Retracting an Offer

How much did he do? If he simply reviewed a contract and spoke to you a few times I would pay him enough to cover the time spent. 20% should be enough.

He only reviewed the contract and spent about 40 minutes with us to go over the very basics. Phone time is about less than 15 minutes.
Thanks!

i agree with nycbuyer, about $250-300.

200-300 seems justified here.

If you didn't sign a contract, I think $200-300 would be more than fair. If you signed a contract, you'd do well to abide by whatever payment schedule was worked out. I hope for your sake that any contract you may have signed was on a "pay by installment" schedule pegged to he different stages of the contemplated transaction.

I disagree. I think that you need to look at his itemized bill and decide whether it's reasonable. In cases where a deal falls through and it's no fault of the buyer, attorneys often waive some fees. However, in this case you backed out of the deal. It isn't really fair not to pay someone because you decided not to buy the apartment. That said, if you think the bill is unreasonable or that his work was of poor quality it is fair to ask him to reduce his fees. All that said, based on what you described hard to imagine the bill will be for much more than $500.

you pay only for work done and NOT for loss of future work. He will discount even his current bill if he wishes to keep you as a customer for the next one. A R,E lawyer with average experience should make no more than $250. an hour. If he gives you a large bill ask for the accounting of time. Probably, he will include all phone calls with you, the other side etc.

With all due respect to Brooklyn Heights, Esq., $250-$300 an hour is appropriate.

I write a lot of checks to a lot of different lawyers. In multiple states. Heaven help me...

Also, he is too cheap, which is suspicious. If he didn't pounce on the financials, then what in tar-nation was he doing? Does he know how to do due diligence on apartments? That is his #1 responsibility, cuz presumably the seller's attorney is drafting the contract.

{Manhattan real estate agent.}

what is tar-nation?

therockers: "What in tar-nation" is the same as "What in the world". It's a southern colloquialism.

NYCDowntown - I think you did the right thing if you're uncomfortable with all the negative reviews. I wish I had all the "information" when I bought, but I didn't.

Just curious if you don't mind sharing some info or selective info about the place you almost closed on. How much did the per square feet come out to? Did they give any consensions (no taxes for so many years, get rid-of old closets and build new ones, pay part or all of closing costs, no maintenance charge for so many years, free parking for so many years, better kitchen cabinets and appliances, etc.)?

Proper Service & OThers:

Thanks for your feedback. I am also quite disappointed with this lawyers. Yes - he did meet with us for about 40 minutes and it only took that long because I had to ask him 6 questions regarding the unit - most of which he didn't really answer to my satisfaction. For example, I asked him what the estimated real estate tax will be given that there is a 10 year tax abatement. His answer was that there is absolutely no way, and that he can't even guess. But the salelady at Belltel looked it up in the offering plan and told me that it will be roughly $750. I asked him what he thought about the negative surplus fund, and his answer was that I was the only client of his ever to ask for financials on a condo unit and that negative surplus funds are very common for coop boards. In the end, he said he is in no position to provide any advice or feedback. Then - what the heck is he good for? Now - to be fair, he did tell me that I should add everything to the rider before I pay the downpayment deposit. But a week has passed and there has been no word.

The place I almost closed on was a "two bedroom." With one of those windowless rooms. I made the compromise of getting the place because it was conveniently located. But since it was all cement finish, I felt comfortable about the soundproof. Good thing I saw your complaints in your other post about the noise issue or I would've paid the deposit a few days ago. The place is also currently under lease, so I discovered that the floors all had scratches and dents. I made it clear that they will need to fix or replace the floors because the place was listed as NEW when it clearly is not. They did not offer free parking, no better kitchen cabinets, and the kitchen island has lots of stains, which I also requested to be fixed or replaced. The bathroom also had fixtures that were chipped or broken. I was almost willing to compromise on all those things because BellTel is in such a convenient location. But after all the negative reviews I read on here and after reviewing their condo board financials (which the lawyer did not assist me on), I am very disappointed and have no choice but to retract.

So the trouble now is for me to write this nicely to the lawyer and we will see how "nice" he is about charging fees. Mind you - I am not an unreasonable person. I will certainly pay for his shipping fees on sending back the offering plan and the little service that he offered. But if he asks for over $300, I will certainly be very upset.

Also - do you know if paying $300 when he insists on, say $1000, will have a negative impact on my credit?

Fluter - exactly! I agree with you. I thought I was using his service so that HE would provide me with the insight, and not the other way around. On the phone, he told me that, due to my profession, I am more of an expert than he is with financials. But this is my first time buying real estate. I have never dealt with anything remotely similar to this!

Proper Service - I think it was roughly $570 per sqft.

Given that one of the two bedroom is windowless I only think the price is FAIR. What do you think?

PS: Plus the place was definitley not all too bright.

$570 psf is definitely a nice price. That is a better deal than I had by over $70 psf. When I bought, there was very little info and the sales team/developer did not do any negotiating - period. I do know in the beginning of the sales in 2006-2007, people were paying below $500 psf, but I think those were the lower floors and not the higher 10+ floors. Those were deals, even if they decided to redo floors and ceilings and kitchens.

One caveat, I have learned that soundproofing is the crème de la crème amenity in true luxury buildings (i.e. +$4 million) and even then it might be iffy. But, I do have to say that it is spacious compared to other comparables out there. Who knows, after looking for around more you can come back and negotiate a better price. Good luck.

ProperService - is there any way I can reach you via email to discuss?

Also - are you aware of any financial issues with the condo board? I really don't know what to do anymore!!!

"what is tar-nation?"

Ask Archie Bunker

"Fluter - exactly! I agree with you. I thought I was using his service so that HE would provide me with the insight, and not the other way around."

Perhaps you should have asked what service he was providing before retaining him?