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I'm making offers on condos in Brooklyn and will soon need an attorney. What is the average rates (hourly and fixed) for real estate attorneys from contract to closing?
I was referred to two in Manhattan by friends and family, one charges a fixed rate of $1750 with 15% off because of the referral, and the other charges $200/hr plus additional fees (ie. messenger and fax service, photocopying, postage, etc) for the time the involving attorneys spents. How does those two rates sound?
I spoke with other people and they've said they've gotten attorneys to refinance and close on their house for a fixed rate of about $800 but said they were just alright.
It seems to me the 2 with the higher rates might be more competent, but I don't know that for sure. I want to see here what others are paying and how was the service?
When we got quotes, most of the attorneys had a fixed rate, which was good because our attorney at one point had to do a lot of calling around to get some stuff done. I think we had quotes between $800 and $2300 and based on a few phone conversations we went with one guy who was around $900. I was also pretty nervous about choosing a "cheaper" guy but he was very responsive on the phone and his assistant was really on top of the ball with everything.
I would go for the fixed rate over the $200/hour guy. God forbid he has to be on the phone a little bit (like ours did) trying negotiate things. And extra charges for photocopying? You might be photocopying a lot of stuff so who knows how much that would end up being.
Basically, talk to them. Make sure you know all of the details and charges. Go with the one who you feel is best for you. You could pay $5000 for a lawyer and he sucks. You never know.
Flat fee was what i was charged for my new construction condo closing in Brooklyn. Your quoted price is not that insane. The adage you get what you pay for applies as well. You don't want to overpay but at the same time a dirt cheap lawyer may not do his due diligence and you may end up getting screwed over in this major transaction.
Flat fee was what i was charged for my new construction condo closing in Brooklyn. Your quoted price is not that insane. The adage you get what you pay for applies as well. You don't want to overpay but at the same time a dirt cheap lawyer may not do his due diligence and you may end up getting screwed over in this major transaction.
The issue in regards in pricing which the OP left out was whether its new or not which is the big difference
The condo is not a new construction, it's about 8yrs young.
I was recommended another attorney from my broker who said that guy's rate is fixed at $1000 and says the attorney is really good at what he does, is flexible with going over stuff either over the phone or he'll sit with me at a coffee shop and getting things done. His rate is definitely lower than the two referred attorneys by my friend and family but is it ok to go with the attorney that the broker recommends?
i am sure some here would dispute my comments. After dealing with close to a dozen closings (I am not in the r/e industry), I personally think most r/e attnys are all the same. The paralegals seem to do all the grunt work & the attny do the finishing touches.
The most critical thing is i do my due diligence & ask all important questions. Most contracts are boiler plate. So that leaves the most critical thing: the rider to the contract and the financials of the condo. So I spend quite some time reviewing it myself & gather up all the questions to my attny. I am MOST comfortable when I have a handle on things & with each experience, I get better at the process.
If you really trust your broker, then go for the person he reccomends is my answer.
Interview the $1000 guy. Otherwise take the $1,750 deal, definitely
not the $200/hr.! Your attorney generally goes to the management
and reads the minutes, etc. Time adds up. I know some Manhattan
attorneys as I am in the RE biz. PM me if you like. I have two reasonable
ones in mind.
Your attorney generally goes to the management
and reads the minutes, etc. .
most attnys don't do either that I am aware of.
Most information is requested by the buyer and sent/fax to the attny. So I don't think attorney physically goes to the management.
As far as minutes goes, I believe its a waste of time. Some very few attorney look at them but it tells so little. I have yet find anything useful.
As noted its the rider & building financials. Some read the offering plan. In new development, there is a lot more paperwork to read....hence more expensive
Hi, my name is Vincenzo gavrity and I am with title guarantee inc. I deal with closings everyday in Brooklyn. The average attorney rate from the purchasing side is 1,000 dollars. We can usually help u find an attorney for 750 dollars who will provide u with excellent service. Check out our website at Title Guarantee, Inc. . Shoot me an email if you have any further questions. Vgavrity@titleguarantee.
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