Q: Are seller financing and lease option agreement contracts are legal in the state of Virginia?
Can a real estate investor offer these contracts to the seller and the buyer just as long as the contracts are legal and the investors has a title company or attorney to look over the contracts to approve them.
A: Lawyers don’t “approve” contracts. They review and advise their clients on the legalities of their dealings. After the advice, the contracting parties remain responsible for their choices, though they might have a claim against the lawyer if his advice was malpractice. If what you are doing amounts to real estate or mortgage brokerage without a license, you can’t do it without a license. You should retain counsel and review both the plan and the contracts. Generally, the parties can contract as they please unless they can’t. You might not be allowed to earn a fee on the deal without a license unless you are truly acting on your own behalf as an investor.
Bruce Alexander Minnick agrees with this answer
A:
You are mixing up several very different issues in this otherwise simple question. Answer: I am unaware of any state in the union that does not allow "real estate investors" to use "seller financing" and "lease option agreement contracts."
I am also unaware of any state in the union that REQUIRES anyone involved in any real estate transaction to use the services of a title company or an attorney "to look over the contracts to approve them."
CAVEAT: Please understand that my answer to your question is NOT intended to suggest that people selling or buying real estate should try to do it themselves. Buying and selling real estate is very complicated; that is the reason why lawyers and title companies are usually involved.
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