Lawyer`s Fee - 4-Plex VS. 10-Plex

[Nir]

Hi,

If a lawyer charges $1,500 to process a 4-plex purchase, how much approximately should the same lawyer charge for a 10-plex?
Around $2,500 or $3,500?

I heard it depends on whether the bank will hire him or not(!) - does it make sense, can someone pls explain the logic behind this?

THANKS.

 

[Thomas Beyer]

QUOTE (investmart @ Jan 19 2010, 07:01 PM) Hi,

If a lawyer charges $1,500 to process a 4-plex purchase, how much approximately should the same lawyer charge for a 10-plex?
Around $2,500 or $3,500?

I heard it depends on whether the bank will hire him or not(!) - does it make sense, can someone pls explain the logic behind this?

THANKS.
yes .. but you pay TWO lawyers: yours .. and the lender`s too !!

so $3500 (more or less) times TWO i.e. $7000 or so !!

 

[Nir]

Thank you Thomas,

can you please elaborate a bit - why do I pay twice for a 10-plex and once for a 4-plex? because for a 4-plex bank waives their lawyer`s cost or does not have an additional cost?

so in the case of a 10-plex, if bank HIRES MY LAWYER I have to pay my lawyer double, say 5,000.. and that`s why lawyer does not know until the feedback from bank(?)

Lastly, just out of curiosity, for residentials up to 4 units where buyer does not pay double, are lawyers still, often, being hired by the bank? hence making more
than just the fee from the buyer they represent? again, if this is the case why do the banks eat the cost, meaning PAY the lawyer VS. apt building expect buyer to pay? reminds of tax brackets - got money to buy bigger building? ...pay more!

Cheers.

 

[Thomas Beyer]

QUOTE (investmart @ Jan 19 2010, 10:59 PM) Thank you Thomas,

can you please elaborate a bit - why do I pay twice for a 10-plex and once for a 4-plex? ...
10plex is commercial ! different rules !

3 lawyers are involved: seller`s, buyer`s and lender`s !

in residential the buyer`s lawyer also represents the bank due to volume and simplicity of the mortgage usually !

 

[Nir]

QUOTE (ThomasBeyer @ Jan 20 2010, 11:15 PM) in residential the buyer`s lawyer also represents the bank

Does the bank pay the lawyer for that in addition to what buyer pays the lawyer? so in residential buyer`s lawyer makes more per transaction than just buyer`s fee they charge?