Why do Real Estate Lawyers Cost so Much?
Imagine this: you’ve just signed the paperwork for one of the largest purchases of your life — your home. As you try not to panic at the thought of spending so much money on one thing, bills start to pop up: the home inspector, lawyer, and insurer all have fees to be paid.
The home inspection bill is easy to swallow. You want to make sure you’re not buying a lemon, right? The inspection fee is well worth your family’s safety and avoiding any major headaches down the road. The feeling is much the same for setting up home insurance.
But the lawyer’s fee? Isn’t he just a middle man, out to make a quick buck off the common fool?
Like the home inspector and insurer, a good real estate lawyer can save you a great deal of time, hassle, and money. Among other things, the lawyer handling your real estate transaction takes care of:
- Land Transfer Tax
- Title Search
- Status Certificates for condos
- Registration of Deed
- Registration of Mortgage
- Registration of Covenants
- Execution Certificates
- Title Insurance
- Banking Charges
- Tax Certificates
- Zoning/Building Department Searches
- Utilities Searches
These charges are typically itemized and billed in addition to a lawyer’s regular fee. The need for each depends on the type of real estate you are purchasing.
Rather than figure out how to navigate each of the items on this list yourself, under the tight deadlines of real estate deals, you can hire a lawyer and leverage his or her experience to get the job done quickly and properly.
Some people may balk at the thought of paying $2000 for a lawyer to “file a few papers,” but it’s important to remember that you’re paying for that professional’s knowledge and experience. They’re not just filing papers; they’re filing the right papers in the right place at the right time to make your real estate dreams happen.
Remember, if you think hiring a professional is expensive, wait until you see the cost of hiring an amateur.
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