Real Estate attorney types

[Sooner_Bob]

We're selling our house and the purchaser has hired a real estate attorney to assist with the document preparation. They're asking us to pay for 50% of the attorney fees.

Anyone have an estimate as to what most real estate attorneys charge for this sorta thing?

The last two times we've done a FSBO we didn't use an attorney. We let the title company deal with the paper work.

TIA :D

[proud gonzo]

http://www.marriedtothesea.com/022406/never-reveal.jpg

[Okla-homey]

We're selling our house and the purchaser has hired a real estate attorney to assist with the document preparation. They're asking us to pay for 50% of the attorney fees.

Anyone have an estimate as to what most real estate attorneys charge for this sorta thing?

The last two times we've done a FSBO we didn't use an attorney. We let the title company deal with the paper work.

TIA :D
I'm not an attorney and I did not sleep in a Holiday Inn Express last night. However, in answer to your question:

It depends.


(Amount of time required to do the work, usually billed by the hour. Variables like complexity of the transaction, whether or not a title search has been done. If so, are there any problems/"clouds" on your title? Existence of other potential encumbrances, easements, servitudes, liens, etc., ad nauseaum. Additionally, warranties upon which the buyer may insist have to be drafted.)

Bottomline: I bet no one will give you a "quote" you're looking for because there are too many variables without reviewing everything first.

[Sooner_Bob]

I'm not an attorney and I did not sleep in a Holiday Inn Express last night. However, in answer to your question:

It depends.


(Amount of time required to do the work, usually billed by the hour. Variables like complexity of the transaction, whether or not a title search has been done. If so, are there any problems/"clouds" on your title? Existence of other potential encumbrances, easements, servitudes, liens, etc., ad nauseaum. Additionally, warranties upon which the buyer may insist have to be drafted.)

Bottomline: I bet no one will give you a "quote" you're looking for because there are too many variables without reviewing everything first.


As far as I know all he's been asked to do is review and approve the final contract.

The title search, etc. will be handled by the Title company.

At $140/hour this better be worth it . . . :texan:

[OUAndy1807]

At $140/hour this better be worth it . . . :texan:
It won't be, and that's pretty cheap.

[Sooner_Bob]

It won't be, and that's pretty cheap.


I honestly don't know what he could be doing that the title company can't. This contract is pretty comprehensive, and the purchaser got it online so the attorney didn't even draft it.

[OUHOMER]

I would just tell them no. if they want somebody to look it over they can pay for it.

[sooner n houston]

I would just tell them no. if they want somebody to look it over they can pay for it.

Biingo! Or tell them you will pay a set amount, like $250 and the rest is their problem.

[AlbqSooner]

Simply ask the attorney if, by paying 50% of his fees you will be able to look to him in the event of any damages you sustain by relying on his opinion. That should put you in the position of having to pay none of his fees. I never did much in the way of real estate or contract law, but as far as ethics, I think this may present a dilemma for the attorney. Strictly shooting from the hip, it just doesn't pass the smell test.

[Vaevictis]

Heh.

Is it just me, or does it just feel fundamentally wrong to pay for an attorney to represent somebody else?

(If I'm going to be paying an attorney's fees, I want that bastard looking out for my interests, not the guy who stands to benefit from my loss.)

[Soonerus]

I would just tell them no. if they want somebody to look it over they can pay for it.

ditto...and the attorney would have a clear conflict of interest unless both parties waived the conflict...not advisable, and a very odd request by your buyers....

[r5TPsooner]

ditto...and the attorney would have a clear conflict of interest unless both parties waived the conflict...not advisable, and a very odd request by your buyers....


You are correct. We just purchased a home and we paid for out real estate attorney out of our own pocket. The title company should be able to handle the sale/purchase unless there are some very unusual circumstances like prior damage to the property or something.

If they want a lawyer to seal the deal, then it's there problem not yours IMHO.

Best of luck.

[Sooner24]

Simply ask the attorney if, by paying 50% of his fees you will be able to look to him in the event of any damages you sustain by relying on his opinion. That should put you in the position of having to pay none of his fees. I never did much in the way of real estate or contract law, but as far as ethics, I think this may present a dilemma for the attorney. Strictly shooting from the hip, it just doesn't pass the smell test.


That's what title insurance is for. If they want an attorney I would tell them to pay for one.

[olevetonahill]

Its been 25 years since I had a Brokerage
But If I remember right . The Buyer Pays all closing costs . The seller pays for bringing the abstract up to date and deed prep .

[Taxman71]

I would refuse since you have not been engaged by the attorney and do not want to be liable for half of his fees when you have no control or communication over his services. If you do agree (as splitting closing costs is pretty standard), I would place a cap on them from your standpoint.

Be sure to check the Purchase or Sale Agreement to see what it says about this issue as it would control.

[frankensooner]

And remember people, please tip your attorneys. We work hard for you. ;)

[TheHumanAlphabet]

I'd say if they want an attorney, its on their dime. If you want an attorney, its on your dime. One attorney I doubt will be working for both sides on a contract review...Who's the client? if something is wrong, who does he/she represent?

[VeeJay]

I've never heard of tipping an attorney before.

What - you grease his palm with a ten spot when he gets you off for murder?

[frankensooner]

well, a little for the effort never hurts! ;)

[AlbqSooner]

What - you grease his palm with a ten spot when he gets you off for murder?
Man - you are a cheap sumbitch aren't you.:D

[Okla-homey]

I'd say if they want an attorney, its on their dime. If you want an attorney, its on your dime. One attorney I doubt will be working for both sides on a contract review...Who's the client? if something is wrong, who does he/she represent?

Here's the dealio as I understand it. You are correct that generally the lawyer can't serve two clients on opposite sides of a given deal. Under limited circumstances, he can, but only after getting informed, written consent of both parties. It's not usually a good idea though, because if something goes wrong, one side (or both) are gonna be p1ssed at the lawyer.

No sense making a big deal out of contribution by the Seller to the Buyers' attorney's fees. See, here's the the thing. It really doesn't matter who is paying, or contributing, to the lawyers fees. His client ordinarily is the one who hires him and the one with whom he has an agreement.

[TheHumanAlphabet]

I understand...I guess you are looking at incentive money to help move the property, rather than ensuring a legal transaction free of encumberances. I guess as long as that money is put forward in a pot for "incentive" then that may be helpful to move the property. Just seems like a can of worms to help pay for the lawyer.