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Old 02-14-2011, 10:23 AM
 
220 posts, read 701,791 times
Reputation: 63

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I assume his rate is $750-$1,000 if deal went thru..

Seller didn't agree to some conditions and I'm planning to walk away...

It's co-op so lawyer had to make sure shares had no liens, draft contract, back on forth with seller's lawyer (regular RE lawyer stuff)..

Since I don't want to sign contract without what seller promised me prior, do I pay RE lawyer for work he's done so far??

If so, full price? percentage? thanks

what's standard in NJ?
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Old 02-14-2011, 10:25 AM
 
1,386 posts, read 5,347,729 times
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what did he bill you for?

if you involve a RE lawyer in the deal and they do work, but the deal doesn't close, you do owe them, but not the full fee if the deal went through since there is still work to be done.

will there be another deal? that may play a part in the fee they charge...
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Old 02-14-2011, 10:49 AM
 
220 posts, read 701,791 times
Reputation: 63
Quote:
Originally Posted by Chrisk327 View Post
what did he bill you for?

if you involve a RE lawyer in the deal and they do work, but the deal doesn't close, you do owe them, but not the full fee if the deal went through since there is still work to be done.

will there be another deal? that may play a part in the fee they charge...
when i bought a home (single family house) in early 2000's, he billed be around $850 if i recall correctly...

since this is a purchase of a co-op he said there will probably be extra work to ensure no liens against "shares" since i'm buying shares (which i understand).. that "extra work" would come out to about $300-$450 or so it sounded like....

so maybe $1300 total or so if deal went thru for the co-op? thanks
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Old 02-14-2011, 11:09 AM
 
Location: Tempe, Arizona
4,511 posts, read 13,583,796 times
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Do you have a written agreement with the lawyer that covers fees and terms? That would be the place to review what may be owed.
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Old 02-14-2011, 11:33 AM
 
Location: NJ
17,573 posts, read 46,153,827 times
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I don't think you are the one who is going to decide this. It is going to be your lawyer. I can tell you that I had a deal fall through and my lawyer didn't charge me because he knew I was going to use him again. But if he would have sent me a bill I would have paid it.

Also, it seems very odd to me that you don't know what the amount was going to be. Or at least an idea of what it was going to be. Did you not discuss this with him?
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Old 02-14-2011, 05:58 PM
 
Location: Maine
2,272 posts, read 6,670,689 times
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Your lawyer will tell you what you owe, if anything. It's not an optional "tip", so just wait until you get your bill or call and ask.
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Old 02-14-2011, 09:56 PM
 
Location: Columbia, SC
10,965 posts, read 21,991,425 times
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Don't assume anything. When I have a deal fall through the attorney doesn't charge anything. You should just ask and not worry about what ifs.
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