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I paid $900 last July - the lawyer was actually referred to us by our realtor.
I would never use a lawyer recommended by your real estate agent/broker. Too much conflict of interest. Your RE wants their commission which means the deal has to go through first. Getting your lawyer from the RE has the perception of being shady as the lawyer may "overlook" things since he came recommended from the RE. You get my drift.
I would always advise someone buying a house to get a lawyer on their own with a good recommendation from friends/family. And get a lawyer who specializes in Real Estate!
I closed last year, $1250 fees for the attorney.
He was worth it as it was a long drawn out process with getting contracts re-drawn and a bunch (I mean a lot) of phone calls from his office to the sellers attorney and exchange of papers etc and other issues regarding CO and also extending the rates with the banker etc.... he handled all those for me.
So it all depends, my lawyer would have probably charged less if everything went real smooth.
I am an attorney that has done quite a few closings. As others have mentioned, $1,200 is within the range of what you can expect to pay.
I have personally noticed very little correlation between the attorney fee and the quality of service. I have seen attorneys that charge $1,500 or more who don't seem to know what they are doing, and attorneys charging $1,000 who are completely on the ball. It is not necessarily a field where you always get what you pay for - though I would be suspicious of anyone charging on the extreme low or high end.
As someone else mentioned, you should be careful about retaining an attorney who is referred by a RE Agent, as there is an inherent conflict of interest in that arrangement. Your attorney is supposed to look out for your interests, not make sure the deal closes so the RE agent gets paid.
The best way to find an attorney is by getting recommendations from your friends and relatives. I would strongly recommend that given the choice between a highly recommended attorney who charges a couple hundred dollars extra, and a cheaper attorney without such references, you spring for the known quantity. It might save you a lot more in the long run. Best case scenario, obviously, is a highly recommended attorney charging a reasonable fee.
As someone else mentioned, you should be careful about retaining an attorney who is referred by a RE Agent, as there is an inherent conflict of interest in that arrangement. Your attorney is supposed to look out for your interests, not make sure the deal closes so the RE agent gets paid.
The best way to find an attorney is by getting recommendations from your friends and relatives. I would strongly recommend that given the choice between a highly recommended attorney who charges a couple hundred dollars extra, and a cheaper attorney without such references, you spring for the known quantity. It might save you a lot more in the long run. Best case scenario, obviously, is a highly recommended attorney charging a reasonable fee.
In that vain, in having bought 2 houses on LI in the past 10 years or so, I restate my point that you should never use an attorney recommended by someone with a vested interest in the outcome of the deal.
The same should apply to mortgage brokers, home inspectors, termite inspectors, cesspool inspectors and pretty much anyone else you need to close the deal on a house.
RE Agents love to give you recommendations, but its a conflict of interests on their part.
Roll your own! Get recommendations from others. Thats how I got my RE attorney and others.
It's usually around 900 w/extras. There's always extra's.
Figure 1200-1500 easy. Rule of thumb is 10k in closing costs.
That can vary greatly though due to specific circumstances.
Used the same lawyer we did for our first house closing in '02, that selling, and our new house purchase this month. He returns phone calls, answers emails, does things in a timely manner, and is extremely personable all while working a long client list including many businesses. $1100 (I think usually $1200). We could go for $800 guys and they could be reputable but we know what we're getting with him and he's resolved every issue. I suppose it depends how complicated the purchase appears to be when it's time to choose.
Last edited by ovi8; 09-18-2010 at 07:34 AM..
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