QUOTE (jarrettvaughan @ Oct 12 2007, 03:27 PM)
I would also like to know about the process of legal contracts for a JV. Is there a standard form contract that can be used (if so, could it be posted or emailed)? If it is nessacary to use a lawyer to make the arangments, what type of leagal fees are expected and does the cost get split between each partner????????
I know that every partnership is diffrent but I am just looking for general info. Thank you so much for your help, all of us beginners really appreaciate it!!!!!!!!!!
My joint ventures came from talking about real estate with everyone and anyone who wanted to talk and then being ready to answer questions intelligently when the questions came up.
... and you'll see the sample forms. As will all legal documents, you should run them past your own lawyer first to make sure you understand it and then your JV partner should also seek their own independent legal counsel. Legal fees vary (mine were fairly cheap since I have a great relationship with my lawyer) and it's up to you and your JV partner to work out who pays for what. If they're putting up $80 large to JV on a property, a couple hundred extra for the peace of mind of a legal opinion is minor...
Good luck and happy investing!
Nick