Ask Terry Questions Closing Fees & Attorneys

Closing Fees & Attorneys

By Terry Savage on July 12, 2016 | Housing / Real Estate

I just received and accepted an offer on my single family home. I have 4 days to find an attorney to represent me at the Closing.

I have called 4 different lawyers for quotes on their legal fees. They are over the place. Some warn about attorneys getting paid fees from the Title Co. that come out of my pocket!

Others attorneys say they charge higher upfront fees, but that I will only be charged 50% of the normal title company fee rates per their agreement with them. Help! What questions can I get answered before the actual closing?
Can’t I know what my total closing costs are going to be before I sit down at the table in front of a long list a numbers, which I must accept in blind ignorance?

Terry Says:  Obviously, you did not use a realtor, which would mostly solve this problem.  Part of the accepted offer should detail who pays what closing costs.  And it should deal with pro-rated real estate taxes.  So, on what basis did you “receive and accept” an offer for the sale of your house?  Did you sign an agreement that requires you to complete the sale in four days??  That doesn’t sound right to me — and is not at all typical of any real estate closing.

I don’t know where you live, but you could contact a realtor saying you sold “by owner” but asking for a referral to a real estate attorney who specializes in closings.  Or contact your state bar association for a referral to an attorney in this field.  To me, it sounds like you are being rushed and pressured into a deal that could cost you a lot more than attorneys fees!



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