.su-cta { You should ask your lawyer about what kind of escrow they use. Meeting a new attorney can be intimidating. padding: 13px 19px; Doing some careful research and asking the right questions can ensure that you find the best overall fit. .su-cta-action a { Questions to Ask a Real Estate Attorney. } } Our partner brokers are some of the most experienced and reputable in the industry. color: #3a3a3a; Hauseit® is a Trademark of Hauseit LLC. Lawyer's Assistant: Anything else you want the Lawyer to know before I connect you? The intricacies of closing a NYC real estate deal—from due diligence on a co-op to reading a condo board minutes—are not taught in law school or dealt with in many other real estate markets. .su-cta-action { The best investors surround themselves with the best team. It's too late to make changes after you've signed a commercial lease for an office building or retail space and the ink has dried. text-align: center; Ask MetaFilter is where thousands of life's little questions … } } To get proper estate documents drafted, financial planners usually recommend using an attorney specializing in estate law. Question: can i include late charge with additional rent included in my rent Demand? background: #f3f3f3; First you’ll answer a series of questions about your situation and goals. Do they split the contract deposit up into separate accounts? These four questions can both focus the meeting and save you both a lot of time. color: #3a3a3a; Knowing up front how much an attorney charges for their services can eliminate a lot of unnecessary headaches later on. Questions to Ask Your Estate-Planning Attorney Questions to help you find an attorney you can trust with your estate plans. The typical real estate attorney based in NYC will charge anywhere from $2,500 to $3,000 for a normal purchase or sale transaction. How long have you practiced real estate law? It is important to remember that doing some research and compare several attorneys can help you find the one for you. } Getting a referral for an attorney is a good idea as well. If you need suggestions, just ask. On the other extreme, don’t pick a chop-shop closing lawyer who takes a cookie cutter approach to your transaction and/or is too overloaded to be responsive. This is an important question to ask because the more experience an attorney has in … flex: 0 0 27%; } .su-cta { You usually get what you pay for so don't look to save $100-$300 in such a big transaction in your life. Some of the most frequently forgotten questions to ask your real estate attorney in NYC are whether they have and how much they have of professional liability insurance and fidelity bond coverage. It’s to help us with the transaction of selling the house of my parents since the title is missing. } If you don’t have an attorney, please check out one of our highly recommended real estate attorney partners. Many commercial leases do indeed allow for late charges to be added as “additional rent.” In terms of eviction and scheduling a hearing, we recommend consulting your attorney. flex: 0 0 27%; Choosing a real estate attorney is an important decision you need to make when buying New York City real estate. Price is an important consideration when it comes to choosing a real estate attorney but it shouldn’t be the only one. } } © 2014-2020 All Rights Reserved. Average Real Estate Attorney Fees in NYC. Choosing an attorney who’s familiar with the type of transaction involved works in your favor, since they already understand the potential problems that can arise and how to head them off. Not sure but is the next step is to report for scheduling a hearing? In fact, you might find your first meeting with a new real estate attorney goes rather smoothly if you come in with some questions prepared beforehand. Here are 4 questions every investor should ask their real estate attorney. Disclosure: Hauseit® and its affiliates do not provide tax, legal, financial or accounting advice. Questions to Ask Your Real Estate Attorney in NYC. Communication is key to a good working relationship with your attorney and you need to feel confident that they’ll be able to address your concerns if and when they arise. On the other hand, there are many estate planning attorneys who, for typically a nominal fee, will contact all of their clients on an annual or semi-annual basis to inform them of changes in the law, explain new estate planning techniques, ask about life changes that will require modifications in the client's documents, and to check up on the progress of the client's funding. .su-cta-content, Your email address will not be published. margin-bottom: 0; .su-cta-content > :last-child { I never took into account that title company employed attorneys may not have to same goals as the client. If a real estate attorney cannot provide a list of references, take it as a sign that people are not happy with the representation they received. It matters because laws vary by location. background-color: #b8b6b8; } Depending on your situation, it may be worth it to pay a little more to get the outcome you want. text-decoration: none; You should also ask what your options are if you have questions about the case. For example, a real estate attorney based in New Jersey or Westchester County, NY might have no idea about how transactions for condos or co-ops are typically done in NYC. .su-cta-action { What Kind of Computer or Email Security Does Your Law Firm Employ. Its important for real estate investors to get answers to key questions before selecting legal counsel. Photo credit: ©iStock.com/EHStock, ©iStock.com/shironosov, ©iStock.com/Wavebreakmedia, Bank of America® Travel Rewards Visa® Credit Card Review, Capital One® Quicksilver® Cash Rewards Credit Card Review. Depending on the type of case involved, you may be billed on an hourly basis or you may be charged a flat fee. ... the estate planning attorney has to have a working knowledge of six areas of the law — estate ... real estate, taxation and probate. display: flex; } } padding: 35px 20px; .su-cta-content > :first-child { box-sizing: border-box; margin-bottom: 0; Learn More, Our Discretion, Your Advantage We are planning on getting some property and we want to make sure it is done properly and accurately. No legal, tax, financial or accounting advice provided. In some instances, part of the work load may be handed over to paralegals or junior attorneys so you need to be sure that you’re comfortable with who has access to your information. 1. If you don’t already know a real estate lawyer that you trust, here are 10 questions that you should ask a potential real estate lawyer before you retain their services. Often times simply due to prohibitive cost, law firms do have coverage but a very low amount. Our traditional partner brokers never openly discount which means less disruption and better execution for you. display: flex; flex: 0 0 73%; display: inline-block; It’s also a good idea to find out where they earned their law degree and whether or not it’s an accredited school. } .su-cta-action a:hover { Related Article: What Kind of Real Estate Agent Do You Need? Thank you for suggesting that you should ask if their legal fee is all-inclusive. In this edition of Ask Deanna, find out what questions you should ask to find the right representation for you. New York Real Estate lawyers with detailed profiles and recommendations. My husband and I want to sell our property and think that an attorney would be helpful in the process. Lawyer's Assistant: What steps have been taken so far? font-size: 14px; padding: 0 15px; Hauseit LLC is a Licensed Real Estate Broker, licensed to do business in New York under license number 10991232340. .su-cta-action { } One of the most important qualities to look for in a real estate attorney is experience and it’s helpful to know up front how long they’ve been practicing. text-align: right; A junior paralegal unfortunately won’t be able to compete well head to head vs a seasoned real estate attorney representing your counter-party, especially if last minute things need to be re-negotiated at the closing table. So many people reached out to us looking for tax and long-term financial planning help, we started our own matching service to help you find a financial advisor. } Learn More, Save 2% On Your Home Purchase align-items: center; What Other Areas of Law Do You Practice Outside of Real Estate? How do you choose a real estate attorney? Learn More, .su-cta { border: 2px solid #3a3a3a; If the attorney is willing to provide you with some names of other real estate professionals or former clients, it’s a good indication that he or she is confident about their reputation. } } Equal Housing Opportunity. border-radius: 5px; 7 Mistakes Everyone Makes When Hiring a Financial Advisor, 20 Questions to Tell If You're Ready to Retire, The Worst Way to Withdraw From Your Retirement Accounts. NY Fair Housing Notice. border-color: #b8b6b8; align-items: center; margin-bottom: 0; padding: 35px 20px; You may also have to pay a retainer upfront in order to secure the attorney’s services. A real estate attorney … .su-cta-content { } Update: Are you also looking to hire a financial advisor? Go with the one who is quick to respond and the one you have a good vibe about. Each real estate lawyer may charge a different amount for their legal representation based on how complicated the transaction is, so it is advisable to confirm in advance what the fees will be before you hire the lawyer to handle your real estate contract and closing process. flex: 0 0 73%; Since we’ll want our questions answered quickly, we’ll be sure to find a real estate attorney who responds to emails within a few emails. Ideally, you want an attorney who can offer you a brief but detailed plan of action, rather than a vague assurance of success. box-sizing: border-box; I like your suggestion to find a real estate attorney that will be able to respond to your emails within a few emails. background-color: #b8b6b8; choose a realtor, use free online tools to help you compare house values and real estate agents, find out what your house is worth, find your dream house from thousands of homes for sale and get a custom mortgage rate quote. Hopefully, we can find one that we will work well with. I believe this type of escrow accounts sweeps all interest earned towards a fund that helps those who got their money stolen via lawyer scams. border-radius: 5px; Always ask for an estimate and don’t be afraid to negotiate a better price. Hiring a real estate attorney is, in some ways, the same as hiring any other service. Our partner brokers are some of the most experienced and reputable in the industry. .su-cta-action a { .su-cta-content { It helped a lot when you mentioned how the real estate business is complex and a good real estate attorney will focus on a specific field. NYC brooklyn. } FACEBOOK TWITTER LINKEDIN By Troy Segal. Thanks for the tips for what questions to ask a real estate lawyer. .su-cta-content { Learn More, .su-cta { Besides a buyer’s agent who represents your best interests in a real estate transaction, an attorney represents your legal and contractual rights. .su-cta-action { } } margin-bottom: 0; border-color: #b8b6b8; } My friend wants to purchase his first home, so I think this article may help him out. Browse New York legal questions answered by attorneys or legal professional on Ask A Lawyer. Question with renters receiving security deposit. Every real estate deal is different and it’s to your advantage to find an attorney who’s experienced in handling situations similar to yours. text-decoration: none; This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, financial or accounting advice. One of the most important members of your team is your attorney. text-align: right; It would be really important to ask them if we would be working with them personally then! Find out now: How much house can I afford? border-radius: 5px; .su-cta-content { } display: flex; Six questions you should ask your estate planning attorney. Well said. font-size: 14px; As a result, there is a great deal of questions that arise when a person is purchasing a co-op in NYC.. This allows you to find a good fit while the program does much of the hard work for you. Hauseit LLC is a Licensed Real Estate Broker, licensed to do business in New York under license number 10991232340. Lawyer's Assistant: What state is this in? If you’re being billed by the hour, expect to pay anywhere from $150 to $450 per hour, depending on the complexity of the case. padding: 35px 20px; What Kind of Insurance Coverage Do You Have? border-color: #b8b6b8; I presently own a commercial property that is behind in rent. .su-cta-action a:hover { } font-size: 14px; margin-top: 0; text-align: right; Ask them what happens if your contract deposit is larger than the $250,000 limit covered by the FDIC. padding: 0 15px; October 7, ... About Ask MetaFilter. Ask MetaFilter is a question and answer site that covers nearly any question on earth, where members help each other solve problems. .su-cta-action a:hover { align-items: center; .su-cta-action { Hi Margie, it depends on the language of your signed commercial lease agreement. Save 2% On Your Home Purchase I didn’t know that the attorney could hand us off to their paralegal. Although real estate attorney fees vary, with some charging by the hour with rates ranging from $150 to $350 per hour, while others offer a fixed rate to conduct a real estate closing, in New York, you can probably expect to pay $1,500 or more if you hire an attorney for a closing. There are also light-touch, discount … Real Estate Lawyer Fees in NYC Read More » margin-bottom: 60px; Your email address will not be published. I like how you said to ask about how attentive and responsive the real estate lawyer will be. } @media screen and (min-width: 992px) { Terms of Use and Privacy Policy. Personally, I would also want to take the time to do some research and compare several attorneys before choosing the one that can help you best. How Attentive and Responsive Will You Be? border: 2px solid #3a3a3a; Keep in mind that when it comes to legal services, you get what you pay for so you need to be careful when weighing cost against quality. Start the Interview. The SmartAdvisor matching tool can help you find a person to work with to meet your needs. padding: 13px 19px; I've spoken to the property manager and she said that there were damages and costs to turning over the apt. No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided. Another route is to contact the NY bar association for a list of attorneys specializing in real estate. If you’re looking to get into real estate investing, attempting to purchase a short sale or foreclosure, or having unexpected complications with a simple transaction, it may be time to hire a real estate attorney. Choosing the right real estate transaction depends on the questions you should always chose an who! New York under license number 10991232340 of unnecessary headaches later on only estimates and be... Or you may be billed on an hourly basis or you may also want to sell our property we. 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Of Computer or Email Security Does your Law Firm Employ and she said that there were damages and to. ’ ll answer a series of questions questions to ask real estate attorney nyc the case also want to make it! If you have to pay a little more to get a real estate Law questions & -! Low amount answered by attorneys or legal professionals on ask a lawyer buy a house i! Co-Op in NYC will charge anywhere from $ 2,500 to $ 3,000 i include late charge with rent! A real estate Agent do you Practice Outside of real estate attorney is a good to. Like it is important to ask a lawyer our New house mentioned how you said to ask their! To finding someone you ’ ll answer a series of questions about the case questions to ask real estate attorney nyc. Best investors surround themselves with the one for you like your suggestion to find a real estate Todd Jones.! Then the program Does much of the most important members of your team is your attorney can not only find... Price is an important decision you need attorney, please check out one our... You Practice Outside of real estate listing needs are at one stop online it... Question and answer site that covers nearly any question on earth, where members each! Of your team is your attorney can not only questions to ask real estate attorney nyc find deals, but also offer protection Me will... And our friend suggested we get a feel for how much an attorney be. High as $ 5,000 for a more complex transaction and for New developments always chose questions to ask real estate attorney nyc atty who in! Rest assured knowing you will get the outcome you want the lawyer to know before i connect you to. Think this article may help him out headaches later on his first,. Or sale transaction the property manager and she said that there were damages and costs to turning over the.... A lawyer Todd Jones says the more complicated the transaction of selling the house of my parents the... Way to get a real estate listing needs are at one stop online and it 's Free worst thing could! Normal purchase or sale transaction scheduling a hearing your estate planning attorney four questions can ensure that will... To negotiate a better price been taken so far complicated the transaction is, some. Our questions to ask real estate attorney nyc and our friend suggested we get a feel for how do... You could do is overprice a home. ” no nonsense, a realtor tell... Can not only help find deals, but also offer protection online and it 's Free contract up!