Forum
« FLOR tiles -- reviews? Lower Facade Restoration »
June 19, 2009
Is Lawyer Fee Reasonable?
I am about to buy a house for around 900k with FHA financing. My lawyer flat rate is 5000$. Is that a lot?
Thanks
Comments
Sorry for the double post.
Posted by: Williams at June 19, 2009 11:19 AM
Inflation? I seem to remember 1500 in '01!
Posted by: cmu at June 19, 2009 11:23 AM
That's ridiculous. I paid under $2,000 in 07
Call David fainkich
718-840-5860
Posted by: daveinbedstuy at June 19, 2009 11:26 AM
TOO MUCH!!!
I paid about $800 6 years ago
Posted by: gemini10 at June 19, 2009 11:28 AM
That's out of line with normal pricing for such services. $1500 - $2000 is what you should expect for a soup to nuts deal.
Posted by: 1842 at June 19, 2009 11:37 AM
ditto
Posted by: vanburenproud at June 19, 2009 11:42 AM
I paid $600 two years ago. It was for a 3-family. No problem at all.
Posted by: lostintranslation at June 19, 2009 11:44 AM
Far too much!
Posted by: Arkady at June 19, 2009 11:47 AM
Call Donald Fraiser. He is about $2,500.
Posted by: viscede at June 19, 2009 12:09 PM
$2000.00 tops.
Posted by: buttermilk channel at June 19, 2009 12:10 PM
Ouch! I agree. Its way too much. I also paid only $2,000 2 years ago.
Posted by: Turtlejam19 at June 19, 2009 12:15 PM
Did you question the commision your real estate broker is making on your purchase? You are overpaying for your home why not overpay your layer too?
Posted by: hannible at June 19, 2009 12:27 PM
Think I paid $1600....
Posted by: slopenick at June 19, 2009 12:36 PM
TOO MUCH. $1,500-$2,000 is reasonable.
Posted by: Adam Dahill at June 19, 2009 12:39 PM
I paid only $600 and got excellent service and no problems
stuart gorman
516 8470389
Posted by: stevenwilliams55 at June 19, 2009 1:39 PM
I paid only $600 and got excellent service and no problems
stuart gorman
516 8470389
Posted by: stevenwilliams55 at June 19, 2009 1:48 PM
Five grand seems like a lot to me.
Posted by: Crownlfc at June 19, 2009 2:10 PM
It's unanimous, folks.
Posted by: mopar at June 19, 2009 2:26 PM
Doesn't seem like a lot to me.
- A more expensive lawyer
Posted by: lechacal at June 19, 2009 2:33 PM
Is it just me... or is it sad that a lawyer who actually checks the contract details (the most important part if you ask me... i.e., the part you couldn't accomplish on your own) get's $1,000, but the utterly amazing Realtor gets $45,000??!!
Don't get me wrong -- Realtors are special people and they work weally weally hard... 20 mins writing unreadable website copy, an hour snapping pictures and choosing the best ones (whether they are of the property for sale or not), 6 hrs on a saturday or two being oh so helpful at an open house, and 6 or 7 hours of actual work that requires the license they hold.
How did their commission ever get over 1 to 2% ??!
Posted by: tybur6 at June 19, 2009 2:37 PM
what's the lawyer going to do? build the house?
2000 - 2500 depending on the complexity of the negotiations
Posted by: raphael9 at June 19, 2009 2:49 PM
who recommended the lawyer? Be careful not to use a "network" of real estate professionals who have more loyalty for each others than they do for your interests.
$5,000 is very high. There qre plenty of competent reql estqte lawyers who charge around $1,000.
Posted by: Maly at June 19, 2009 3:01 PM
I see a lot of complaints on this site about unresponsive and unprofessional lawyers.
I also see a lot of posts that point out how important contract terms are - and how much money can be at stake depending on just a few words.
Yet it appears that saving a couple thousand dollars on fees is a bigger priority for most people than getting high quality representation.
Posted by: lechacal at June 19, 2009 3:04 PM
$1400 one year ago; $950 6 years ago. $5000 is definitely steep.
Posted by: pmmtenement at June 19, 2009 3:09 PM
It's not just a matter of saving money, it's getting good representation for a reasonable fee & I, for one, wouldn't feel that a lawyer who was overcharging would be looking out for my best interests altogether. The OP asked a legit question & got a range of answers from which to make a judgement.
Posted by: Arkady at June 19, 2009 3:23 PM
I used Don Fraser too, and I swear by him! He was totally on top of everything, caught every detail, saved me a fortune, and only charged me $1500.
Your lawyer probably assumes that if you can spend that much for a house you can afford to pay too much for a lawyer. Dump him or her and shop around.
Posted by: brikenny at June 19, 2009 3:29 PM
lechacal, I think the issue is that the amount is completely out of line for a standard real estate transaction. If it were at or near the top of the scale, and recommended by someone I trust, it would be worth great advice. To charge that much may mean the buyer is being taken for a ride, so the trust is all gone.
Posted by: Maly at June 19, 2009 3:41 PM
I am an attorney and have worked on lots of condo, co-op and multifamily deals. If this is a condo or a co-op, I'd say that $1500 to $2500 is the norm. If this is a single family house, I'd also say $1500 to $2500. If this is a multifamily property, or there are any other factors that make it anything but a "cookie cutter" transaction, then a higher fee is certainly reasonable -- for example, if it was a 3-family, then $4000 to $5000 might be reasonable.
But assuming that it's a one family, $5000 seems high.
BIG CAVEAT: you do get what you pay for, lots of times. The attorneys who crank out tons of deals at $1500-2000 a pop also do not have the time to work on the intricacies, so that only works well for you if you have a very standard transaction with no special issues (e.g., multifamily, rent regulation).
Posted by: shovel lover at June 19, 2009 3:59 PM
Come on, the economy has been tough on lawyers too -- just pay the man!
Posted by: Jail_Bait at June 19, 2009 4:22 PM
oh, and lechacal -- what every happened to greedy associates?
Posted by: Jail_Bait at June 19, 2009 4:23 PM
I paid around $800 3 years ago. 2Fam/~600K. He's far out in Flushing, NY. Santucci, Michael A 718 886-7900
Posted by: gates_ave at June 19, 2009 4:27 PM
I paid around $2200 last October.
Posted by: Architerrorist at June 19, 2009 5:00 PM
Jail Bait: Do we know each other?
Posted by: lechacal at June 19, 2009 5:19 PM
tybur6
What wabbit writes weally weally well?
Are you married to bugs bunny or was your real estate lawyer bugs bunny?
I am the wabbit patrol.
Posted by: Ysabelle at June 19, 2009 6:28 PM
i paid $1000.. Gilmer. 718-864-2011.
Posted by: sPecific at June 19, 2009 7:58 PM
Our lawyer's flat rate is $2000. We paid him less, as friends, but I think the consensus is that $2000 is pretty standard.
They bargain on most transactions being straightforward. So you pay less than the hourly fee would come to in a complex closing, more than it'd come to in a simple closing. The thing is, you don't know until you start signing things just how complex the closing is going to be. In our case ... well. We got way, way more than our money's worth and I still thank my lucky stars that we had a good lawyer.
$5000, though? Woah.
Posted by: serpentor at June 20, 2009 12:25 PM
I used Robert (Bob) Dubno twice in the last 6 years and found him to be very thorough. I dont remember what I paid but I highly recommend him for brownstone purchases or sales as he is very familiar with all. He is on 7th avenue and President
Posted by: deanst at June 20, 2009 4:52 PM
i hadnt thought about the comparison of value added by lawyers and brokers.
Now I'm pissed off.
Posted by: slick at June 21, 2009 2:35 AM
I made the same observation last year when we sold our house... Why does the broker make so much and the re lawyer so little in comparison. The lawyer truly did 10x the work.
Posted by: Architerrorist at June 21, 2009 12:50 PM
My lawyer made the same observation when we closed. I have to agree.
Posted by: mopar at June 21, 2009 6:10 PM
Architerrorist - I have been following your posts and am impressed with your feedback and knowledge of the neighborhood. I am looking at moving closer to you from my lifelong residence of Midwood and would love to pick your brain a bit. Is there a way to PM someone here?
Posted by: littleb at June 30, 2009 5:23 PM
Post a comment
Please be patient while your comment is published. It may take a moment.