Comprehensive Representation from Contract through Closing. Our goal is to protect the client’s interests throughout the entire process of buying and selling real estate. Since clients and transactions vary widely, we offer a number of options.
Partial or Limited Services. Although we prefer to represent the client from contract through closing, we are open to providing partial assistance as our schedule permits. Partial or limited services include:
(1) review/comment on unsigned TREC or TAR contracts;
(2) preparation of custom contract addenda (e.g., special provisions addenda);
(3) review/comment on the title commitment or survey;
(4) review/comment on the closing documents;
(5) review/comment or preparation of legal closing documents;
(6) a documents-only option for subject-to deals, wraparounds, seller-finance, and other creative transactions. Inquire.
Limited Representation Agreement. When we agree to provide limited or partial services instead of full representation from contract through closing the client will be asked to sign a limited representation agreement stating that we have no liability for portions of the transaction in which we are not involved.
Please Consult Us BEFORE Signing the Contract. In Texas, the earnest money contract substantially controls a real estate transaction, the rights and remedies of the parties, special requirements for closing, and the content of closing documents. After the contract has been signed, the opportunity to make modifications that are to the client’s advantage has likely been lost. We may decline to accept cases where the contract has already been signed.
Initial Consultation. An optional initial consultation is available to discuss the transaction in broad terms. If your case is expected to be more complex than average, an initial consultation will be required. All initial consultations with new clients are conducted online. Please read about the process and fees for consultations at https://lonestarlandlaw.com/online-consultation.
Our Attorney is Also a Real Estate Broker. Even though our attorney is also licensed as a real estate broker, we do not show properties; arrange for a survey, inspections, appraisals, or repairs; or assist with obtaining financing. If you need this higher level of assistance then you should consult a full-service real estate broker who will likely charge the usual percentage.
Using our law firm is not a way to obtain full brokerage services at a discount rate. Unless expressly agreed otherwise in writing in advance, our job is limited to performing legal counsel and representation.
TREC’s Information on Brokerage Services. Please review the IABS at https://lonestarlandlaw.com/wp-content/uploads/2020/04/IABS-1-0.pdf .
Commission Rebate May be Available. A partial commission rebate (net after taxes) may be available if you use our firm from the beginning and you are not already represented by an agent or broker. In such cases, our fees are usually one third of the total payable commission amount subject to a 1% minimum. A post-closing check is written to the client for the rebate (net after taxes). As to the amount of the gross commission, it is assumed to be the customary 3% per side.
In-Office Closings and Title Services. We offer representation, counsel, and document preparation only. We do not offer in-office closings. We do not offer title searches or title policies. Please use a title company for these services.
Quotes are Guidelines. Quotes offered on this page are guidelines subject to our individual evaluation of a transaction. We may, at our discretion, offer a specific fee arrangement that may differ from the guidelines. For professional liability reasons, we may also set a minimum fee level for higher-dollar transactions.
DOCUMENT PRODUCTION AND/OR
DOCUMENT REVIEW/COMMENT
This option assumes that you have an unsigned TREC earnest money contract that is already prepared and ready to present to us for review and comment upon. We provide our comments and recommendations item by item. Fees are: $550 for a sales price of up to $499,999; $750 for a sales price from $500,000 to $999,999; $950 for a sales price of $1M to $1,499,999; $1,500 for a sales price from $1.5M to $1.9M; and $2,500 for a sales price from $2.0M to $3.0M; in excess of $3.0M, inquire.
A review/comment consultation is a detailed and thorough discussion but it is still a one-time event. It is limited in time and scope. It is not full representation in the entire transaction. After one hour of attorney time or after three days (whichever comes first), the consultation automatically concludes. If one wishes broader representation, inquire.
Review/comment on contracts is available online for unsigned TREC and TAR contracts on existing homes only. We do not review new construction contracts. Trust transactions or other complex transactions may incur additional fees. In such transactions, just reading the documents will use up most of the available hour, two hours may be required. Additional time is at our posted hourly rate of $450.
Standard contracts, whether TREC or TAR, are good contracts but are limited in the way they can be customized. Adding a custom Special Provisions Addendum solves this problem and is one of the best steps a seller or buyer can take to protect their interests. A special provisions addendum leaves the standard form intact while clearly showing in a page or two what changes have been made.
In the case of a seller, this would include a far more extensive and effective “as is” clause than is found in the standard TREC or TAR form. Also included is the specific “as is” language that must be used in the warranty deed at closing. We sometimes call this a seller’s “As Is Addendum,” even though other seller-oriented deal points are included as well.
For a buyer, a Special Provisions Addendum emphasizes the seller’s legal duty to make full disclosure of known defects and adverse conditions. This is important since seller non-disclosure is the number one cause of lawsuits in residential real estate.
A basic template for either addendum is $375. Fees for a more detailed custom addendum are: $450 for a sales price of up to $500,000; $550 for a sales price of up to $1M; $650 for a sales price up to $1.5M; $750 for a sales price up to $2.0M; and $950 for a sales price in excess of $2.0M.
Following execution of the earnest money contract, we may also be able to offer a similar review as to the title commitment, survey, or closing documents. Our $450 hourly rate applies (one hour minimum).
We are available to prepare closing documents including warranty deeds, promissory notes, and deeds of trust. Most warranty deeds are $450 excluding recording. If there is a metes-and-bounds legal description that must be keyed in (rather than the usual lot and block), add $75.
COMPREHENSIVE LEGAL REPRESENTATION FROM CONTRACT THROUGH CLOSING
As a general rule, our compensation is one-third of the commission amount payable at closing (subject to a 1% minimum) unless specifically provided otherwise in writing in advance. Retainers discussed below are paid in advance as flat fees (not subject to hourly accounting), are non-refundable, and are not contingent upon whether or not the transaction successfully closes. If the transaction does not close, nothing further is owed.
1. Fees if You are the SELLER and ARE Represented by an Agent or Broker
Sales Price up to $600,000 – $750 advance non-refundable retainer plus an additional $750 payable by Seller at closing
Sales Price of $601,000 to $1,100,000 – $1,000 advance non-refundable retainer plus an additional $750 payable by Seller at closing
Sales Price of $1,100,000 to $2,999,999 – $1,500 advance non-refundable retainer plus an additional $750 payable by Seller at closing
Sales Price of $3,000,000 and up – Inquire
2. Fees if You are the BUYER and ARE Represented by an Agent or Broker
Sales Price up to $600,000 – $750 advance non-refundable retainer plus an additional $750 payable by Buyer at closing
Sales Price of $601,000 to $1,100,000 – $1,000 advance non-refundable retainer plus an additional $750 payable by Buyer at closing
Sales Price of $1,100,000 to $2,999,999 – $1,500 advance non-refundable retainer plus an additional $750 payable by Buyer at closing
Sales Price of $3,000,000 and up – Inquire
Our role is strictly legal in nature in this type of transaction. We do not stand in or substitute for a real estate agent or broker or perform those services. Our compensation is one-third of the commission amount payable at closing (subject to a 1% minimum) unless specifically provided otherwise in writing in advance.
Retainers discussed below are paid in advance as flat fees (not subject to hourly accounting), are non-refundable, and are not contingent upon whether or not the transaction successfully closes. If the transaction does not close, nothing further is owed.
The client must be able to competently do much of his own primary work (normally the duty of an agent or broker) himself, including preparing and negotiating his own contracts, etc.
Doing much of the primary contract and ground work is how the client earns a commission rebate. Our role is to offer the usual range of legal support to the client as the client (for the most part) conducts his own transaction.
Retainers mentioned below are paid in advance as non-refundable flat fees that are not subject to hourly accounting and are not contingent upon whether or not the transaction successfully closes. If the transaction does not close, however, nothing further is owed.
Advance retainers are per property and per transaction (i.e., a single retainer does not cover multiple offers, properties, or transactions). Regardless of outcome, all retainers of this type expire after 60 days.
Note that the following options are available only if the TREC or TAR contract is not yet signed and the client is not already represented by a broker or agent:
1. Fees if You are the SELLER and are NOT Represented by an Agent or Broker
Sales Price up to $600,000 – $750 advance non-refundable retainer, credited against one-third of commission payable by Seller at closing subject to a minimum of 1%
Sales Price of $601,000 to $1,100,000 – $1,500 advance non-refundable retainer, credited against one-third of commission payable by Seller at closing subject to a minimum of 1%
Sales Price of $1,100,000 to $2,999,999 – $2,250 advance non-refundable retainer, credited against one-third of commission payable by Seller at closing subject to a minimum of 1%
Sales Price of $3,000,000 and up – Inquire
2. Fees if You are the BUYER and ARE NOT Represented by an Agent or Broker
Sales price up to $900,000 – $750 non-refundable advance retainer to be credited against one-third of commission payable from the Seller’s broker’s gross commission at closing (minimum of 1%). Net cost to client = $0 plus the potential for a commission rebate.
Sales Price of $901,000 to $2,000,000 – $1,000 non-refundable advance retainer to be credited against one-third of commission payable from the Seller’s broker’s gross. commission at closing (minimum of 1%). Net cost to client = $0 plus the potential for a commission rebate.
Sales Price of $2,100,000 to $2,999,999 – $1,500 non-refundable advance retainer to be credited against one-third of commission payable from the Seller’s broker’s gross commission at closing (minimum of 1%). Net cost to client = $0 plus the potential for a commission rebate.
Sales Price of $3,000,000 and up – $2,500 non-refundable advance retainer to be credited against one-third of commission payable from the Seller’s broker’s gross commission at closing (minimum of 1%). Net cost to client = $0 plus the potential for a commission rebate.
Essentially, the above two options are an opportunity to get full legal advice and legal support plus (usually) a commission rebate (net after taxes, payable after closing) so long as you are willing and able to handle certain tasks yourself. Please do not enter into this arrangement with the expectation that we are going to be your full-service broker at a discounted rate.
“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.”
