[lgdaetz]

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

[rsain2004]

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...

[LisaB4657]

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.

[fbruette]

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