WORKING WITH A REAL ESTATE ATTORNEY
Q. How do I choose an attorney?
A. To choose an attorney, you will want to consider the following
factors:
• Area of specialty: While it is not necessary to engage an attorney
who specializes in real estate transactions, you will want an attorney
who is familiar with the laws and practices regarding real estate in your
area. It's a good idea to select an attorney who has had some recent experience
in handling real estate matters.
• Office location: Your attorney will need to review agreements
and papers and appear at the
closing. Costs can be minimized with a local attorney.
• References: Friends and colleagues can be a good source for references.
Ask them what they
liked and didn't like about the attorneys with whom they worked.
• Comfort level: Real estate transactions can be very trying. You
will want to hire an attorney
who can smooth the way, not one who will create obstacles to your purchase
or sale of a home.
State and local bar associations, the yellow pages, the Internet, and
even your real estate
agent can provide you with names of attorneys in your area. You'll want
to interview the attorney, ask about his or her approach to a real estate
transaction, discuss fees, and, generally, get an idea of whether or not
this attorney is right for you. Along with advice and help in negotiations,
your attorney will ensure that your interests are protected.
Q. What will I have to pay for the lawyer's services?
A. Lawyer's fees vary from city to city and state to state. Fees
for services normally are
competitive, but the major factors in determining the fee will be the
complexity of the transaction and the time required to complete it.
The estimated fee the lawyer discusses on your first visit usually is
just that -- an
estimate. The actual fee will depend on the type and amount of work involved.
For example, if
your attorney reviews a purchase offer only once or twice and the transaction
moves forward
without problems, the estimated fee should be close to the actual fee.
If your attorney reviews
several purchase offers or problems arise that require your attorney's
intervention, the fee will be higher than the estimate. Attorneys who
are familiar with real estate work should be able to give you a fairly
accurate estimate of what their work will entail. If you run into problems,
be sure to ask your attorney how much the extra time is affecting your
final bill.
It may be helpful to remember that spending a bit more in attorney's fees
so that potential
problems are resolved before closing on your purchase may save you time
and money later when you decide to sell the property. As the seller, it
is likely that you will have to bear the cost of resolving these deferred
problems before you're able to sell.
Discuss Attorney's Fees in Advance
Most people feel uncomfortable discussing fees with professionals, but
the only way to avoid
surprises is to ask about fees during your first visit. Most professionals,
including attorneys, expect to discuss fees. In fact, you might be wise
to avoid working with an attorney who wants to postpone this discussion.
Most attorneys charge by the hour, but some have an established fee for
a real estate transaction.
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