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Attorney fees - how much?

Started by realdeal777
over 13 years ago
Posts: 72
Member since: Jan 2013
Discussion about
What's a reasonable amount of fee to pay a buyer's real estate attorney for buying a 1 bedroom in Manhattan?
Response by hofo
over 13 years ago
Posts: 453
Member since: Sep 2008

1,000 or less. The attorney's assistant does most of the work any way.

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Response by Sonya_D
over 13 years ago
Posts: 547
Member since: Jan 2013

For someone good, $1500-$2000, in my experience. That's total, from the first phone call through closing.

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Response by mh330
over 13 years ago
Posts: 105
Member since: Oct 2006

$1k or less??? I think that's unrealistic. From my experience (and that of friends) i would expect to pay around $2k

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Response by flarf
over 13 years ago
Posts: 515
Member since: Jan 2011

$2090, summer 2012.

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Response by kcarscaden
over 13 years ago
Posts: 38
Member since: Jul 2012

around 2K or so...

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Response by realdeal777
over 13 years ago
Posts: 72
Member since: Jan 2013

Sonya_D, do you have anyone you personally worked with and can refer, thanks.

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Response by Sonya_D
over 13 years ago
Posts: 547
Member since: Jan 2013

realdeal777-
I will put it this way: at this point in time, I have not worked lately with someone CONSISTENTLY enough, on a repeated basis, to make a specific recommendation. There are other threads with good recommendations, do a search for 'lawyers' or 'attorneys':

http://streeteasy.com/nyc/talk/discussion/32094-lawyer-recommendation
http://streeteasy.com/nyc/talk/discussion/33695-closing-lawyer
http://streeteasy.com/nyc/talk/discussion/32489-recs-for-lawyer-in-a-no-broker-situation

I will say this though:
(1) Get a feel for them on the phone first. Without going into your specific situation too much (then they'll want to charge you), get a good impression of what they do, what they specialize in, and what their strengths are on the phone. For them, closings are pretty routine, but a red flag may jump out at you right away with something they say. Likewise, if you leave them 2 messages and they don't get back to you for two days, steer clear, perhaps. It means they are too busy, not attentive enough, don't care enough to respect the business you're bringing to them. Ask general questions. Even if you know the answer.
(2) Get someone who is familiar and who works in the area you are trying to buy in. Practices are different in Manhattan then they are in Long Island, or Staten Island, or East New York. If you are trying to buy a co-op, get someone who is familiar with co-ops. Encourage them to talk about their strengths.
(3) There are two ways a lawyer can charge: hourly and flat. I have been told to always go flat, and I'm glad that I have. Asking what the standard rate is here is a good start (1800-2200 in Manhattan). This is for a FLAT rate. Many lawyers who do hourly-only rates will say: "oh, I've done hundreds, thousands of these closings. I charge $450 an hour, and generally these are very standard, doesn't usually take more than 2-3 hours of work." Seems good, right? Yeah. Right. Then you get the bill. And you're wondering how anyone could spend 8 hours doing what needs to be done. Go flat rate. It may seem like more at the beginning, (and yes, there probably ARE a couple lawyers who do it in 2 hours) but at least this way you have a solid number you can budget.

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Response by realdeal777
over 13 years ago
Posts: 72
Member since: Jan 2013

Great advice, thanks Sonya and guys!

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Response by Ottawanyc
over 13 years ago
Posts: 842
Member since: Aug 2011

I had flat rate of les than a thousand. It exists, but you get what you pay for....

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