Choosing a Real Estate Attorney
A real estate attorney is a valuable resource to a home buyer's team. Having a legal professional on your team reviewing contracts provides additional security so you are not signing things not fully understood or agreeing to terms that are mostly favorable to the selling party. Attorney fees for representing a buyer typically go for about $500 - $600 in many areas depending on the services provided and complexity of the purchase (could be more for short sales since more work is required and as high as $1,200 - $1,500 in New York City).
It is advised to work with an attorney based on a fixed fee and not an hourly fee. It is very easy for attorneys to spend more time than estimated which can cost you quite a bit more. Some examples of additional, unexpected work can be contract extensions needed, issues with the title, further negotiations after a home inspection and the list goes on. Ask attorneys if they will reduce their fee if you select them as the closing agent with the lender you are using. Attorneys will usually give a discount for buyer services because you are giving them additional business as the closing agent.
Just like finding a good real estate agent, ask friends, family and colleagues for real estate attorneys they have enjoyed working with. You can also find real estate attorneys in your local area by searching www.lawyers.com
Use the Real Estate Attorney Evaluation form in the Free Tools section to help with your evaluation process. Below are suggested questions to ask attorneys.
Questions to Ask- Are you able to help me with the purchase of a home during the next 30-45 days?
- How long have you been practicing real estate with purchasing transactions?
- Do you also specialize in landlord-tenant laws or leasing transactions?
- What is the fee for assistance with reviewing an offer, purchase and sale contract and closing?
- Can you reduce the fee if I were to have my lender use you as the closing agent?
- How many lenders or which lenders have you on their list to be used as the closing agent?
- How do I get my lender to use you as the closing agent if you are not currently on their list?
- Do you have a couple mortgage brokers you have worked with before and can refer to me?
- What do you think are important factors a buyer should consider when choosing a real estate attorney?
