The Dirt Lawyer's blog suggests otherwise, and gives five pretty
good reasons why this is so. Full post here. Two key excerpts
"They said this document was just a standard form. And
the check's in the mail, this will only hurt a little, and honey,
I swear it is only a cold sore. Uh huh. So that is why you
signed a ten year lease with a full personal guarantee for
your business even though your financing is still in the
approval state? You didn't negotiate an out from that? Oh,
your lawyer would at least have pointed it out to you so
you'd know the risks. Oh, you are calling me now!
"Trust me, the bill you get for being proactive will be cheaper
in the long run than the bill you will get for being reactive."
For faithful readers who remember our 33 guidelines for
investing, Guideline #18 was to have a good team of advisers
and Guideline #19 was to read the fine print. A smart real
estate attorney is a pre-requisite for a successful career in
investing in real estate.
While some attorneys undoubtedly take pleasure in "killing a
deal," it has been my experience that, if one consults with them
sooner rather than later, a good real estate attorney is worth
their weight in gold.