What is the typical attorney fee for a residential transaction in NYC? Should I use the lawyer recommended by?

Anonymous
Home Buyer
New York, NY

my broker? How should I go about negotiating a fee?

Answers (3)
Carol Friedman
Agent
New York, NY

i agree with Richard 1200 to 2000 is the approximate fee for a New York City attorney to handle closings. In my opinion it is best to use only a Real Estate attorney.Someone who knows New York State Laws. Some of my clients use "friends" who were out of state and did not specialize in real estate and there was an issue. Whoever you choose , make sure they are experienced and do their due diligence on your behalf. I am sure your broker will recommend attorneys that she feels will do a good job. The broker wants this to be a smooth transaction as well. Good Luck Carol Friedman Nest Seekers Int.

Mon Apr 6 2009, 05:27
Richard V Hamil...
Agent
10011

In NYC (Manhattan) the range is $1200-$2000 for most transactions, complicated ones and higher end ones can be much higher. The boroughs may be lower.
Contrary to what someone said, an agent in NYC is aboslutely allowed to reccomend attorneys, evne just one...they cannot mandate you use them, nor can a seller. Often an agent will reccomend one that is a good fit for you. You may have a 1031 Tax Exchange, An Estate Purhcase, a New Development, etc. Getting the name of an attorney who specializes in your needs is a very good idea; even one who has closed in the building you are buying before who can move things faster. When represeniing a buyer I have used this as a part of the negotiation so the seller knows the deal will be more solid.
I have seen only one Attorney who charged $750 or less (except family attorneys) in my career. I begged the buyer to use someone else. She ignored that and the attorney failed to ask the right questions for the contract. He made a major mistake, because of this the buyer defaulted and lost her $52,500 deposit completely. There was nothing I could do. You get what you pay for, don't cheap out--you need a good NY Real Estate Attorney. I know good lawyers and bad ones, I am careful only to give the names of those who do their jobs, communicate well and look out for the buyer. I never give out the names of those who would just 'rubber stamp' a deal. IF you trust your agent, then go with it, if you are concerned you can Email me and I will pass on a name or two, just let me know the area and price and if it is a Coop or not. No need to give me the address or even your name. Attorneys are not allowed to pay referral fees, it is also unethical. I don't even let them take me to lunch...but I did get a free mouse pad last Christmas from one....LOL
Not to sound mean, but laws are different in every state...what is in Pennsylvania is not what is in NY.

Sun Apr 5 2009, 21:00
Jefferson
Home Buyer
Bucks County, PA
FIRST ANSWER

>> What is the typical attorney fee for a residential transaction in NYC?

Usually $750-950

>> Should I use the lawyer recommended by my broker?

No. Technically, your broker is NOT ALLOWED to recommend one. They are only allowed to "provide a list of attorneys they have worked with". Consider going with one that did a good job for a friend or co-worker. Also consider working with one that uses email. Believe it or not - some lawyers still insist on using just fax and mail, which slows things down for you quite a bit. So don't assume that your lawyer will use email unless you ask right up front.

>> How should I go about negotiating a fee?

Each lawyer usually has their own rate, provided that things are straight-forward without excess delays, they charge X ($750-950, etc). If things drag on they can and do charge a little more.

Sun Apr 5 2009, 19:08

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