We offer several different fee arrangements. Whenever possible, we offer a flat fee so that our client pays a set amount, regardless of how much time we spend on the matter. Typically, a portion of the flat fee is due when you retain us and the balance is due a month or more later.
Some matters, however, are too complicated or too uncertain for us to charge a flat fee, such as matters involving or likely to involve litigation. We typically handle these matters on an hourly basis. See below for more information on hourly billing and contingency fee agreements.
PURCHASE & SALE TRANSACTIONS
Our “Top Five” services in a typical purchase and sale transaction are listed below. If a service you want isn’t mentioned, please contact us as it might be something we already offer at no additional charge or could offer for a modest fee.
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Top notch customer service – we answer our phones and return calls and emails promptly;
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Advising our clients on their legal rights and obligations as well as the overall purchase and sale process;
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Drafting, negotiating, and reviewing offers and counteroffers, and insuring that there is a binding and enforceable contract;
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Monitoring contingencies and analysis of their satisfaction, including review of title and, if possible, correction of title defects; and
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Review, analysis, and, if necessary, revisions of closing documents in advance of our client’s closing appointment.
Please note that our flat fees do not include litigation or resolving legal disputes between our client and the party on the other side of the transaction. Disputes like this fall outside the scope of our flat fee representation. In these circumstances, the client will usually need to sign a new fee agreement that allows for hourly billing.
BUYERS of a home not listed on the MLS $1995
BUYERS of a home listed on the MLS $4995
This fee includes our legal fees of $1995 flat fee plus $3000 payable to our affiliated real estate brokerage, WaLaw Realty. $500 is due up front, and the balance is due at closing or six months later (whichever occurs first). By using WaLaw Realty as your real estate agent, you are able to get the services of a real estate agent, such as house tours. In addition, through WaLaw we refund the buyer’s agent’s commission back to you at closing (typically 3% of the purchase price). See WaLawRealty.com for more information.
BUYERS making an offer on new construction OR condo additional $250
New construction and condominiums include additional documentation (such as a Builder’s Addendum for new construction, a Public Offering Statement for a new condo) that requires additional attorney time. Moreover, these contracts are typically slanted heavily in favor of the seller. Accordingly, we usually invest additional time in negotiating the final contract so that it is fair to the buyer. This additional charge is incurred for each offer (including all related counteroffers) on new construction or on a condominium. This fee is imposed only once, so you pay a total $250 additional for a new condo.
BUYERS of property valued at or above $1 million add’l $2000 per million
These transactions represent a significant increase in our own potential professional liability.
BUYERS purchasing a SHORT SALE or REO additional $250
Increasingly popular these days are “short sales” and “REO” properties. For buyers, these types of homes present great opportunities to get a bargain. For sellers, short sales may be the only way to get out from underneath an upside down mortgage. These transactions require considerably more work so we charge an additional fee to clients making an offer on a short sale or REO property.
SELLERS who are not listing on the MLS $1995
For sellers who are using alternative marketing tools so as to save the entire commission associated with listing on the MLS (typically 6% split between the seller’s and the buyer’s agents), we offer comprehensive legal counsel, including access to forms necessary for the transaction (such as a seller disclosure statement). We do not offer this service to clients who want to also list on the MLS using a discount or flat fee broker. Rather, your property must be listed with us through our brokerage WaLaw Realty if you want to list on the MLS and have us as your attorney too.
SELLERS listing the home on the MLS via WaLaw $4995
This fee includes legal fees of $1995 plus $3000 payable to our affiliated real estate brokerage, WaLaw Realty. $500 is due up front, and the balance is due at closing or six months later (whichever occurs first). By using WaLaw Realty as your real estate agent, you list your property on the NWMLS, get professional photographs of your house, get a yard sign and key box, list your property on other internet sites (such as Zillow), and get access to other services typically provided by an agent. See WaLawRealty.com for more information.
SELLERS of property valued at or above $1 million add’l $2000 per million
These transactions represent a significant increase in our own potential professional liability.
SHORT SALE SELLERS listing the home on the MLS via WaLaw 3% of Sales Price
For homeowners facing the prospect of a short sale we work in collaboration with our affiliated real estate brokerage company WaLaw Realty. This collaboration gets our clients the expert short sale negotiation of a law firm and the traditional services of a real estate broker including your home listed on the NWMLS, professional photography, yard sign, color flyers, key box, and listings on third party sites such as Zillow, Yahoo Real Estate, Trulia. See WaLawRealty.com for more information.
LEASE WITH OPTION TO BUY / SELLER FINANCING $2495
We represent buyers or sellers interested in entering into a lease with an option to purchase (lease-purchase transaction) as well as seller-financed transaction (typically the seller carries a note and deed of trust on the property). The fee includes services through exercise of the option and closing of the sale.
SHORT SALE / DISTRESSED HOME CONSULT $500
For buyers using an agent to buy a short sale or a distressed home, the agent will often encourage or require them to consult an attorney about the legal ramifications of buying such a home. For owners who are “under water” on their home (owing more than the home is worth) and who are having difficulty in making their mortgage payments, we will consult with them as to their options. In either case, we charge a $500 flat fee. We will meet with you to review the proposed transaction and related documents and counsel you as to the risks and benefits of proceeding. The fee does not include any affirmative acts on our behalf (such as negotiation or drafting of documents) but it does cover all time spent reviewing documents and consulting with the client.
DISPUTES
We assist our clients in avoiding or resolving disputes. Our primary goal is to resolve any potential dispute in a cost-effective manner, which of course means without initiating litigation. However, that is not always possible. We keep our clients well informed as to the status of their matter and we absolutely abide by their instructions. If litigation is in our client’s interests, and if the client believes the costs and risks of litigation are appropriate (after being counseled by us), then we will litigate the dispute, hopefully to a successful conclusion. Whether we simply attempt to negotiate a resolution (relying on our analysis of the strengths and weaknesses of the parties’ respective positions) or file a lawsuit, we usually handle these matters on an hourly basis.
HOURLY BILLING RATES
Our current fee schedule (for most matters) is as follows:
Marc Holmes $250/hour
Paralegal $85/hour
Typically we require an advanced fee deposit (rarely more than $1000, often less) which we place into our trust account. We bill by the hour on a monthly basis. The client will receive a bill and have an opportunity to question us about any of the charges. If the bill is acceptable, we then deduct the funds owing from our trust account. If the funds in trust are exhausted, we bill the client monthly and fees are due upon receipt. Costs incurred during the representation will also be billed to the client either monthly or at the conclusion of the representation.
CONTINGENCY FEE
On occasion we represent clients on a contingency fee basis. This means we do not bill our clients at the outset or during their litigation. Instead we receive a percentage of the recovery if the lawsuit is successful or a settlement is reached. Please contact us to discuss a fee arrangement for your particular situation.
Please contact us to discuss your particular situation and what sort of fee arrangement we may be able to offer.