I'd sign an agreement doc. investing with a lawyer, and he the one who draft the doc. Is this legal?

Question

What make the agreement legal? How do i go about making it legal?

Answer 1

/ It is perfectly legal for either party (or both - advisable), to draw-up a legally binding agreement.

When both parties (you and the lawyer) sign the agreement, at that point, it becomes a legally binding instrument.

What you need to do, is read the entire draft of the agreement before signing a final contact.  If there is anything you disagree with, cross it out, and change it to the way you want it to be worded.

Keep repeating this process until both you and the lawyer are satisfied that it is exactly what you both want to agree upon.

If you don't understand something, and the lawyer's explanation isn't satisfactory to you, go to a third party and ask what it means.

Don't accept the verbal meaning of an unclear sentence by the other party, and remember that verbal explanations are not part of the written binding agreement.

You have just as much say in the agreement as the other person.  If you do not like the agreement, do not sign it.

If you both agree to terms, then make 3 copies of a finalized agreement, and have all three signed by both parties in front of a Notary Public (who is not connected with either party).  Each of you keep a copy, and the third document is filed with the courthouse (not legally necessary) in case something goes terribly wrong.

Answer 2

If he is your lawyer and also going to invest for you, he has to give you an opportunity to consult with another, impartial lawyer.  You have no obligation to do so, but may want to.

Answer 3

For heaven sake, read the document and ask that modifications be made to any section you do not feel comfortable with.  You are not required to sign any document you do not agree with.  But if you do sign it is legal.  

If the lawyer drew up the document, you can bet he drew it up to favor hisself and not you.  It is your responsibility to request any changes that you think appropriate prior to signing.  

Answer 4

I wouldn't advise having the person with whom you are entering into an agreement draft the document, but if you've already done so I'd strongly suggest that you have it looked over by another lawyer, one who isn't affiliated with the first one in any way.  There would be too much temptation for the first lawyer to word the document in a way that benefits himself for my taste, although I suspect that yes, it is technically "legal."