A great real estate lawyer is key to have a smooth real estate transaction. But, how much does a real estate lawyer cost? Does hiring a real estate lawyer increase your costs even more?
All these questions come to mind of most people who want to buy or sell homes or property. So here we are to answer your queries. Especially, we’ll be talking about the real estate lawyer’s fees in Edmonton.
Let us tell you very briefly before going into details. The lawyers charge no standard legal fee. Each lawyer sets their own legal rate depending on their expertise. Then, some law firms set flat rate fees.
So, the client can have serenity and a fixed value to set their budget. It would help if you did some research before hiring a real estate lawyer. Otherwise, you may get caught off guard by a mythic lawyer’s bill.
Read the article to understand the potential costs of working with a real estate lawyer.
How Much does a Real Estate Lawyer Cost in Edmonton?
As mentioned, real estate lawyers set their own fees. This is why you’ll find variable rates when you compare all real estate lawyers in Edmonton. Most of them prefer flat-rate fees for their client’s peace of mind.
The intelligent lawyers set a fee in the middle of the pack. They set the price after know what their competitors are charging? This is the best way to put a cost that is not the highest but not the lowest.
The average cost one can expect to pay a real estate lawyer is between $650 and $2000. Below is a rough amount you can expect to incur in your real estate transaction.
|Categories||List of Fees|
|House purchase||$699 (in cash)|
|House purchase with a mortgage||$899|
|Condo purchase||$799 (in cash)|
|Condo purchase with a mortgage||$950|
Keep in mind; these are expected values. The price may vary based on the complexity of the transaction. Besides, there are a few things associated with the real estate lawyer’s fee.
Things That Affect Real Estate Lawyer’s Fees in Edmonton
Do you know what happens for the most part while working with a real estate lawyer? Mostly, you don’t know the costs unless the lawyer gives you the bill. Hence it is essential to understand how a lawyer charges for dealing a real estate transaction.
The cost of a lawyer’s fee may vary depending on the lawyer or the law firm. But, do you know what is common? The real estate lawyers mostly set the fees considering three things.
- Legal Fees
- GST (Good and Service Tax)
The above components are included in a real estate lawyer’s fee. So let’s discuss them in detail.
The legal fees refer to the money the lawyer earns for providing you with the service. These fees are related to the work done by the lawyer or the team. For example, each real estate transaction includes reviewing and preparing documents.
Also, the process includes signing documents, explaining different factors, and communicating with the other party’s lawyer. Here, the lawyer charges for all the services needed for the transaction.
However, only the lawyer’s fee doesn’t decide whether or not to deal with the lawyer. Instead, it would help if you considered whether or not to deal with the lawyer or their assistants. The best thing is to deal with the lawyer directly.
Consider the lawyer’s depth of knowledge in dealing with real estate properties. Note that buying or selling a property is one of the most valuable decisions in your life. Therefore, if there is a difference of $100-$200 in the lawyer’s legal fees, you should not be only considering it.
In real estate transactions, the lawyer may have to pay some on behalf of you—this cost paid by the lawyer fall under the disbursement. Many people think that the lawyer’s fee contains disbursements. This is not true in reality.
Disbursements can be said as out-of-pocket expenses that are paid to third parties. It may include costs for things like registration for mortgage and registration for the transfer of land.
Moreover, it may include encroachment agreements, real property reports, title insurance, additional title, courier charges, etc. A real estate lawyer needs a disbursement fee for closing your deal.
GST (Good and Service Tax)
You need to pay the goods and services tax while buying or selling homes, condos, or property. In Edmonton, Alberta, the GST is 5%. You or your lawyer will be paying the GST.
Is It Worthwhile to Hire a Real Estate Lawyer?
Hiring a real estate lawyer can give you many advantages. With the right one, you can expect a successful real estate transaction. The lawyer will work in your favor to get you the best deal.
Many people think hiring a real estate lawyer will increase the cost. As a result, they avoid seeking legal help as they consider it a waste of money. However, the truth is that an experienced lawyer can save you thousands of dollars or maybe more.
The real estate transaction is a lifelong commitment. Here, a good lawyer can make sure you get the fairest deal possible. The lawyer understands everything, whether it is reading your mortgage loan papers or negotiating the terms.
These agreements consist of long pages filled with phrases and unknown words. A lawyer understands these words better than you. Moreover, the lawyer ensures that the property title is free from financial burdens.
The most important part of this process is transferring ownership. There are loads of legal documents that are needed to register. Without a good lawyer, you may skip any registration seals or signatures.
Considering all these, we must admit that it is worthwhile to hire a good real estate lawyer.
Purchasing a home or property is the largest milestone in a person’s life. Hence, it is essential to be clear about the process and costs associated with it. You now know how much does a real estate lawyer cost.
In real estate transactions, the best thing is to take the right step than correct mistakes. You can hire someone who charges flat-rate fees. This will help you avoid unknown charges.