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Larry, Home Seller in New Jersey

What is a normal legal fee for retreiving the money for an ascrow account?

Asked by Larry, New Jersey Tue Nov 25, 2008

I sold a home in 2006. I was required to set aside 40K in escrow ti insure a clear title. I asked my lawyer to handle its recovery. After some badgering my lawyer says that it is clear to be returned to me. I was shocked that there was no interest comming to my on this escrow money. But my big question regards my lawyer's fee. He is charging me $1,000 for recovering my escrow money. And he is deducting it from the escrow money rather than sending me a bill. Is $1,000.00 an average fee for recovering real estate escrow money?

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Martha McDonnell’s answer
There are NJ Banking laws that define what an attorney can & can not do with moneys held in an Attorneys Trust Account, all this info is online.
Dig up your RESPA Statement and attorney letters, a few of your answers may be spelled out there...
It sounds as if there was more work for your attorney to do after the closing; since there was unfinished business... buyer did not receive clear title when they took possession!
0 votes Thank Flag Link Thu Nov 27, 2008
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