In his book, The Art of the Deal, Donald Trump tells a story about a particular real estate transaction he negotiated, and one reference highlights a dilemma regarding a lawyer’s role in real estate and business contract negotiation and drafting. Trump writes “I wasn’t sure who was more eager to break up the deal, my lawyers or theirs?” This begs the question: “Whose deal is it, anyway?”
Indeed, lawyers can be the reason why a good transaction isn’t completed, inserting their personalities, confusing themselves with the real decision maker (you!), identifying problems without offering solutions, and generally getting in the way of the transaction. However, without legal insights applied to the contract, a buyer or seller may go into the deal without understanding what they have committed themselves to.