Question about paying attorneys

I know they probably have attorney's who are paid constantly so one slipping through would be different than first timers starting out and so I will be watching this answer too. BTw thanks for sharing about the info for firesky. I am watching the 2012 edge event and it is awesome! Tons of info.

Does anyone have the answer to this question? I would really appreciate it!

Dom,

as far as I was aware, you can post questions on IE??

but, as you say, I'll go ahead and answer your question anyway...

Attorneys get paid by the hour or by an agreed upon price, and collect a deposit upfront. They call it a retainer...
They do not work on commission; therefore, if you have your attorney do some work for you, i.e. draft any documents, review any documents, etc. you will be charged for the time your attorney spent on your 'case' whether your deal goes through or not... if there is any $ left from the retainer, they will return it to you; obviously, the longer you work with your attorney and build a relationship with him/her, then you may be able to come to some different agreement.

Indiana can close with either a Title Company or Real Estate Attorney; you can verify on the site (link below) that has information for all states; you can also check with your real estate agent, he/she will know.

http://legalwiz.com/real-estate-closings/

You need to establish relationships with attorneys that get your repeat business. If you have one occasionally fall apart before closing, they are more likely to waive or discount their fees for your repeat business. Otherwise, they will expect to receive payment for the time they put into preparing paperwork.

Most attorney's fees for closing all cash deals are minimal, get a flat fee negotiated so you know worst-case what to deduct when you wholesale.

I found this resource that explains how closings work in all 50 states. It's very informative, I just hope it's correct:

http://www.escrowhelp.com/state-by-state-closing-guide.html

Good luck!

Thanks Val and Patty! Never knew about that site.

And you can "Ask the Experts" on IE, but due to the large amount of questions asked daily, I felt I was better off posting a question on here to get a faster response. There is no forum on that website to ask other students, only the experts picked by Dean's team can answer your questions that I am aware of.

I think I'll be better off using a Title Company after reading that web page.

for a Non-refundable deposit large enough to cover the attorney fees (and a little $$ for you too). Then, if the buyer backs out you can pay the attorney and you don't have to use any money out of your own pocket.

only ask a question once a month I believe due to the volume of questions that would be asked. I already asked my question.