- Thread starter mikey007
- Start date
lawyers fees
This makes little sense to me. If I buy a property for $40,000 or $1,000,000 I will pay either $400 or $10,000? So if a lawyer can do the work for $400 and make a profit, why does he need to earn $10,000 for the same work?
The Code of Ethics of the Dominican Bar Association itemizes the factors to be considered in determining legal fees, as follows:
a) The importance of the services and the monetary value involved.
b) The result obtained by the attorney.
c) The novelty or difficulty of the legal issues involved.
d) The experience or the specialty of the attorney.
e) The isolated or continuous nature of the attorney-client relationship.
f) The risks taken on by the attorney as a result of the services provided.
g) The time spent on the matter.
You should also take into account the attorney's potential liability which goes up with price.
a) The importance of the services and the monetary value involved.
b) The result obtained by the attorney.
c) The novelty or difficulty of the legal issues involved.
d) The experience or the specialty of the attorney.
e) The isolated or continuous nature of the attorney-client relationship.
f) The risks taken on by the attorney as a result of the services provided.
g) The time spent on the matter.
You should also take into account the attorney's potential liability which goes up with price.
Let's take these one at a time:
a) $40,000 is as important to some people as $1,000,000 is to others, so I don't agree with this excuse
b)This isn't a lawsuit situation
c) The issues between the two example properties should be negligible - in fact the cheaper property may have a more checkered legal background
d)Irrelevant - either he does real estate law or not
e) Same in both instances
f)Risks again are similar with the two properties
g)Time spent should be marginally different
Potential liability - there is no liability if the lawyer does his job properly.
in conclusion, I think we can agree that there should be a sliding scale of rates based on the value of the deal. Just like a real estate broker doesn't expect to get 10% of a $1,000,000 deal, neither should a lawyer charged a fixed percentage.
Would a lawyer be happy with $5,000 for a $1,000,000 transaction? If not change lawyers! He is ripping you off.
You can reverse this. I am buying a $40,000 property. I am going to get an inferior job if the lawyer is only getting $400?
With regard to Mr Guzman's point, is the lawyer liable if he messes up and I buy a property from someone who does not actually own it?
As someone who has bought and sold a dozen or so house, the lawyers fee of 1% wouldn't bother me. Price of doing business. When you sell a house here in Canada or the states the real estate agent gets a percentage, anywhere from 1-6% Do you think it's fair that they get more for selling an expensive house than a cheap house?
This is my first post and thanks for your patience
I am interested in looking for investment opportunities in the DR, I plan to make several visits to establish contacts in Santo Domingo and Santiago. I would like to form a Dominican holding corporation and in turn look for investment opportunites thereafter.
How must does it cost to incorporate?
I am also looking for a firm with some political contacts
I have some clients here stateside who have expressed interest in starting a call center and I have been reading the "call center" threads. In the interim, I think some temporary Call center solutions with a reputable firm maybe the answer.
I am interested in looking for investment opportunities in the DR, I plan to make several visits to establish contacts in Santo Domingo and Santiago. I would like to form a Dominican holding corporation and in turn look for investment opportunites thereafter.
How must does it cost to incorporate?
I am also looking for a firm with some political contacts
I have some clients here stateside who have expressed interest in starting a call center and I have been reading the "call center" threads. In the interim, I think some temporary Call center solutions with a reputable firm maybe the answer.
Should atty charge 30% for sale of land?
A few years ago I sold 3000 M2 and the atty fees were 30%. Was I ripped off? Price was $550/ea M2
A few years ago I sold 3000 M2 and the atty fees were 30%. Was I ripped off? Price was $550/ea M2
Certainly 30% is way out of line, even including transfers taxes. Standard total fees and expenses are approx. 5.4%, soon to increased to 7.4% with the new 2% tax. For complex cases such as the purchase of a business, our maximum fee is 2 to 2.5%.