Hello to everyone reading this post.
I have a question about closing attorneys and lawyer fees. I was told by a friend that in states that mandate that a lawyer can only finalize a closing, that the fees charged by a lawyer at closing is based upon the purchase price. If this is valid, what percentage of the purchase price will a lawyer charge to finalize a closing?
Thanks to all for taking a look at this post.
It’s a state by state thing. Some states require an attorney be involved with closing. Usually, it is a flat fee instead of a %. Some states just use a title company to handle the closing.
I invest in two states that are attorney states. I have had eight different closings between the two attorney states in the past two years with a total of four different attornies. In each instance the attorney fees have been a flat rate of either $350 or $400.
I invest in both types of states. My attorney fees for closing are flat at about $450.
Thanks for the responses BLL, Dave T, and 71tr. Take care