RE lawyer price?

Hey girlies - we are buying a great condo in Brooklyn.

I spoke with a lawyer recommended to me by friends of mine who used him to close on their co-op. He charges a flat rate of $1600 from start (examination of prospectus and contract) all the way to finish (closing). He really explained things well to me and sounded like a super-nice guy who knew his stuff.

What do you all think? Is that a good price?

WOW...ours was 800...
but i have nothing to compare it to..this was our first experience

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Posted by oct.2004bride

WOW...ours was 800...
but i have nothing to compare it to..this was our first experience

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I have heard rates ranging from $750 - $2000! So confusing! Was the $800 a flat rate, or base rate and then there were additional charges?

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Posted by FTRBRIDE

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Posted by ThongLori

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Posted by oct.2004bride

WOW...ours was 800...
but i have nothing to compare it to..this was our first experience

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I have heard rates ranging from $750 - $2000! So confusing! Was the $800 a flat rate, or base rate and then there were additional charges?

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Your quote is about what the attorneys I interned for charge for real estate closings. It's all going to come down to experience...you'll pay more for an attorney who is more experienced in real estate, but it will also buy you piece of mind (that everything is being handled properly).

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Thanks FTR Bride. I also wonder if the NYC market charges higher, just like for everything else LOL. He def sounded like he knew what the heck he was talking about on the phone and explained things very well to me.

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Posted by ThongLori

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Posted by oct.2004bride

WOW...ours was 800...
but i have nothing to compare it to..this was our first experience

---

I have heard rates ranging from $750 - $2000! So confusing! Was the $800 a flat rate, or base rate and then there were additional charges?

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yup flat rate

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Posted by kpny622

I think a NYC closing costs more than a LI closing. When I did NYC closings I saw ranges from $1200 - $1750.

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Are you talking about the closing costs or the attorney fee?

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Posted by oct.2004bride

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Posted by kpny622

I think a NYC closing costs more than a LI closing. When I did NYC closings I saw ranges from $1200 - $1750.

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Are you talking about the closing costs or the attorney fee?

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The attorney fee.

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Posted by ThongLori

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Posted by oct.2004bride

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Posted by kpny622

I think a NYC closing costs more than a LI closing. When I did NYC closings I saw ranges from $1200 - $1750.

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Are you talking about the closing costs or the attorney fee?

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The attorney fee.

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yes i knew what you were talking aobut i didn't understand kpny's...
and what she was saying about closing costs?
Maybe i am confused...

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Posted by FTRBRIDE


Your quote is about what the attorneys I interned for charge for real estate closings. It's all going to come down to experience...you'll pay more for an attorney who is more experienced in real estate, but it will also buy you piece of mind (that everything is being handled properly).

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Thanks FTR Bride. I also wonder if the NYC market charges higher, just like for everything else LOL. He def sounded like he knew what the heck he was talking about on the phone and explained things very well to me.

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No problem. NYC attorneys will almost definately charge more. If your friend recommended him to you, and you like him, I'd say use him- unless you can get other recommendations for less $, and you also feel comfortable with them. Buying real estate can be very stressful, and the last thing you need to deal with is a bad relationship with your attorney. I would, however, make sure that the flat fee includes all expenses, including the title search. PS- take what I'm saying with a grain of salt...unfortunately FH and I have not actually BOUGHT any real estate yet (hopefully after the wedding), but I'm in my last semester of law school, and I spent several years interning at a law office in Garden City that was handles real estate, so I know a little.

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what is the title search? is that the same as the title transfer? we are buying new construction, if that helps.

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Posted by oct.2004bride

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Posted by ThongLori

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Posted by oct.2004bride

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Posted by kpny622

I think a NYC closing costs more than a LI closing. When I did NYC closings I saw ranges from $1200 - $1750.

---

Are you talking about the closing costs or the attorney fee?

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The attorney fee.

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yes i knew what you were talking aobut i didn't understand kpny's...
and what she was saying about closing costs?
Maybe i am confused...

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sorry, yes, my response was confusing - I was referring to attorneys fees to handle the transaction

I didn't mean 'closing costs' are $1200. I meant 'a closing costs $1200' in NYC

On Long Island I've seen anywhere from $600 - $1200

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Posted by ThongLori

what is the title search? is that the same as the title transfer? we are buying new construction, if that helps.

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I don't believe that the title search fee is ever included in the attorney's fees. (I work for a title company.) Let me know if you've ever seen that. We don't do a lot of co-ops. Mostly real property. A co-op is personal property.

The title search will tell you who owns the property and what the liens are (mortgages, UCCs, judgments, etc...) and if there are any breaks in the chain of title (i.e. breaks in the ownership). For a co-op you are going to be taking subject to all of those items. But your attorney might want to know and advise you. It's good to know what the building's total debt is before you go into it.

Typically for a co-op, the attorney just orders a search. Most people don't buy title insurance for it. (Because you take subject to just about everything that is raised as an issue in the report.) If you are taking a loan to purchase the co-op, the bank will want a search that includes $50,000 liability coverage (that's typically what the Bank of NY wants, some want a different number.)

I would definately work with an attorney that you know to be experienced and that is good at his job. I see so many times were an attorney has shown up to the closing without even reviewing the title before hand. And you definately want someone who is well versed in co-ops.

it sounds about right...


the firm I used to work charged a flat rate of 2500. When you consider the amount of back and forth the attorneys do throughout the process and the fact that a lot of attorneys bill out at a rate of upwards of 250/hour, it's not too bad.