So you’ve got yourself a contract and you’re ready to hit the ground running, but you’re worried about how it goes here in Georgia, right? You’d like someone to look your contract over and check it out, yes? Groovy. You’re not the only one. We get asked by new investors to review their contracts a lot. A whole lot.
So here’s a little secret: if everybody performs, then anything even remotely resembling a contract will work. A cocktail napkin that has a buyer, a seller, a property address, a price, and a couple signatures scrawled on it will hack it as a contract if everybody shows up for closing. Performance is everything, and we’ve seen pretty terrible “contracts” work just fine.
But here’s the other thing: if there’s a default or dispute and somebody doesn’t perform, then the language in the contract becomes very, very important. Very important. And truthfully, that contract you got from who-knows-where? Unless it was written by a Georgia attorney specifically for Georgia property and Georgia laws, then that contract is most likely going to be, well, not good. Contracts can be complex. They require a high level legal expertise to draft properly.
Real world: Your contract is likely to be poorly written. It’s likely to be chock full of ambiguous language. It’s likely to be missing things that ensure its enforceability. It’s likely to be all of these and more. By likely, we mean, almost certainly. We’ve seen thousands of investor contracts over the years. We haven’t really seen a good one yet.
And here’s the other, other thing. Paying a lawyer by the hour is expensive. Fees add up quickly.
Will we review your contract? For sure. We have someone that absolutely can do that for you. But don’t be surprised if you end up with a hefty bill just to find out your contract doesn’t make the grade. Contracts, like piranhas, are a very tricky species, after all.
Want a better solution? Just reach out and ask for one that we wrote. We’ll happily share it with you.
Harlan Florence is an Atlanta-based boutique law firm that believes there’s a better way to handle your real estate closing. We’d love to work with you. Contact us today, and let’s see what we can do together.