For land purchases, or for individuals and businesses considering purchasing property, real estate law firms in Chicago can provide essential legal services. However, if an individual or if a business with constraints on how much they can spend for legal services are considering hiring a real estate attorney, there are some important things to think about regarding how these attorneys charge for their services. Not every situation is going to be similar when it comes to the fees charged by an attorney for the work that they do on real estate transactions.
Flat Fees
One of the most basic services that a real estate attorney will provide is legal counsel with an individual or company closing on a particular piece of property. In these situations, the attorney may only charge a flat fee. Depending on the complexity of the closing agreement or the size of the property being purchased, flat fees could run anywhere from $500 to several thousand dollars. Typically, a business or an individual who is considering hiring a real estate attorney for closing can usually get an estimation of the attorneys prices for this particular service.
The Hourly Range for Attorney Services
For a more comprehensive role played by real estate law firms in Chicago, the cost could be considerably more with hourly fees. Depending on the law firm and the scope of what a business or individual will require from these types of attorneys, prices per hour can range from $150 to as much as $500 an hour. Once again, the size of the law firm, their reputation and the scope of the services that will be required from a real estate attorney are going to factor in heavily in terms of how much the attorney charges.
As you can see, some real estate attorneys may only charge a flat fee for consulting during the closing process of purchasing a piece of property. However, with the in-depth work that some attorneys do when it comes to investigating and purchasing an investment property or a large piece of real estate, the prices can be much higher. To get an idea of how much you might have to pay for an attorney, you can discuss your situation with the real estate attorneys at Starr, Bejgiert, Zink & Rowells. Follow us on Twitter.