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How Do I Find A Real
Estate Attorney
and How Much Should He or She
Charge me?
Not all real estate attorneys are competent, let alone
good. And it’s important to find one who will help, rather than hinder, the deal.
Finding a good real estate attorney is like finding a good broker. First, you should ask
your broker and friends for recommendations. You want someone experienced, someone who has
handled a minimum of fifty closings within the past three years. After you get several
names, call them up and ask them how much they charge and what they will do for that fee.
Don’t be embarrassed to ask about fees. It’s crucial that you know how much
you’re getting for your money.
Some attorneys (especially those in medium or large law
firms) charge by the hour. Others (especially solo practitioners) charge a flat fee. Try
to find someone who will charge you a flat fee for this or her time. That way if there is
a problem with the closing, you won’t be charged for all those extra hours.
Looking solely at how much attorneys charge for their
services is not necessarily the best way to choose your attorney. For this, the biggest
investment of your life, ask yourself if you feel comfortable telling this person all the
intimate details of your financial life. It’s vital that you feel comfortable with,
and perhaps even a bit close to, your attorney.
If a deal is really complicated, you will almost certainly
need an attorney. Sam once worked on a house closing that seemed pretty ordinary until he
found out there were ten lenders. He had to negotiate a separate deal with each lender
until they were all satisfied. The extremely complicated closing took ten hours. Some at
the closing called it the "hour per lender" deal.
Once you hire the attorney, the general idea is to let him
or her do the job. If the attorney advises you on certain points, believe him or her. If
he or she tells you to do something, do it. The attorney knows the ins and outs of real
law much better than you do.
Note: Hiring a real estate lawyer is not the same thing as
having your Uncle Harry, the tax attorney, do your real estate closing. Real estate law is
specialized and while Uncle Harry may be a whiz at writing wills, or leasing airplanes, or
finding creative places to put your money, he may help you get nailed to the wall in two
minutes if he doesn't truly understand the finer points of real estate law.
This Tip was excerpted from:
100 Questions Every First-Time Home Buyer Should Ask, by Ilyce R. Glink, Random House,
1994.
ISBN 0-8129-2238-2
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