Attorney's Retainer...
I am about to sign the contract on a house, but it is a slightly shaky deal. My question is: My attorney wants 1/2 his fee up front, but we aren’t sure if the deal is even going to go through–are we bound to pay the remaining fee if the deal falls through? I appreciate…
I am about to sign the contract on a house, but it is a slightly shaky deal. My question is:
My attorney wants 1/2 his fee up front, but we aren’t sure if the deal is even going to go through–are we bound to pay the remaining fee if the deal falls through?
I appreciate any advice.
What did your lawyer tell you? It’s possible that if he takes half his fee now, and half at closing, then if you don’t close, you don’t pay. If there’s no agreement to the contrary, if you hire an attorney to do a job (and we’re assuming there’s nothing in writing here, right?) you need to pay them for the work they do. If he gets you all the way to closing, great, you pay him all of it, if not, then just the portion that he spent.
(btw, some attorneys will work with you the whole way through, and only take money if you close, talk to your realtor about this and typical prices for attys)
You should have a good relationship with your lawyer– they’re supposed to be your advocate. Speak up, get the relationship details ironed out.
I would say that is fair. He needs to get paid for work done. As Dave says, ask him.
Pretty standard. If it doesn’t go through, he should only charge you for the work done so far pro rata.
Ask him.