It amazes me how people can spend their life savings when buying a home, but they decide to skimp out when it comes to hiring the services of a lawyer to help them close the deal on their property. I’ve met a few clients who jumped at the chance to save that couple hundred, but I never really understood why. When you’ve found your dream home, and you’re shopping around for the right lawyer to help you with your closing, make sure you look for someone who is well known, trusted, and has been around in the business for a while.
Some lawyers can offer discounted prices, but keep hidden costs aside, and then slap you with a long bill at the end, with words like “Title Insurance” “disbursement” and “extra expenses”. It’s not worth the trouble to find a lawyer who is going to lure you in with a small office fee, and then hand you a long list of added costs when the job is done. Be smart and savvy, and know what your lawyer should be doing for you, before you get conned!
The first thing to realize is that a typical real estate lawyer will cost you anything between $1,500-$2,500, depending on who you go with, and what their office has to offer. If you find a lawyer who quotes you a price that is less than a thousand dollars, you should know that they are not including the total cost of representation. If you have called several lawyers and asked them to give you an estimate of their legal fees, then also ask them what they will include. The best is to check off the following:
- · Title Insurance
- · Disbursements
- · Office Expense
- · Lawyer Fees
- · Registering the deed
- · Searching the title
- · Checking that the seller has paid any outstanding taxes and mortgages
If you’re looking to get the best bang for your buck… then here are some things you should consider when looking for a real estate lawyer:
- · The lawyer’s experience
- · Whether the lawyer offers “the personal touch.”
- · Staff experience
- · The percentage of the law practice devoted to real estate
- · Possibility that the lawyer could be elsewhere on the day of closing
- · Whether the buyer will actually get to meet the lawyer in person on and before closing
- · Whether the purchase transaction is processed in their office or will the work be outsourced to a third party
- · The lawyer’s ability to handle the transaction and to protect his client if the transaction starts to go sideways
All of this is important to keep in mind when you’re looking for legal representation at the time of closing. The day you get the keys to your new home should be stress free and exciting. Let your lawyer take care of all the hard work, while your job is just to go sign the papers and pick up the keys. The price you pay to get that peace of mind can never be measured!
If you’re looking for top quality legal representation at the time of closing, take a look at the lawyers who I have worked with in the past. You can get their information on the “Service Provider” page on the website. Good luck with your home purchase!
Bill