Paying a RE Attorney

[Jazz Jacobs]

Hello all,

After doing some research about real estate, I learned how important it is to have a real estate attorney. However, my question is are RE attorneys paid for the transaction of  deals only ? or are they hired before deals are found and are paid to be on stand by ( such as paying them monthly) ? Also, would I need to pay to interview/consult with one? Is they other costs I should be weary of?

Thanks,

Jazz

[Ned Carey]

@Jazz Jacobs Mike is correct most attorneys will give a free consult the first time you meet because they want a new client. This  may  not be all attorneys and may not be for all people. It is possible if they don't see you as becoming a serious client, they may want to charge to meet with you. 

Other than that most attorneys charge for a particular job. For common jobs they may have a fixed rate other wise they will charge by the hour. 

Yes some people have an attorney "On retainer" In other words have paid in advance for their services as needed but generally you won't need that. 

I got some of my first basic information about tax sale investing by taking an attorney out to breakfast. For the cost of a modest price meal I got about an hours worth of legal advice. 

There are many things you may need an attorney for. You may want a different attorney for; contract review, tenant landlord issues, property settlements, a bulldog litigator, evictions, foreclosures, collections etc. i use  many different attorneys and  choose in part based on what I need to have done. All of they are "real estate attorneys" but they all have their own specialty withing real estate. 

Staring out you may want one to help you will your legal structure and setting up any entity  if you choose and also for contract review. Once you have your basic contracts and understand how to use them the next thing you are likely to need is a title company. That can be chosen once you have a property under contract.