Retainer for Lawyer or No?
Thanks to a “pre-paid” legal plan from my employer, I am selling my place for what seems a very reasonable fee. I speak to his assistant most of the time instead of to him, but I have no reasons to complain about the work done to-date. It’s a pretty straight-forward sale. My partner and I…
Thanks to a “pre-paid” legal plan from my employer, I am selling my place for what seems a very reasonable fee. I speak to his assistant most of the time instead of to him, but I have no reasons to complain about the work done to-date. It’s a pretty straight-forward sale.
My partner and I made an offer to buy a new condo in the South Slope and are trying to decide whether to stick with the current attorney (same rate) or to use someone else. My current attorney works on a retainer basis one-half now, one-half at closing. My broker has recommended an attorney who charges $400 more but who only requires payment at closing.
Because there seem to be a few up-in-the air issues on the purchase (contingencies on my sale, the developer selling enough units in the new building, no one coming in with a higher offer), we were toying with the change to hedge our bets and to not lose the retainer amount.
Anyone have any helpful advice/comments?
just wondering — is it customary to have a condition to the sale that no one comes in with a higher offer? just strikes me as being pretty unfavorable to the buyer; maybe makes sense due to the buyer’s contingency on sale of existing property, but still…
Agree with above. Risk of fraud or other malfeasance is small, but I would never take broker’s referral for lawyer. Why take the risk.
I can’t speak to your bet hedging strategy, but do you really want to use a lawyer who’s recommended by the broker and, by extension, the seller?