I have successfully wrapped properties in the country,however found that the purchasers had trouble finding a local solicitor that would agree to read and explain an installment contract written by my solicitor.We overcame this problem by the wrap clients contacting an independent solicitor out of town who went through the contract with them over the phone after receiving a copy of the installment contract in the mail and signing documentation that the details were explained by a solicitor.
To summarise the client was happy and agreed to the installment contract,and has recently approached me (2 yrs latter)to pay me out and “refinance”through a bank.All is looking well.Client is happy and im happy.
Question has anyone else had the problem of the local country lawyers not agreeing to help the potential wrappee,and if so how have you over come this problem.Regards Terry.S[builder]
Terry I have had this problem once before and found it to be a solicitor who was simply not educated and up to date with wrap methods, thus finding it easier to say it cant or shouldnt be done. I advised my clients that they were welcome to have their solicitor contact mine and or find another solictor who was educated sufficiently in the field of vendor financing. I also advised my clients that VF is more of a specialty field thus not all solicitors are compliant with it, which helps them to rest at ease after having been knocked back by a solicitor. Hope this helps a little.
Michaelk
“We aim for Perfection, however excellence will be tolerated.”
terry,
I really think it’s a matter of a person not feeling they have enough knowledge in the area, and i think it’s commendable that they didn’t take on the work. I have had solicitors from my state not wish to do interstate work because they feel that a person from the other state would be better equipped to assist me. I could see the same happening if a solicitor felt they couldn’t assist with a commercial RE deal or something- I think it’s better if they don’t touch it unless they feel competent in the area. It’s often the best people who know their limitations, and refer someone on to someone who’s a specialist.
kay henry
I agree kay, that comment on solicitors avoiding the work and saying “cant or shouldnt be done” was based on previous experience. Though you are likely right with it simply being a sensible professional decision most of the time due to someone else being better epuipped for the job.
Michaelk
“We aim for Perfection, however excellence will be tolerated.”
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