What is the average real estate attorney fee in NYC?

[lower_nyc]

I recently went to visit a older family friend who lives out-of-state but owns property in NYC. He told me that the last time he sold a condo in NYC, his attorney charged him $10,000. I've certainly never paid anything close to this for any real estate transactions I've worked on.

What is the typical real estate lawyer fee in NYC in your experience?

[aslan]

$10,000 is way out of line and is a rip off in my opinion. The average fee from a NYC based attorney who specializes in real estate transactions is $2,000 to $3,000. You'll find cheaper lawyers out of town say in upstate NY, but you may encounter difficulties in meeting them in person (i.e. to sign contract if you're not e-signing or for the closing). There are also some flat fee lawyers I've seen that charge as little as $750 per transaction. They were okay and did get the deal done, but they may not be the best for a first time buyer who may need more love and hand holding.

[lower_nyc]

$10,000 is way out of line and is a rip off in my opinion. The average fee from a NYC based attorney who specializes in real estate transactions is $2,000 to $3,000. You'll find cheaper lawyers out of town say in upstate NY, but you may encounter difficulties in meeting them in person (i.e. to sign contract if you're not e-signing or for the closing). There are also some flat fee lawyers I've seen that charge as little as $750 per transaction. They were okay and did get the deal done, but they may not be the best for a first time buyer who may need more love and hand holding.

Agreed. Upon further research it seems that a $10k attorney fee for a real estate transaction in NYC is as egregious as a 10% commission bill. $2-3k seems reasonable for a quality attorney in NYC, although I see many google ads for sketchy attorneys who will do transactions for $500-$750k. Proceed at your own risk and buyer beware!