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LO forms and legal review


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#1 efete

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Posted 05 May 2009 - 02:52 PM

Hi all;
I spoke with MC about this and wanted some advice. Anyone in Ohio using the forms supplied by MC? Had any issues or legal concerns? I was wondering if it would be worthwile to have an attorney review them prior to using them for a deal. I appreciate any advice.

Also, I have read some advice about setting up an LLC and using prepaid legal or other do it yourself sites. Those pages state (at the bottom in fine print) that they cannot verify/confirm any stability from a legal point of view, aren't individual attorneys, etc. basically stating the documents they are charging for are not binding or worth the same as those done by an attorney face to face. Others have said there are many holes in those documents and to consult an attorney. Still others say they are fine and there is no need to consult an attorney. I was curious as to everyone's experience. Thanks!

Eric
Eric

#2 MichaelC

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Posted 06 May 2009 - 12:53 PM

Eric, I have had a number of folks in Ohio use my paperwork as-is and have done fine with it. That said, it's always a good idea to have an attorney review your agreements before using them. Shop around, and try to work with an investor friendly attorney. Preferably one who is a real estate investor himself. You might want to check with a local REIC for some recommendations. There's usually an attorney or three among the members.
As for setting up an LLC, start by going to the Ohio Secretary of State website, which can be found here. With a little bit of reading, maybe a phone call or two to their office, you can probably set up an LLC online in about ten minutes and save yourself some money in the process.

#3 Propertymagnets

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Posted 31 July 2012 - 09:16 AM

Hello everyone and in particular, members who are doing CA's from Canada in the USA. The Memorandum of Option or the Affidavit of Equitable Interest are used to protect our position in the deal. Has anyone used the forms, AS IS?

What is the Canadian equivalent of these forms? We need to get the documents notarized here and in the US., will the Canadian form be recognized in the US (Illinois, Indiana, Washington State).

Thanks
Charles M. Hill, M.Ed, MA
Property Acquisition & Management Consultant
Property Magnet Real Estate Investors Inc.

#4 MichaelC

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Posted 31 July 2012 - 11:34 AM

Charles, I'm not sure I understand your question. You are doing deals in the US, correct? If the property is located in, say, Washington State, then I have to assume the laws of WA apply. I don't see where Canadian law comes into play here.
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#5 HFP

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Posted 27 December 2012 - 10:11 PM

Has anyone used the LO forms as-is in New York? Have there been any issues?

Thank you!

#6 MichaelC

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Posted 28 December 2012 - 07:02 AM

I have, and there aren't any issues I'm aware of. That said, it's never a bad idea to run your agreements past a competent and investor friendly attorney for review.
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#7 HFP

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Posted 28 December 2012 - 09:13 PM

Thanks Michael! Good to know and I will.




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