Have to pay for using an escrow account???

[rubenpriego]

Hi there people,
I am buying an apartment in DR. Already contacted a lawyer and signed a contract with him to move all papers about my buying.
In lawyer's fees there is a point where she charges me around 1,000$ just to use an escrow account.

Is that normal? Just to be able to use an escrow account for the apartment payment the lawyer charges me 1,000$ plus her other fees?

At the end including all services that are needed for the purchasing of the apartment, she is charging me 2,500$ fee.

I am afraid I could have been ripped off ...

On the other hand one broker just told me today that his lawyers he works with dont charge any amount of money for using an escrow account ...

Please advise!

 

[Bob K]

You are being ripped off. Most reputable lawyers here will charge 1-1.5% of the purchase price for their fee. This will include use of their escrow account to transfer purdchasing money. Maybe you should find a new lawyer?

Bob K

 

[rubenpriego]

Thanks for your reply Bob.
First purchasing, first rip-off.
Wondering if my new life at DR is gonna be a "long rip-off" ...

 

[Bob K]

It is a learning curve. You soon will identify who to trust and who to be wary of.

Bob K

 

[Fabio J. Guzman]

As Bob K says, it is usually included in the fees for the purchase.

 

[yanandu]

When I bought I got three quotes showing all fees banking taxes etc. Also a timescale. I gave the price range I was interested in. Then I considered the lawyers reputations and went for the second cheapest.
The quotes were written by the lawyer - I took a photocopy.
Then found the property and asked for the lawyers comments. The first one at first the lawyer didn't think the title etc. was in order so I carried on searching. The second one went through.

I would do the same thing in any country.

The bill was expected.

It seems strange people do not follow this simple procedure.

Yanandu.