How much do real estate attorneys charge in New York?
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Buying a property in New York involves a series of expenses. The property itself remains the most significant chunk, but you must add to it the cost of getting a mortgage, paying the mortgage broker, broker’s fees, inspection costs, and the real estate attorney. We will discuss how much are real estate closing attorney salaries in New York. As a useful tool, use our closing costs calculator that will give you an estimate of itemized expenses. As our friends on Brick Underground explain: “A good rule of thumb, you should set aside roughly 2 to 3 percent of the purchase price or 3 to 4 percent if the apartment is over $1 million.” One closing cost remains often overlooked: your legal fees. How much do real estate attorneys charge in New York?
Real estate attorneys represent a crucial asset of your “team.”
Buying an apartment in New York is an expensive process. Besides, it involves a high number of parties. Often, buyers and sellers overlooked attorneys. For reasons foreign to this discussion, lawyers have a bad reputation and remain the target of bad jokes. Whether you love them or hate them, you need attorneys for real estate in the city. Transactions in New York remained particular and demanded a degree of expertise. Hire a specialized attorney who deals with real estate transactions daily to guarantee a proper review.
Flat fee or hourly charge: how much do attorneys charge in New York?
The costs of real estate closing attorneys vary as much as the cost of apartments. As a norm, prices get set as a flat fee per transaction instead of the hourly rate. To determine the amount, various factors get considered, such as type of building, any anticipated title issues, how many parties present, etc. Since there is a long list of variables, it became impossible to have a “standard fee.” The range in the city goes from $1,000 to $3,500 per transaction. As a result, a senior real estate attorney salary ranges between $150,000 and $300,000 in the city that never sleeps.
Referral remains the best way to pick an attorney. Find someone with a good reputation. Make sure to shop around and compare options before agreeing to work with any particular lawyer.
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.
