What it comes down to...

By
Real Estate Agent with Coldwell Banker Residential

In my region, we use attorneys on 99.5% of our transactions.  Okay, that's probably not fair... we really use attorneys on 100% of our transactions.  In fact, in my career, which spans decades, I have never once had a transaction that didn't involve an attorney.

But I digress.

When I have a contract, I usually give the buyer or seller a list of real estate attorneys to contact.  I'll give them three or four names.  I suggest they call each of them, and have a brief interview. Get the attorneys talking about the process, about themselves.  Ask them about their availability, about what they charge.  And once you've decided on one, let me know, and I'll send them a copy of the contract.

The client's decision often comes down to 1) who calls them back first, or 2) which attorney charges the least.

None of the names I give to my clients would be a bad choice.  I certainly don't give out the names of attorneys who aren't competent, and don't do an excellent job.  So, I guess that either of those methods are fine.  But in our area, the attorneys generally charge around $450-$750 for the entire transaction (no hourly fee, no fee per call... merely a flat transaction fee)... of the professionals involved in the transaction... and I'm including the inspector, Realtor, loan officer... the attorney is probably making the least amount of money in the entire transaction.  And their contribution is invaluable.

Oh, well.  At least they made a decision... right?

Posted by

 ALAN MAY, Realtor®   
Specializing in Evanston Real Estate and North Shore Real Estate

Coldwell Banker Residential Real Estate, 1710 Central Street, Evanston, IL 60201
847.425.3779      Cell: 847.924.3313      Email: Almay@aol.com

Evanston Real Estate & North Shore Real Estate
Licensed in Illinois

   

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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Alan- how refreshing that they don't charge hourly or charge you for every call you make to them!!!  

May 17, 2018 01:39 PM #1
Rainmaker
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Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Alan May - I have never understood why RE attorneys need to be involved with a normal boiler plate contract. We don't use them in CA or AZ for regular contracts.  On the other hand, I can understand a difficult contract that has a lot of moving pieces or issues such as easements, property bounderies or water rights, etc. 

May 17, 2018 02:25 PM #2
Rainmaker
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JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

We always use attorneys here to close a transaction and thankfully we have some good ones as well.

May 17, 2018 02:39 PM #3
Rainmaker
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James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Alan.

While our contracts are written by attorneys, we fill in the blanks.  Title companies charge around 300.00 for their services.  Of course all title companies are required to have an attorney on staff

May 18, 2018 01:52 AM #4
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Personally, I like the name of your blog before but I might be in the minority.

May 18, 2018 08:27 PM #5
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Alan, Sounds like the exact criteria many consumers use to hire their real estate agents. 

May 20, 2018 04:52 PM #6
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