tell two attorney-purchasers at the closing table that "no, you can't rewrite the standard FannieMae deeds of trust."  The closing instructions were pretty clear.  The only options were sign the standard Fannie Mae deed of trust for Missouri or don't close and find another lender.  Drafting changes at the closing table without the approval of the lender simply wasn't an option.

4:03pm • #27
AUG
20
243,430 Points 6 Featured Posts Localism Sponsor

Ryan, I have always thought attorneys take awhile to give an aswer because they are thinking it through. A quick answer isn't always the right answer. But three weeks?? For a lease which was pretty straightforward? It's obvious the attorney was either crazy busy or out of her area of expertise - and the latter is the case, right?

9:46pm • #28
208,447 Points 19 Featured Posts Outside Blog

Sharon - I would agreed that short deadlines can impact the quality of the review.  However, this was a pretty simple lease with a lease purchase addendum (or later a lease with an option).  We rarely see much negotiation of lease provisions or attorney participation on the residential side.  When there is attorney involvement, it is usually a thumbs up or down proposition or the negotiation of specific terms.  In this case, it was a wholesale re-drafting of the lease which wasn't necessary.  The terms were as or more balanced than the standard board approved lease forms.  Plus, it was a pretty good deal from an economic perspective for the customer.  I don't know the reason - but I would speculate that the person was outside her field of expertise.  As you will see in the other posts, most of the changes were unnecessary.  In some cases, there were some requested changes that were impossible to perform.

11:15pm • #29

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