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How much would an attorney cost for a studio co-op purchase?
Any recommendations would be welcome.
cost of attorney are not apartment size specific. the location of the purchase can dictate the price. Manhattan - $2500, Queens (eastern) $1200-1500, Brooklyn (southern) $1000-1500.
Layout and price of the apartment are irrelevant, as is the area.
The reason people think they are relevant is scummy attorneys charge more because they see a more expensive piece of RE in play. So a $2,000,000.00 Manhattan Coop still requires the same work as a $300,000.00 Astoria Coop.
I really like Dave Duggan - done a few deals with him in Manhattan, $1500 although this was about 5 years ago. firstname.lastname@example.org - you can also look him upon linkedin
I paid $1900 for my attorney and thought he did a good job. I had heard that most charge $2500-$3000. Anybody pay that much?
On a related note, anybody have any idea how long an attorney and/or his paralegal spends in the whole process?
Please feel free to take a look at my blog post on "7 Questions Buyers Should Ask Before Hiring an Attorney". This should hopefully help if you are contacting a few possibilities (which you should).
Here is the link:
Email me, and I can give you three solid recommendations. The price range is generally $1750-$2500.
Financing? Short-sale? Sponsor? Smooth Closing (no escrow)
Due Diligence for the Coop, Contract, Lien Search, Correspondence (w/ other attorney and brokers), Bank Work (if applicable), Closing and Closing Statement
8-12 Hours is pretty normal.