Options for Legal Advice and Representation
in Residential Real Estate Transactions
Client Needs Vary. Clients vary widely when it comes to the type and scope of legal services being requested. Is the client seeking review/comment on a contract and nothing more? Or comprehensive representation in the entire transaction? Every client and every transaction is different.
Initial General Consultation. A consultation is the best way to discuss an overview of a real estate transaction and to plan strategy and documentation. We may, at our discretion, require a paid initial consultation in order for us to gather facts and documents before a quote for further legal services can be given.
Consultation Fees. Fees are $250 for matters up to $750,000 and $350 (our usual hourly rate) for matters exceeding that amount.
Online Consultation Process. All initial consultations with new clients are now handled online, not in the office. An online consultation consists of an hour of attorney time and is intended to substitute for the same time one would spend with an attorney in his or her physical law office. It is a discussion and case evaluation. Production of new legal documents is not included.
REVIEW/COMMENT ON CONTRACTS
Review/Comment on Contracts. Review/comment on a contract or other document is available for unsigned residential TREC and TXR contracts and addenda as well as title commitments, surveys, closing documents, and other items. Note please that review/comment on a contract is not full representation in the entire transaction.
Review/Comment Process. Our method is to go through the document and make comments and recommendations item-by-item. After one hour of attorney time or after three business days (whichever comes first), the review/comment process automatically concludes and services cease.
Fees for Review/Comment. $250 for a sales price of up to $750,000 and $350 (our usual hourly rate) for matters exceeding that amount. Addition of a custom special provisions addendum is another $150. Both are available within the one-hour consultation timeframe. By itself, the Special Provisions Addendum is $250.
Consult Us BEFORE Signing. After a contract has been signed, the opportunity to offer meaningful benefit to the client has likely been lost. We may at our discretion decline to accept cases where the contract has already been signed.
Review/Comment is NOT a Total Re-Write. If a document is so flawed that it must be entirely re-written or replaced then our usual fee for preparing a new document will apply.
No Review of DIY, Internet, or Junk Documents. We offer review/comment only on TREC and TXR real estate contracts and addenda so long as they are unsigned and completed. Review/comment services are available only if the document was prepared by the client, an attorney, or a real estate agent or broker.
NEW DOCUMENT PREPARATION
Document Preparation. Flat fees below assume that the transaction is residential:
Letter of Intent. Fees begin at $250.
Contract Preparation (in Word). Fees begin at $350.
Deeds or other Single Documents. Fees begin at $450.
Closing Document Package (e.g., warranty deed, the note, and deed of trust). Fees begin at $750.
Hourly Rate. In complex cases, we reserve the right to quote our $350 hourly rate instead of a flat fee. There is no partial-hour accounting for the first hour, which is entirely non-refundable. Billing is in quarter-hour increments thereafter. Legal fees exclude filing fees and other costs.
RETAINERS
Flat-Fee Retainers. Retainers apply to one property or transaction only and may not be carried over to other transactions. Guidelines for flat-fee retainers in real estate transactions are as follows: sales price up to $1M: $2,500; sales price $1M to $2M: $3,500; sales price over $2M: Inquire. Retainers apply to one property or one transaction only and may not be carried over.
Flat-Fee Retainers are Earned when Paid. A flat-fee retainer is stipulated to be a current non-refundable payment for legal services rendered and to be rendered. It is non-refundable.
Hourly Retainers. These involve an initial deposit followed $350 hourly billing. Additional retainer installments may be required as the transaction progresses. Retainers must be kept current with sufficient money in reserve. Retainer balances may not reach zero unless the matter is concluding. If a client’s retainer balance reaches zero, legal services automatically cease.
Retainers Do Not Include Litigation. Our transaction retainers do NOT include our participation in any pending or threatened litigation. The client must have his or her own litigation attorney.
Expiration. Retainers in real estate transactions are limited to 40 days or final closing of the transaction, whichever occurs first.
POSSIBLE COMMISSION REBATE
Commission Rebates. A partial commission rebate (net after taxes) may be available to buyers at closing but only if you use our firm for the entire transaction and you are not already represented by an agent or broker. In such cases, our fee guideline is 1/3 of the total subject to a 1% minimum. A post-closing check is written to the client (net after taxes). The gross commission is assumed to be the customary 3% per side. These are guidelines and may be varied at our discretion. Make no assumptions in this area. We will need to discuss, review, and approve the specifics before committing to any particular arrangement.
Our Attorney Also has a Real Estate Broker’s License. Our attorney is a licensed broker. However, this is a law firm and the services we provide are primarily legal in nature. Any brokerage representation by us requires a signed written agreement in advance. We entirely disclaim any suggestion that our attorney is acting as a real estate broker for anyone unless that person has a signed written brokerage agreement with us to that effect.
Information on Brokerage Services (IABS). TREC rules require us to direct you to TREC’s Information about Brokerage Services located on the TREC webpage at https://lonestarlandlaw.com/wp-content/uploads/2020/04/IABS-1-0.pdf.
ADDITIONAL POLICIES
Residential Transactions Only. Fees quoted above relate to residential transactions only. Commercial transactions are entirely case-by-case, so an initial consultation is required.
Representing “Both Sides. ”We can only advise or represent one side in a real estate transaction. The other party should be advised to seek its own legal counsel.
Fees are Per Transaction. Our fees for real estate services are flat fees per property and per transaction (i.e., payment of a single fee does not carry over to cover multiple offers, properties, or transactions into the future). No exceptions.
No Guarantees. We never make any assurances or guarantees as to the outcome of any real estate transaction. No exceptions.
Limited Liability. Our law firm has no professional liability for portions of a transaction that are not handled or specifically advised upon by us. Engaging us for review/comment or other limited service does not make this firm professionally liable for the entire transaction.
Our Other Terms of Service Also Apply. Please read our firm’s complete terms of service at the Fees & Policies page of our website. All of these terms of service apply without exception to all clients.
“I’ve been an Austin real estate attorney and title closing office for almost 30 years, having relied on David Willis for specialized documents and consultations. His service is responsive, efficient, and cost effective. My team will continue to count on David’s services.”
“I have used the services of David Willis for over 10 years now for my real estate needs. He is the most accomplished attorney I have found. He has developed creative but sound solutions to many potential problems that I have encountered. He responds rapidly and as you know doing real estate improperly can cost you a ton. David Willis prevents those problems and assures you do it correctly.”