Our lawyer has brought a buyer (one of his gold star clients) for our 2 rental properties and a commercial building owned by my in-laws (78 yr old ). He has told them that the buyer will put down $25,000 and they will hold a $250,000 mortgage at 8% with a 10yr balloon. He want to represent both parties but has not told my in-laws what fee for putting together the deal if any he is expecting. He said my in-laws can not run a credit check on the buyer because its not allowed. He also said a contract cost more so a summary statement and mortgage papers are good enough.
My in-laws wanted to go back and ask for another $25,000 down but the lawyer said it would kill the deal.
This all sounds bad to me

I agree... sounds fishy to me. Anyone can run a background check of public records, of anyone. If SSN is not available, name, telephone, business and home addresses may be enough. The in-laws may be gone before they ever get paid... elder abuse... Try searching "background check" and see what you come up with...

Never never never use an attorney who is representing both sides in a transaction. Get your own who will represent your interests and no one else's.

Never never never hold a mortgage without running a credit check on the person who is going to be responsible for paying back the loan.

Never never never enter into an agreement involving the sale of property without a written contract that states in detail the obligations of the parties.

Sounds right on the serface, but, watch out for a game here.