Phocus Law | Michael “Mick” McGirr
Greetings to the savviest bunch of cacti-huggers on this side of the Colorado River! I hope this missive finds you enjoying your air-conditioned abodes and iced teas while flipping through properties, rather than flipping out over the temperature. Summer is pretty much over, so we are excited for 7 months of cool weather, cooler power bills, and lots of very cool deals.
Now, we here at Phocus Law are well aware of what most folks think of when they think of lawyers: images of lengthy contracts, suits, and – let’s face it – billable hours, come to mind. But have you ever pondered what a real estate attorney can actually do for your investments? The following is intended to let you know or remind you what you can rely upon your legal counsel to do that will benefit your investing:
- Due Diligence: Yes, Arizona is stunning, but the legal landscape? It’s like a desert with hidden pitfalls. Let your lawyer navigate, ensuring titles are clear, zoning rules are understood, and there aren’t any ‘snakes in the grass’ – literally or legally.
- Purchase/Sale/Transaction Contract Drafting: The pen may be mightier than the sword, but a poorly written contract is as useful as a sunshade in a sandstorm. Your legal counsel can craft contracts that protect you and ensure your deal’s success. If the other party has already put together a set of contracts they would like to use, letting your attorney review and revise those contracts is equally necessary and useful.
- Dispute Resolution: Got a prickly situation with a tenant, buyer, or seller? We can help smooth things out. Oftentimes, your contracts include dispute resolution provisions requiring mediation, arbitration, or setting the guidelines for litigation. Your legal counsel can (and should) represent you in those proceedings.
- Business Structuring: Whether you’re pondering an LLC, partnership, joint venture, corporation, or other entity structure, your legal counsel can help you organize in a manner that best suits your goals and minimizes risks.
- Investment/Financing Documents: As your portfolio develops and you have extra liquidity, you may decide to begin doing some lending of your own. Phocus Law’s lender docs are tighter than a downtown parking space and are intended to protect you the lender, so that you don’t lose your hard-earned capital. Some of the lender docs clients have brought to me for a review are leakier than a tent in a monsoon.
So, the next time you’re wondering whether or not to get your attorney involved, just remember that a savvy real estate investor uses all the tools at their disposal. And while Phocus Law may not be as sexy as that new fix-and-flip you’re just finishing up (although I think we are), we promise to be the protective sunscreen to your Arizona real estate endeavors. The Phocus Law team is here to assist with all your business and real estate needs. If we can be of service, please don’t hesitate to reach out. I can be reached by email at Mick@PhocusCompanies.com or by phone at (602) 457-2191.