Average Real Estate Attorney Fee in New York City Buy Or Sale House?

Average Real Estate Attorney Fee in New York City Buy Or Sale House?

What is the average real estate attorney fee in NYC? The typical real estate attorney based in NYC will charge anywhere from $2,000 to $3,000 for a normal purchase or sale transaction. Rates are higher for real estate lawyers based in NYC versus attorneys based in lower-cost locations such as Long Island or the Hudson Valley. For a comprehensive estimate of your buyer closing cost in New York City, visit house it's free and interactive closing cost calculator at www.hauseit.com.

Average Real Estate Attorney Fee in New York City Buy Or Sale House?

Thinking Of Buying Or Selling In NYC?

Save money with hauseit, the largest and most trusted New York City for sale by Credit Company owner and buyer. Hauseit it has saved New Yorkers millions of dollars in commissions since 2014, and we'd love to help you too. There are also real estate discount lawyers who charge a flat rate as low as $750 per transaction. 

If you are thinking of hiring a discount real estate lawyer, just make sure that you aren't sacrificing quality for the price. Real estate contracts in New York City can be heavily negotiated in the entire process is time-sensitive; you'll have the highest chance of actually closing your deal if you hire a seasoned and responsive real estate lawyer.

Are Real Estate Lawyer Fees In New York City Paid Upfront Or Hourly?

Real estate attorney fees in NYC are typically structured as an all-inclusive flat fee per completed transaction. You should be careful if a lawyer asks for hourly pay for a real estate deal, as that's a sure sign the lawyer does not specialize in real estate transactions. This will sometimes occur when buyers or seller’s insisting on using their family lawyer, someone whom they've worked with on a variety of issues from prenuptial agreements to incorporating a business. Such lawyers who claim to do a bit of everything will usually not have much experience in real estate transactions.

When Do I Pay My Real Estate Attorney For A Transaction In NYC?

Real-estate legal fees are typically taken at closing and will be a part of the closing cost mentioned in your lawyers closing statement. It's also common for real estate attorneys in NYC to charge half of the fee up front, with the remainder to be paid at closing. Most lawyers will ask you to sign an engagement letter which outlines the scope of the work, fees and payment structure.

Are Real Estate Attorney Fees In New York City Hire For More Complex Transactions?

Real estate attorney fees can be higher for more advanced transactions that will simply take more than a lawyer’s time.

For example:  - Real estate lawyer fees may be higher for a complicated estate sale with heirs that are hard to track down and a power of attorney involved. Real estate lawyer fees could also be higher for purchases involving a foreign buyer and a convoluted corporate purchase structure.

How Much Our Real Estate Lawyer Fees For New Developments?

Real estate lawyer fees are often double when buying a new construction home in New York City. That's because developers typically expect the buyer to pick up some of their closing costs such as NYC and New York State transfer taxes and the sponsor's attorney fees. As a result, a buyer of a new construction condo or co-op may end up paying for both their own attorney fees plus the attorney fees of the seller. The cost of the sponsor’s attorney fees varies by transaction and it's up to the sponsor to decide how much the fee is. Sponsor legal fees can be anywhere from $1,500 to $5,000.


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