avg % for lawyer to close

What is the name of your state? NY

Hi,

My aunt is selling her home, she's asking for 300,000.

I'm pretty sure I remember her say that her lawyer wants 10% for the job. it seems alot to me. Is this an average percent to pay a lawyer for a closing?

(I might be wrong, i have to check again)

thanks

[nextwife]

Sounds funny to me. In our market, al least, an attorney reviews the offers and prepairs the sellers side closing papers for a fFLAT fee, maybe a few hundred dollars. Disbursing can usually be done by buyer's lender. I don't know NY, but I can check tomorrow from a closing office there as to what is standard. What part of NY? The title insurance is so-much per thousand, and the seller has some other fees.

Listing and selling by a real estate agent is a percentage.

[Bigfoot]

I agree with nextwife. This sounds peculiar. In situations I'm accustomed to, the buyers pay for the closing costs, including the attorney for preparing title work, etc. Lenders and others are also allowed to perform the closing function in some states.

NC attorneys average $450 for a close and not a percentage of the sales price.

[nextwife]

Seller side pays for title and closing prep (other than buyers loan stuff) in our market. Even WITH title, tpically the atty cost and title combined can be had for under $1500.

Guess if one is selling here and buying where you are, Bigfoot, they end up paying both sides!

Typically, (here) the listing broker prepairs the closing and the cost is already covered by the 4-6% commission. Attorney review would be an additional few hundred, never a percentage. Title companies here will prepare and do the FSBO closing for under $200, plus title cost, but cannot give legal advice.

I'd be very concerned about an attorney charging 10% of a sale price rather than a fee based on time involved. Since 1979, at least in my market, I have never once seen an attorney charge a % of sale price to prepare closing docs and attend.

[HomeGuru]

Writer, as nextwife and Bigfoot mentioned, get estimates for a fixed fee closing. An attorney basing his fee on a % of the sales price is not right and in some cases, highly unethical.