Understanding Attorney Services Fees in Real Estate
by Dallas Appraiser L.L.C. on 06/12/14
Understanding Attorney Services Fees in Real Estate
In some part of our lives, there will come a time when we will need attorney services. We may need their professional services when we buy a property, close a business deal, adopt a child, file for divorce, or when we need someone to defend us in courts. And throughout the time that we deal with our attorneys to finalize any procedure where we need legal advice, we tend to discuss many things. We may discuss about the steps that needs to be done, what legal actions need to be taken, etc. But, there is one thing that, both us as the client and the attorney, may not discuss per se or may not discuss at all. This is the attorney services fees.
Yes, despite the fact that professional fees for attorney services are important; these are mostly not being discussed. The most valid reason for this is that it seems awkward to talk about them. Besides, it usually feels uncomfortable to talk about them; especially if the services involve dealing with sensitive cases. But, as the one hiring an attorney, you need to know more about attorney services fees so that it will not be uncomfortable for you to talk about it.
Know the Correct Real Estate Attorney Services Fees
As you will be the one to hire and therefore pay for the services, knowing the current market rate for such services would be important. Usually, legal or attorney services fees varies according to where the services are being performed. Here are the three most important things that you have to consider when deciding what amount should be fair enough as fees for your attorney;
1. Decide on how much money you can afford to pay. As the client, you know how much you can afford. And you should tell your attorney that. In most cases, if you can not afford to pay a lot, you can opt for public attorneys. They usually have low rates for their services. But just the same, you need to determine how much money you have and if you can pay the attorney’s regular rates.
2. The kind of real estate attorney services needed. You should also know whether you will need an expert real estate attorney in a certain field. Most fees are based on the level of expertise needed in a legal service or how much work is involved.
3. The usual rate for the type of service. Appraising how much money you will need as payment for attorney services will usually depend on the type of service rendered. Hence, it is important that you would be able to distinguish what type of services you need. It is also important that you know the current rate for the type of service that you need.
When deciding about the attorney services fees, it is also vital that you plan on what type of fee arrangement you will offer. Actually, this is also a factor when deciding how to pay your attorneys. Now, you will need to decide whether you will pay him/her a flat rate, hourly rate or contingency fee.
The latter will mean that you will pay your real estate attorney a certain percentage on any amount that you will get should you win a case; for example, settlement fee for divorce or the splitting of real estate assets. You will have to discuss on how much you will possibly get and what percentage should be the payment.
If you are going to pay a flat rate, on the other hand, the attorney will determine how much is the total fee that you will have to pay. Other expenses such as photocopying, etc are computed with the flat rate fee. Now, hourly rate shall be computed based on the hours spent by your attorney on the case or proceedings.
Comments (0)
