Finding an Attorney. Need a few answers (Central NY )

Finding an Attorney. Need a few answers (Central NY )

Hello all. I became a member on June 30th and I am on Chapter 10 of "Your Town". I have done alot of work in the short time so far. I am looking at a FSBO at 66,000 (already have a local realtor doing a CMA for me. I am also looking at a nice commercial building in town that is listed at 69,000. It has one space rented at 600.00 a month taxes are 2000 a year (they pay utilities) and the other space is vacant. The agent tells me the owner will hold paper. The 2 floors above need extensive work according to the agent. I plan on looking at it to see how many thousands it will take to rehab the upper floors. I have met with 2 local banks.
My questions on attorneys is this.
So you know I have an associate brokers lic. and have sold a few homes in my short career working for a broker. This game is new.
I have worked with many attorneys and all of them charged my clients a flat fee of some dollar amount.
When I talked to this attorney he said he used to charge 1 percent of the selling price regardless of who he was representing.
He then told me he does not have this price structure any more. He now charges $200.00 per hour.
The difference in 1 percent to 200.00 an hour is huge.
He also told me that he charges this fee regardless if the deal closes or not.
I do not like this picture.
I would like to read how you work with your attorneys and how they charge you for their service.
Thank you

__________________

John A Musco -
You see, in life, lots of people know what to do, but few people actually do what they know. Knowing is not enough! You must take action.
Tony Robbins


Not Surprised

I have seen this alot. I would price around. I would try this. Since NY is one of those states that has lawyers do a closing as opposed to a title company, I would make the following proposal.

Do the deal as my attorney for a 1% flat fee and get the opportunity to do the closing as well.

Here is another idea. Contact those attorneys that do real estate and explain to them that you are adding an attorney to your team. tell them that they get a piece of the action such as 20% of your profit/fees and the opportunity to do the closing and make additional monies.

Here is one more idea. Locate a CPA who also holds a attorneys license. Ask him to join your team for a piece of the action and the right to do all the legal work and the closing.

Hope this helps.


Attorney shopping Central NY Finger Lake region

Thank you Jimmy for your insight. Anyone else please?
Thank you
John

__________________

John A Musco -
You see, in life, lots of people know what to do, but few people actually do what they know. Knowing is not enough! You must take action.
Tony Robbins