When I represent buyers or sellers of residential real estate, I do so on a flat fee basis. Thus, the client pays a set amount, regardless of how much time my associate Marc Holmes and I spend on the matter. One half of the flat fee is due when the client signs the fee agreement, and the balance is billed at the end of the following month.
I represent sellers or buyers without an agent ("For Sale By Owner") for a flat fee of $795. This fee covers my representation until occurrence of the earlier of the following: (1) closing of the sale; or (2) if Client is selling the property, a failure to close two consecutive fully executed and binding purchase and sale agreements (e.g., contracts fail due to an unsatisfied contingency); and if Client is buying the property or an equivalent, three failed attempts to enter into binding purchase and sale agreement (i.e., Attorney drafts three offers that are presented to sellers, none of which are accepted), or a failure to close two binding purchase and sale agreements (e.g., contract fails due to an unsatisfied contingency).
I represent sellers or buyers who are also using an agent for a flat fee of $595. For sellers, this includes my review of the listing agreement with the agent. This reduced fee reflects the fact that my representation is limited to a review of documents prepared by your agent (rather than preparing the documents myself) and legal counsel as necessary throughout the transaction.
I represent buyers or sellers interested in entering into a lease with an option to purchase. I do so for a flat fee of $1195 billed in one-third increments.
If a seller is considering a short sale or other transaction designed to "help" the seller avoid a foreclosure, I will review the proposed transaction documents and counsel the client as to the risks and benefits of the transaction for a flat fee of $300. If the client wants or needs furhter representation, I provide it on an hourly basis.
Where a property is owned free and clear of any mortgage and is being sold with seller financing (typically from one family member to another) I will represent both the seller and the buyer and act as escrow for the transaction. I provide this service for a flat fee of $1495. When I provide this service, I do not take steps to protect the interests of either party or provide specific legal counsel -- the parties must protect themselves.
My flat fee covers my representation in a normal purchase or sale of residential real estate. If a problem develops that falls outside the scope of representation (e.g., the parties dispute ownership of the earnest money), the client will need to sign a second fee agreement that allows for hourly billing.
When I bill by the hour, I bill my time at a rate of $195 per hour. My associate Marc Holmes bills his time at $145 per hour, and my paralegal/assistant Mary Daniels bills at a rate of $85 per hour for paralegal work. Of course, prior to billing any time on an hourly basis, I will discuss the matter with the client and obtain the client's written approval for doing so. Should costs be incurred during the representation, the client is responsible for those costs, which are billed monthly or at the conclusion of the representation.
For disputes (including litigation), I represent both plaintiffs and defendants. When representing defendants, Marc, Mary and I bill at our standard hourly rates. When representing plaintiffs, I may be willing to bill on a contingency fee basis. Please contact me to discuss a fee arrangement for your particular situation.
