When you’re in the process of buying or selling real estate (or for any other reason),
the question is what to look for in an attorney
My name is John Moss, an attorney and partner at Moss & Moss LLP, a law firm started by
my family in 1997.
A large portion of our work is residential real estate transactions, and let’s dig
in.
I have to admit that this is probably the most self-serving of videos, because essentially
what I’m telling you to look for and value in an attorney is how I try to practice.
That said, the first thing you need to look for is someone knowledgeable, but that’s
the easy part.
There are a ton of real estate attorneys in New York and probably the vast majority know
what they’re doing.
The next thing you need to find is someone trustworthy.
Again, that’s probably not too difficult a criteria to satisfy.
You’re going to get offered referrals to attorneys from your real estate broker, from
your mortgage broker, from your friends, and who know what other sources.
And each and everyone one of them will be knowledgeable and probably trustworthy.
The thing that will set some attorneys apart from the rest is the attention and time that
they give to you as a client.
Since this is a money-making prospect, you should be aware of the economic side of things…nevermind
the amount of the fees for the moment, but the actual structure.
The vast majority of real estate attorneys charge on a flat rate basis.
The reality is that the amount of time that a real estate transaction requires means that
if an attorney charged by the hour and did all of the work, the fees would likely be
much higher than the going rate.
Since that’s the case, a lot of attorneys have their support staff do a lot of the work.
That’s not uncommon and quite frankly, a lot of those paralegals have more experience
than many of the attorneys.
So it’s not necessarily a bad thing, but if you’re interviewing an attorney and they’re
not going to be the person you’re mostly talking to, then you might not be interviewing
the right person.
But what that gets to is how much attention you and your matter are actually going to
get from the attorney.
For experienced real estate pros, they don’t need too much attention.
They know what they’re doing, they understand the transaction, and they don’t need too
much time from the attorneys other than knowing that the attorney has it under control and
to find out when they’re closing.
But if you’re watching this video, you’re probably not a pro.
You’re probably a first-time buyer and you’re just trying to figure out how this whole process
works.
And it’s difficult.
There is no simple primer or 10 minute video that you can watch to know everything about
a purchase or a sale.
And that’s where your lawyer comes in.
Your lawyer shouldn’t just be someone who reads the contract and makes sure you’re
not getting screwed.
Your lawyer SHOULD explain to you what’s going on, answer your questions, tell you
where you are at in the process, give you context when something feels like it’s not
going right, and give you some comfort to know when things really are going off the
rails.
This is the time and attention that’s required when you’re paying several hundred thousand
dollars if not one or two million for what anywhere else in the country would be a postage
stamp.
For my part, I try to give each of my clients an understanding of the whole course of the
transaction up front.
Not so that the client needs to memorize the whole thing, but just so you have a sense
of context.
So that when you hear words you don’t recognize, like title insurance, you remember that you
actually heard them once and you can call me up and ask me what it is again and why
you have to pay for it.
The other thing that I like to try to walk through is the closing costs.
The idea is that you should know up front what you general costs are going to look like
so that you’re not surprised at the end.
In fact, I usually give clients a fairly conservative estimate at the beginning because I’d rather
estimate too much, than have my clients expecting one thing and ending up paying a lot more
at the end.
I also try to make sure that clients have a chance to have their questions answered
in a reasonable timeframe.
These transactions become very emotional…for obvious reason, since it’s probably the
single largest financial transaction you’re been involved with by a long shot.
That being the case, you will want to have some connection with your attorney and to
know that you can call them and get an answer.
The personal attention is genuinely critical and we strive to provide that for our clients.
Now let’s talk about money.
Some lawyers are going to charge less than others.
I know for a fact that our fees are higher than some but lower than others.
Most lawyers will negotiate a little, but the fees that sound too good to be true usually
are.
When the fees are bargain basement, chances are you’re not getting too much personal
attention from your attorney.
So that’s really it.
When you talk to an attorney for the first time, ask them questions and make sure they’re
someone you can talk to.
Make sure they’re someone who can be pretty much the most important person in your life
for a few weeks.
Make sure that you feel comfortable with them.
And if that’s the case, you’ve probably found a good fit.
I hope this was helpful and informative.
And of course, if you are in need of legal services, please contact us at www.mossandmoss.com,
the spelling is below.
We look forward to being of assistance.
Again, my name is John Moss and thank you for watching.