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what might this run me in manhattan? what are some factors that contribute to the total cost being more or less expensive?
around $2,500 -$3,000 is the going rate I think. For that you want them to prepare/review contracts, review offering plan and documents (if you're buyer), make sure your paperwork is in order (if you're seller), watch timetables, point out any large potholes in the road and try to avoid them, take a couple of calls from you/your real estate agent, explain to you what's happening as it's happening, watch out for any obstacles, and guide you through closing.
Very few lawyers do all of that, so find someone who's recommended by a friend.
DG Neary Realty
$750 to $2500
The only factor....time. The more there is for a lawyer to read,the more time he needs to bill.
Sorry missing a 1! $1750 to $2500
I would be happy to recommend an exeprienced co-op / condo attorney at a budget. Range is anywhere from $1K to $1,500. Feel free to shoot me an e-mail for details.
I am closing on a condo purchase in early Oct. I am paying $1750 to my lawyer.
thanks very much!
would you say this is the biggest ticket item in a co-op closing?
i was going by the "worksheet" my lender prepared for me when i was prequalified for a loan, but they only list $650 for the attorney fee.
i'm nervous to trust this "worksheet" at all anymore.
Careful -- "attorney fee" probably refers to the BANK'S attorney, not yours.
my question then has got to be, what's a good estimate for closing costs on a 650K co-op?
I paid $5,000 and got screwed
My attorney is charging $850 but no loan is involved.
If you use an attorney with an office in the suburbs, you might get a cheaper price. After all, the attorney's office rent will be much, much lower. But, make sure the attorney is familiar with "how stuff works" in New York City -- and I don't just mean the law.
Make sure you pick a NYC Real Estate Atty, not a friend or family member who is an attorney.
citygrad - you're correct in assuming that the worksheet is bullshit.
my lender told me I wouldn't have to pay various fees, which of course we did at closing.
He didn't even show up to the closing or respond to my emails about the fees. Total jerk.
In fact I had to provide a copy of one of the documents myself at the closing because the person representing the bank that was at the closing didn't know everything about the deal.
I hate jerks and am apparently still bitter about it.
We had a family friend represent act as our lawyer, who has done at least 2 coop deals in nyc before. When we looked at a new building he was unfamiliar with some of the documents, but there weren't any real problems with the building that we eventually bought in which was 10 years old. The benefit of a family friend was that the total cost to us was a $200 restaurant gift certificate and a bottle of jameson 18 year old. And the many many hours that I spent reading and researching the documents myself in case he missed something.
It is best to look for a lawyer that someone has had experience with. Some lawyers charge by the hour and takes their time with the job, and you end up paying more for something that could be done for less.