How much should I expect to pay for a real estate attorney when buying a coop? What is the average closing costs?

Asked by Danakhaley, Hartsdale, NY Wed Apr 3, 2013

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Javier Meneses’ answer
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Apr 3, 2013
I think that Annemarie's range is more realistic. Between $800 to $1,500 is where the fees should be for attorneys on a real estate transaction, and where most attorneys I've seen are at.

This fee is just a small fraction of the total expenses related to a coop purchase. There are 2 major parts to closing costs, lender related fees and title related fees. Lender fees can vary from one lender to another. You should shop for a reliable lender who can also offer competitive fees and rates. On coops, title related fees are not as much as they typically are on other property types (condos, 1-4 family houses).

Ask your Loan Officer to provide a Good Faith Estimate. This will give you a better idea of the costs involved in your purchase. If you're looking for a Loan Officer who is dependable and experienced with coop lending, I'm always available to meet. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
1 vote
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Sat Apr 6, 2013
Good morning Danakhaley,


As a Mortgage Banker I frequently discuss total closing costs with my prospective clients. Average Attorney fees for a qualified and experienced REAL ESTATE Attorney range from $1000-1800 with $1500 being the most common fee.

For a better review of your Co-Op closing costs, you should consult with your Local Mortgage Banker. In general in New York, Co-Op closing costs are substantially lower than for a home or Condo purchase.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a "Thumbs Up" or "Best Answer." Thanks!
6 votes
Hello,

We provide Real Estate Law Services for only $495.00 from contract to close! We also cover the NJ/NY area contact us at Walkow Law Office to learn more

Thanks
Flag Wed Feb 22, 2017
Very helpful!!
Flag Fri Jul 15, 2016
Anna M Brocco, Agent, Williston Park, NY
Thu Apr 4, 2013
Closing costs will depend on your loan, therefore ask your loan officer for a good faith estimate. Keep in mind that attorneys set their own fees and each is different; some charge hourly, others a flat rate.
2 votes
Hello,

We provide Real Estate Law Services for only $495.00 from contract to close! We also cover the NJ/NY area contact us at Walkow Law Office to learn more

Thanks
Flag Wed Feb 22, 2017
Rich Golio,…, Agent, White Plains, NY
Mon Apr 29, 2013
I can tell you as an Attorney, I charge no more than $1000.00 for a Co-Op Purchase or Sale.
Some will even charge as little as $750.00
No Attny should charge by the hr for a Basic Residential Real Estate Closing.
It's called transactional work for a reason. We get paid by the Deal.
1 vote
Thank you for being honest we are purchasing in cash in citrus county can you recommend someone with your integrity for us.
Flag Wed Jun 24, 2015
Christopher…, Agent, Tarrytown, NY
Thu Apr 4, 2013
Hi, You can expect to pay about $1000-$1300 for the life of the transaction in Westchester County. Keep in mind you get what you pay for and what you don't pay for when it comes to an attorney. I've had buyers use union attorneys because they charge very little and halfway through the attorney removed himself from the deal because it got too detailed. You want an attorney that is responsive and doesn't have an ego, it can kill a deal. The rule of thumb for closing costs is roughly 3-3.5% of the purchase price.

Sincerely,

Christopher Pagli
Accredited Buyer Representative
914.406.9023
1 vote
AnneMarie En…, Agent, Thornwood, NY
Wed Apr 3, 2013
Hi Dana:

In my experience I have seen Real Estate Attorneys charge anywhere from $800 to $1500.

If you would like the names and numbers of a few referrals for Real Estate Attorneys, please give me a cal to discuss, 914-774-2764

Thanking you in advance for your attention to this matter.

AnneMarie Encarnacao
Century 21 Schneider Realty

http://www.annemariecentury21.listingbook.com
1 vote
Walkow Law O…, Both Buyer And Seller, Oakhurst, NJ
Wed Feb 22, 2017
Hello,

We provide Real Estate Law Services for only $495.00 from contract to close! We also cover the NJ/NY area contact us at Walkow Law Office to learn more

Thanks
0 votes
Bob Doyle, Home Buyer, Lake Hiawatha, NJ
Fri Oct 23, 2015
I closed on my house in NJ today and my attorney, who estimated the cost at $1500, but said it could be more, handed me a bill for $9600! Not once did he warn me we had exceeded the $1500 or give any indication it had reached 7 times the estimate. There were some minor complications because a boundary line had to be changed but I paid for the new survey and arranged it all. The Seller's attorney charged him $3600.

I'm looking for peoples reaction here, Both my Agent and Mortgage broker were upset, and said they had never seen a charge that high,
0 votes
Hello,

We provide Real Estate Law Services for only $495.00 from contract to close! We also cover the NJ/NY area contact us at Walkow Law Office to learn more so that never happens to you again.

Thanks
Flag Wed Feb 22, 2017
I would contact the bar association and communicate your story. This should be against the law, if he didn't give you a heads up I wouldn't have paid more than the original quoted price. SO WRONG!!
Flag Fri Oct 14, 2016
Sounds like you got ripped off big time! Complain to the Bar
Flag Sun Jun 19, 2016
Michael Levy, Agent, Armonk, NY
Fri Jan 16, 2015
Hi: Usually attorneys cost around $1,000-$1,500, you can also sometimes find them cheaper if you shop around. Additionally, closings costs are approximately 2% of the purchase price. You should always ask your attorney for a "Good Faith Estimate" of closing costs when you get closer to your closing date so that you can know for sure how much you need. Hope that helped! Sincerely, Michael F. Levy, Principal Broker, Grand Lux Realty, 914-273-9688, http://www.GrandLuxRealty.com.
0 votes
Gary Birtles, , Scottsdale, AZ
Mon Oct 27, 2014
It depends on your area and the attorney. I would shop around a bit if I were you. That is probably the best way to nail down a quote. I wish I had a number for you, but there are too many variables in determining a number. http://www.attorneyfairfaxva.com/Real-Estate-Law-Springfield…
0 votes
jazmintew, , Buffalo, NY
Wed Sep 24, 2014
I think it really depends on the state that you live in. Each state has their own set of laws and prices. For me it wasn't too expensive and it was extremely helpful. http://www.kasman.com
0 votes
thedeluccas12, Both Buyer And Seller, Boynton Beach, FL
Mon Mar 31, 2014
I am selling a townhouse "as is" by the owner with the buyer paying all closing costs. I have now found out that in Florida, I have to hire a real estate attorney. What is the customary cost of the attorney when he does not have to do anything other than represent the seller and have the court allow the executrix to sell the property In Florida? Thank you for your advise.
0 votes
thedeluccas12, Both Buyer And Seller, Boynton Beach, FL
Mon Mar 31, 2014
I am selling a townhouse "as is" by the owner with the buyer paying all closing costs. I have now found out that in Florida, I have to hire a real estate attorney. What is the customary cost of the attorney when he does not have to do anything other than represent the seller and have the court allow the executrix to sell the property In Florida? Thank you for your advise.
0 votes
Gail Gladsto…, Agent, 11743, NY
Sat Apr 6, 2013
Dana,

Real Estate Attorneys are like Realtors; everyone sets the price based on their perceived self-worth. Attorneys can run from $700-2,000 for a closing and there are those who charge by the hour.

Regarding closing costs, be prepared with extra checks and 4-5% of the sales price in costs and hopefully you will walk out of the closing as a new home owner with some blank checks in your pocket and some money left in the bank. Just be prepared.

gail@GladstoneGroupRealty.com
0 votes
Gail Gladsto…, Agent, 11743, NY
Wed Apr 3, 2013
Attorney fees can range from below $1000 to over $2000 or some attorneys may charge by the hour. There are no set fees.

I can certainly recommend the one I use for myself, my family, friends and my clients.

Darren Sheehan
Darren@DarrenESheehanLaw.com
0 votes
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