Page 224 - Trump University Commercial Real Estate 101

TRUMP UNIVERSITY COMMERCIAL REAL ESTATE 101

deals directly with owners who are just looking to move their properties
quickly.

Attorneys

You will need two types of attorneys in a market: The title attorney or closing
attorney will review the deal paperwork, and will create your buying entity
to protect your rights. The other attorney will handle any litigation.
The title or closing attorney will be easy to find. Every market has

good ones. Get a referral from your local savings and loan, mortgage
broker, or property manager.
Always use a local closing attorney when doing business in another
state. Consider this: Our 50 states can ’ t even agree on being called
states . For instance, Massachusetts is a Commonwealth and — believe it
or not — the offi cial name for Rhode Island is State of Rhode Island and
Providence Plantations. With that kind of independent thinking, is it
any wonder that the states have very different real estate laws?
Make sure you have someone in your corner who knows the state and
local laws cold. That person will review your purchase and sale agree-
ment, lender ’ s term sheet, title, survey, and all other closing documents.
She will even review the service contracts in place at the property.
She will also negotiate better terms for you, and fi nd loopholes
and problems in documents. Avoiding just one of these is worth more
than the cost of the attorney. These types of attorneys are usually very
nice to do business with.
Your litigation attorney is a different story. Here you want the bad-
dest S.O.B. in the land. You want the guy they tell stories about. That ’ s
the same guy that no one wants to be up against in a court case.
Everyone knows who this person is. When you start asking around,
one name will pop up over and over.
In my early days I used to sit in the back at housing court and
watch the proceedings. I got a free and fascinating education that way,
observing the arguments of landlords and tenants. (You should do the
same if you intend to buy multi - family properties.)

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