Buying a Home? Look Out for Hidden Attorney Fees!
The first question most people ask a real estate attorney is "How much
do you charge?" Fair question. Perhaps the better question would be "Do you add extra charges to your
fee?" Some attorneys may quote a low flat fee to represent you in a residential home purchase. But somehow, at
the closing table, you end up paying that attorney hundreds more in extra fees. A legal fee quoted at $750 can
quickly become $1500 or more!
Yes--that's right. On the day of your closing, when you've got so much
on your mind, (ie. moving out, moving in, reading your loan documents to make sure the bank gave the interest rate you
were promised) hidden legal fees are literally squeezed out of you. Don't
be a victim of this practice!
How to recognize extra fees: They
will be for faxes, photocopies, phone charges, and postage. In our office, if you're paying a flat legal fee,
that fee already includes ordinary amounts of faxes, photocopies, phone calls, and postage. At my office, you'll
never pay an extra fee for these services. And we won't charge to prepare documents--this is an especially common practice
!* Is it fair for you to ask your prospective attorney if he/she will charge you for these services ? It's not
just fair, it makes good sense.
Closing Costs: You'll usually pay
charges for a survey, title insurance, and lender fees which are beyond your attorney's control. But your attorney
should be able to explain all these fees to you.
Experience Counts: Ask about experience. Your
attorney should know the ins and outs of real estate transactions and should be accessible. He/she
should be ready and willing to answer your questions--no matter how unimportant or silly they may seem. At my office,
there is no such thing as a "dumb question." If it's important to YOU, then it becomes important to ME.
Call Us! One good way to tell how easy
it is to reach an attorney is to try to reach out to him/her the first time you call the office. No time like
the present! Our number is 732 906-6600, and our email address is sendinfo@friedlawyer.com.
*on some occaisions special documents are required in a closing, for
which there will be a reasonable additional charge, and we will make our best effort to advise you in advance if this is the
case. For example, a few lenders require the closing attorney to prepare the mortgage and note, etc. In addition,
we will sometimes need to travel out of the area to conduct a closing, which may involve a travel charge. Unfortunately,
in the ever changing world of residential real estate, we need to be prepared for almost anything.
