The average real estate attorney fee for a purchase transaction in NYC is $2,000 to $3,000. The flat fee rates you are quoted will vary based on the complexity of your real estate transaction. Lawyer fees can be as high as $5,000 for a more complex transaction and for new developments. Real estate attorney fees are typically taken at closing and will be part of the closing costs mentioned in your lawyer’s closing statement. Some lawyers may negotiate for half or some other portion of the fee to be paid upfront, with the remainder to be paid at closing.
If you’re buying a sponsor unit (new construction), it’s customary for the buyer to also cover the seller’s attorney fees in addition to the NYC and NYS Transfer Taxes. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. Keep in mind that sponsor closing costs are negotiable.