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Make sure you are comfortable asking your lawyer for clarification at
any point, no matter how foolish it may seem to you. If you are intimidated
or don’t feel you are being taken seriously, that lawyer is not for you.
Does the lawyer meet buyers face-to-face for the initial contract review?
If yes, how long do those meetings typically last?
What Services Will your Attorney Provide?
Your lawyer will review the purchase contract and negotiate on your behalf to
revise any items he feels are not in your best interest.
Typically, your lawyer also orders the title search and works with the seller’s
lawyer to clear any title concerns. Once the title and mortgage are settled,
he will review the closing documents provided by the seller to ensure you
are receiving everything necessary. He or she will also file the deed with the
county clerk to register the sale.
If the home inspection or any other process discover any defects in the home,
your lawyer will attempt to negotiate a credit against the purchase price to
cover the cost of repairs. However, be aware that in a strong seller’s market,
the lawyer will not necessarily have enough leverage to negotiate effectively
with the seller. It is not advisable to leave the inspection for later in the process
and hope things work out; it may even be worthwhile to order an inspection
on a home you are seriously considering prior to signing the contract.
Your lawyer will attend the closing with you and walk you through the
process to ensure nothing is overlooked and that you understand everything.
Attorney Fees
Typically, the fees for these services are assessed on a flat fee schedule,
determined by the details of the sale. Expect to pay anywhere between $900-
$1800 for a residential closing. These fees tend to be fairly similar among all
local lawyers, so the attorney’s fees should be among the less significant
considerations when selecting your representation.
A retainer between $200-$300 is paid when the lawyer first accepts your
case, with the balance due at closing. If the contract falls through for any
reason, the retainer is the entire compensation the lawyer receives, although
there are some lawyers who will refund that as well.
88 | 2020 Lakewood Home Buyer’s Guide