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tourist
Member since 5/05 10425 total posts
Name:
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Re: How much for lawyer??
Posted by Kerie-is-so-very
Posted by LawyerWife
Posted by LSP2005
Posted by LawyerWife
I paid $2500 plus disbursements. Sounds high compared to other numbers here but its a co-op in Manhattan which requires diligence, etc that is not needed for a house. So that probably has something to do with why it was a little more.
You paid a premium for Manhattan, not for due diligence which any attorney worth his/her fee should perform. Prices in Manhattan for a closing are more because it is Manhattan.
Thanks. I am a lawyer, so I am comfortable in understanding why the fee was what it was, and what it was going towards. The diligence that is required for a Manhattan co-op as compared to a house in Long Island is in fact quite different.
My friend did closings as an attorney in Manhattan for a long time and even for the attorney there were co-op board issues and there was more paperwork, which meant that he charged more. I remember the number of hours he sometimes had to put in for a $2,000 or $2,500 fee. It was tremendous. Even on Long Island, I do not think that the going rate reflects the time involved.
I closed on a co-op in Westchester 5 years ago & the lawyer's fee was $1000 & that seemed to be the going rate at the time . I don't know if Manhattan is more expensive just b/c it is Manhattan, or are co-ops in Manhattan is more difficult than a co-op in Westchester.
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Posted 12/12/11 2:41 PM  |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: How much for lawyer??
$1200
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| Posted 12/12/11 4:27 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How much for lawyer??
Posted by tourist
Posted by Kerie-is-so-very
Posted by LawyerWife
Posted by LSP2005
Posted by LawyerWife
I paid $2500 plus disbursements. Sounds high compared to other numbers here but its a co-op in Manhattan which requires diligence, etc that is not needed for a house. So that probably has something to do with why it was a little more.
You paid a premium for Manhattan, not for due diligence which any attorney worth his/her fee should perform. Prices in Manhattan for a closing are more because it is Manhattan.
Thanks. I am a lawyer, so I am comfortable in understanding why the fee was what it was, and what it was going towards. The diligence that is required for a Manhattan co-op as compared to a house in Long Island is in fact quite different.
My friend did closings as an attorney in Manhattan for a long time and even for the attorney there were co-op board issues and there was more paperwork, which meant that he charged more. I remember the number of hours he sometimes had to put in for a $2,000 or $2,500 fee. It was tremendous. Even on Long Island, I do not think that the going rate reflects the time involved.
I closed on a co-op in Westchester 5 years ago & the lawyer's fee was $1000 & that seemed to be the going rate at the time . I don't know if Manhattan is more expensive just b/c it is Manhattan, or are co-ops in Manhattan is more difficult than a co-op in Westchester.
I don't see how a Manhattan co-op can be any different to close vs. a Queens, Brooklyn, Long Island co-op. There are difficult boards everywhere. $2500 definitely has the "Manhattan mark-up" written all over it.
This to me is no different than a lawyer who bases their fees on a percentage of the purchase price. Again is a 750k home really that much more difficult than a 250k home? If anything I can see a 250k home being more difficult as money is generally tighter so more after offer negotiating can occur.
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| Posted 12/12/11 8:08 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: How much for lawyer??
I paid $800.00
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| Posted 12/12/11 8:30 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: How much for lawyer??
I paid 1k two years ago and used wendi Lindsey, a vendor on here
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| Posted 12/12/11 9:03 PM |
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LawyerWife
LIF Infant
Member since 10/10 193 total posts
Name:
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Re: How much for lawyer??
Posted by ave1024
Posted by tourist
Posted by Kerie-is-so-very
Posted by LawyerWife
Posted by LSP2005
Posted by LawyerWife
I paid $2500 plus disbursements. Sounds high compared to other numbers here but its a co-op in Manhattan which requires diligence, etc that is not needed for a house. So that probably has something to do with why it was a little more.
You paid a premium for Manhattan, not for due diligence which any attorney worth his/her fee should perform. Prices in Manhattan for a closing are more because it is Manhattan.
Thanks. I am a lawyer, so I am comfortable in understanding why the fee was what it was, and what it was going towards. The diligence that is required for a Manhattan co-op as compared to a house in Long Island is in fact quite different.
My friend did closings as an attorney in Manhattan for a long time and even for the attorney there were co-op board issues and there was more paperwork, which meant that he charged more. I remember the number of hours he sometimes had to put in for a $2,000 or $2,500 fee. It was tremendous. Even on Long Island, I do not think that the going rate reflects the time involved.
I closed on a co-op in Westchester 5 years ago & the lawyer's fee was $1000 & that seemed to be the going rate at the time . I don't know if Manhattan is more expensive just b/c it is Manhattan, or are co-ops in Manhattan is more difficult than a co-op in Westchester.
I don't see how a Manhattan co-op can be any different to close vs. a Queens, Brooklyn, Long Island co-op. There are difficult boards everywhere. $2500 definitely has the "Manhattan mark-up" written all over it.
This to me is no different than a lawyer who bases their fees on a percentage of the purchase price. Again is a 750k home really that much more difficult than a 250k home? If anything I can see a 250k home being more difficult as money is generally tighter so more after offer negotiating can occur.
Regardless of the reason, my understanding is that this is well within the going rate in Manhattan and I was comfortable paying it. I don't consider it a "mark-up'" because I'd be paying around this rate regardless. Unless anyone is looking to compare prices in Manhattan (which doesn't appear to be the case) its irrelevant. I actually thought it was a good price when I compare it to my hourly rate 
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| Posted 12/12/11 11:15 PM |
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JoJo2010
Happy Family
Member since 8/09 6266 total posts
Name:
JO
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Re: How much for lawyer??
I paid $500 she is a friend, FM me and i can ask her what she will charge you...it should be pretty close!
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| Posted 12/13/11 11:20 AM |
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Dulcinea
Weekend Warrior
Member since 3/08 2530 total posts
Name:
Dulcinea
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Re: How much for lawyer??
Join a legal group like Arag, if it's available through you or your partner's company. Or join on your own. You'll be paying alot less...
I didn't pay a dime for my lawyer for my first home...
For my last home I paid 900 to sell and about 1000 to buy in the same year...
Consider using the same lawyer to do both and he/she may give you a discount...
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| Posted 12/13/11 11:30 AM |
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