My girlfriend and i are looking at homes to purchase in the areas around Boston. We will put down a down payment of 10-15% of the purchase price and mortgage the rest with an FHA mortgage. I know i have to pay the attorney's fee of my mortgage lenders attorney but i also need to hire my own personal attorney to represent my interest in this purchase. We are looking at homes in the Framingham, Needham, Newton,
Ashland areas just west of Boston, MA
Depending on the lender, your attorney can act as the closing attorney thus saving you the expense of hiring additional counsel. Typical attorneys fees will vary with the complexity of the transaction and whether you are taking the house in individual names or in a trust.
There are multiple ways to take title for liability planning (asset protection), tax and estate planning purposes and you SHOULD talk to an attorney about that, especially if you are planning to maximize SALT (State and Local Tax) deductions. When our office is also the closing counsel then the fees are reduced since there is no duplication of effort and we will be issuing title insurance.
This is not really something you can generalize. Different attorneys charge differently. Some may do this on a flat fee, some on an hourly and some a hybrid of the two. One thing I cannot stress enough - you get what you pay for. Consider what work the attorney will be doing for you. A good attorney will add many protections to the agreement. For most deals, these are truly not needed and everything would go perfectly without them. However, for that one in ten where there is a problem, those can be nightmares; having a solid agreement can often be the saving grace. That said, you may see rates from as low as $500 to as much as $2500 or more depending on the complexity of the transaction. Consider also that you are listing some very expensive neighborhoods, so you likely will have a lot of money on the line if things go wrong.
This answer is not to be considered legal advice. No attorney-client relationship is created in responding to this question. You are advised to consult with an attorney in your state to be certain of your rights and obligations relating to this question.
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