Hiring a real estate attorney can be a great idea if you’re planning to purchase a house out of state or are buying a distressed property. You may not be familiar with local real estate laws and may not be aware of all of the pitfalls that can arise if you don’t hire an attorney. You can also use an attorney to avoid larger disputes – these can end up costing you more in the long run, not to mention the time.
A real estate attorney’s fees can vary widely. They may offer a flat rate or charge based on the time spent, depending on the property. However, you should be aware that they are unlikely to offer much assistance in a for-sale-by-owner sale. You can even find some free online forms to complete that you can use yourself. In addition, real estate attorneys may not be able to help you with a for-sale-by-owner transaction.
While it is true that real estate lawyers charge a flat rate, some charge by the hour. Hourly rates can be as high as $150 per hour, so if you’re considering hiring a real estate attorney for your next real estate transaction, it’s worth checking out the flat fee option. Most real estate attorneys charge between $500 and $2000 for their services, but the fees vary considerably by the complexity of the transaction.