Comprehensive Representation. We give priority to prospective clients seeking full representation in the entire transaction from contract through closing. Full representation is the traditional way that real estate lawyers operate, insuring that the client’s interests are protected throughout the process. All real estate cases are accepted or declined entirely at our discretion.
Partial or Limited Services. We may be open to providing partial assistance regarding a specific item, but only as our schedule permits and subject to fee minimums (see below). Our preferred approach is full representation so we reserve the right to decline to offer partial or limited services at our discretion. Partial or limited services include:
(1) review/comment on an unsigned TREC or TAR contract;
(2) review/comment on the title commitment or survey;
(3) review/comment on the closing documents;
(4) review/comment or preparation of legal closing documents.
Minimum Legal Fees. There is a minimum fee level below which we will not agree to offer services in a real estate transaction regardless of the task. We incur significant professional liability risk (both as attorney and broker) for even limited involvement in a transaction. Below a certain fee level, it is noneconomic for us to become involved at all. Accordingly, the following minimums apply:
Residential transactions – minimum fees: $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.
Commercial transactions – minimum fees: $750 for a sales price of up to $499,999; $950 for a sales price from $500,000 to $999,999; $1,500 for a sales price of $1M to $1,499,999; $2,500 for a sales price from $1.5M to $1.9M; and $2,750 for a sales price from $2.0M to $3.0M; in excess of $3.0M, inquire.
Limited Representation Agreement. When we agree to provide limited or partial services instead of full representation then the client will be required to sign a limited representation agreement stating that we have no liability for portions of the transaction in which we are not involved.
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. A real estate attorney should be consulted before the contract is signed.
Already-Signed Contracts. After the contract has been signed by both parties, the opportunity to modify the contract to the client’s advantage has likely been lost. This may significantly disadvantage the client for the remainder of the transaction. Errors and omissions made in an already-signed contract can only be changed by an amendment signed by all parties. At our discretion, 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 of our initial consultations are now handled entirely online for the flat fee posted on our website. It is not necessary to set a specific appointment time. Our fees and policies for consultations are detailed at https://lonestarlandlaw.com/online-consultation. Please read.
Our Attorney is Also a Real Estate Broker. Even though our attorney is also licensed as a real estate broker, our firm is not currently offering full brokerage services. 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 the legal function only. Please review TREC’s Information on Brokerage Services (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 and stipulated to be the customary 3% (if there is another broker) or 6% (if we are the only broker).
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. We recommend using a title company for these services.
Quotes are Guidelines. Quotes offered are guidelines subject to our individual evaluation of a transaction. We reserve the right, at our discretion, to offer a specific fee arrangement that may differ from the guidelines. All representation options are subject to minimum fees stated above.
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.
This paragraph-by-paragraph review/comment is available online for unsigned TREC and TAR contracts only. 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, may be good contracts but are limited in the sorts of clauses and provisions that can be accommodated on a custom basis. Adding a custom Special Provisions Addendum solves this problem and further clarifies the obligations of the parties. This method leaves the standard form intact while clearly showing what special provisions are being agreed to. In the case of the seller, for example, this would include a more extensive and effective “as is” clause than is found in the standard TREC or TAR form. Our seller’s addendum also provides specific “as is” wording that will be included in the deed to the buyer at closing, which is critical.
Fees for a Special Provisions Addendum are in addition to the fee for review/comment on the contract: $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.
Scope of Review/Comment Consultations. 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 Title Commitment, Survey, or Closing Documents
Aside from contract review/comment, we may also be able to offer a similar review as to your title commitment, survey, or closing documents. Fees 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.
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.”
