How much have people paid recently (since the Fall 2008 crash) in Manhattan for legal fees for a closing of a co-op apartment for 1) seller's attorney fee, 2) seller's co-op attorney fee, and 3) seller's bank's attorneys fee?
Note:
#1 is for representing the seller from contract origination, negotiation, through sale.
#2 is for the co-op's lawyer to assemble the transfer documents and hold closing at their office.
#3 is for the seller's mortgage bank to have a lawyer handle pay-off of the seller's mortgage.
Fees should be only for a plain vanilla co-op closing with no surprises and for a modest sized sale price (under $600K).
I am in the market for a condo and need to find out if it is common for a lawyer to ask for half the fee as "retainer" up front? Back Ground on my question: I recently put an offer on a place and they needed a pre-approval letter and my lawyer's information. So I found a lawyer through my mortgage broker and he seems like he is on the ball, but I do not like half the overall fee as a retainer aspect of the deal. Please let me know if this is the norm? Am I being bamboozled?
How much have people paid recently (since the Fall 2008 crash) in Manhattan for legal fees for a closing of a co-op apartment for 1) seller's attorney fee, 2) seller's co-op attorney fee, and 3) seller's bank's attorneys fee?
Note:
#1 is for representing the seller from contract origination, negotiation, through sale.
#2 is for the co-op's lawyer to assemble the transfer documents and hold closing at their office.
#3 is for the seller's mortgage bank to have a lawyer handle pay-off of the seller's mortgage.
Fees should be only for a plain vanilla co-op closing with no surprises and for a modest sized sale price (under $600K).
I am in the market for a condo and need to find out if it is common for a lawyer to ask for half the fee as "retainer" up front? Back Ground on my question: I recently put an offer on a place and they needed a pre-approval letter and my lawyer's information. So I found a lawyer through my mortgage broker and he seems like he is on the ball, but I do not like half the overall fee as a retainer aspect of the deal. Please let me know if this is the norm? Am I being bamboozled?
#1 is sort of a special deal for me, because I have a strong relationship with a particular attorney ...roughly $1000 each for #2 and #3.
ali r.
{downtown broker, recent UWS purchaser}