I am a newer real estate attorney. I have recently been retained by a seller. This is a subject to transaction. This is my first subject to. Any tips or advice? Thank you in advance!

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What do you mean by subject to transaction?

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D1, are you sure this is the meaning? Seems the sale would trigger the due on sale clause in most mortgages and create a tremendous risk for both Buyer (who gets foreclosed and loses the property) and Seller (who takes the credit hit and the risk of any deficiency).

I read “subject to” to mean “contingent on the successful sale of another property”. I think we need clarification from OP.

If you can’t look to another attorney for assistance, you can rely on the advice of the title company. Particularly if you are a young lawyer just starting out, title companies will be eager to develop a relationship with you.

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I will do this. Thank you!

Ask a good real estate partner in your office for guidance. He/she can help you manage the client and the transaction.

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I’m a solo practitioner. I also don’t have a mentor. I’m learning on my own.

Don’t try to do this without the guidance of an experienced lawyer or paralegal. Less important if it’s a residential. Nonetheless, there’s a lot you can learn from someone who’s done this before.

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Thank you. I’m a solo practitioner so I’m learning on my own.

Which state are you in?

I’m in IL.

Put your insurance carrier on notice that you’re seeking advice from Fishbowl.

A2 - not nice.

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