Basics Of Real Estate Lawyer Fees To Know

Basics Of Real Estate Lawyer Fees To Know
3 min read
08 August 2023

This blog post will help you manage your legal bills in general, and real estate transactions in particular. A great team is required to achieve the desired results while buying or selling houses, homes, condos, or properties. You cautiously choose your realtor, mortgage broker/lender, building inspector, accountant, and, most importantly, your lawyer. It is in your best interest to allow team members to provide you with the best service at the best price.

Basics Of Legal Bills

Let's start with the basics of buying or selling a house. Basically, your legal bill is made up of three components: fees, disbursements, and taxes. The lawyer fees for selling a house Edmonton is calculated in one of three ways: fixed fee, hourly rate, or contingency basis. 

Lawyers charge fixed fees when they are confident in their ability to complete a certain piece of legal work. This category includes basic real estate transactions.

For custom or complex legal work where the lawyer is not sure how long it will take or what issues may arise, you are charged by the hour. If you need complex real estate law issues solved, you will require experienced, precise, and effective legal representation. And good lawyers don't come cheap!

Legal accounts invoiced on a contingency basis means that the lawyer is paid from funds collected on your behalf. They rely on the lawyer being almost certain that they will collect for you; it's only a matter of when. Accidents involving motor vehicles are a typical category of contingency. Real estate transactions based on contingencies are extremely rare.

Most of your real estate legal accounts can be handled on a fixed fee basis. Truly speaking, law firms prefer flat-rate Alberta real estate legal fees that include disbursements. Fixed and flat-rate costs are calculated on the basis of a typical transaction with no twists or surprises. If your transaction has tangles, twists or surprises, your lawyer may charge you an additional fee for the extra time required to straighten everything out for you. It is in your best interest to avoid any additional lawyer fees for selling a house Edmonton.

What you can do to keep your legal account at a fixed or flat-rate.

Understand Your Deal:

Educate yourself since you must be able to explain your situation to help give correct and understandable instructions to your lawyer. If your lawyer doesn't understand it and you are not able to explain it, your legal bill will skyrocket.

Keep It Simple: 

Clean and simple is usually better than knotty. Complicated means that the firm cannot handle as much as they normally do, so needing additional lawyer time. Extra lawyer time means extra fees.

Ask About Fees Up Front:

Ask about fees in advance. Means, you must ask about legal fees up front. After all, you are the boss, and lawyers work for you. Don't be afraid to speak up! Ask about what is included. And also ask about what is not included.

The Sum Up

These tips will undoubtedly help you in having a less stressful experience.

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Value Law 2
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