Hello Everyone on BP.
I'm in a commercial real estate transaction, and my attorney is charging a fee of $2500 for closing, Does anyone know the average attorney fees in new jersey?
Am I overpaying or is this standard.
When you say "commercial", do you mean retail kind of commercial or multi-family? Is it conventional or hard money financing? What part of NJ?
It's a 4 unit plus a retail, a conventional transaction, in Jersey City bayonne border.
it depends on the complexity of the transaction.
I think it's overcharged, how much complex it can be?
Its not a complex deal at all it's a quite standard, so I guess I am right feeling burned.
Depends on where in NJ. For a regular residential purchase or sale, no corporate formations, not a foreclosure or short sale, nothing out of the ordinary, then $2500 is expensive. Not outrageous, but a lot. Some older solo practitioners still charge $950 or $1,000 but they are often very slow and non-responsive from my experience. $1200-1500 is probably more average with $2500 being on the high end.
@Jessica Zolotorofe usually the attorneys that still charge below $1,000 are not yet using email.
@David Lichtenstadter Yes, and typewriters to draft letters they mail to you and you don't get for 3 days. It's the bane of my existence!
@Marko Cool out of curiosity do you have a previous working relationship with your attorney?
No I haven't worked with him in the past.