Thank you for reading and agreeing to the following. This can be a complicated area with lots of variables. Transactions and client expectations vary widely. If in doubt about our fees or scope of work, inquire. Fee agreements are subject to our review and final approval as to each transaction. Please do NOT make payment until we have a clear attorney-client agreement.
Review/Comment on an Individual Document. The review/comment process is available for residential TREC and TXR contracts and addenda as well as title commitments, surveys, closing documents, and other items. Our method is to go through the document and make comments and recommendations item-by-item.
Review/Comment is NOT Full Representation. A review/comment consultation is a detailed and thorough discussion but it is still a one-time event that is limited in time (one hour) and scope. Review/comment is a form of stand-alone legal consultation. It is not full representation in the entire transaction from contract through closing. After one hour of attorney time or after three business days (whichever comes first), the review/comment process automatically concludes.
Consult Us BEFORE Both Parties Sign 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 affect these factors and modify the contract to the client’s advantage has been lost. We may decline to accept cases where the contract has already been signed.
Residential Transactions Only. Fees quoted herein relate to residential transactions only. Commercial transactions are case-by-case. Inquire.
Existing Homes Only. We do not review new construction contracts. These are usually non-negotiable by the builders except for price and other deal points. Attempting to negotiate legal terms is usually futile. We may, however, be available for a commission rebate arrangement.
Our Attorney Also has a Real Estate Broker’s License. However, this office is primarily a law firm; we do not offer full brokerage services.
Legal Fees for Review/Comment. Fees for review/comment are: $250 for a sales price of up to $999,999; $450 for a sales price from $1M up.
Complex, Non-Standard, or Higher-Dollar Transactions. Since real estate transactions can vary considerably, quotes herein are guidelines only. We may, at our discretion, offer a fee arrangement that differs from these guidelines in cases of complex, non-standard, or higher-dollar transactions.
Contract Preparation. We are also available to prepare (not just review) earnest money contracts. Fees are $350 for a sales price of up to $999,999; $450 for a sales price from $1M up to $2M. Over $2M, inquire. Format is the TREC 1-4 contract (reproduced in Word so that you can easily amend it if needed) with suggested additional custom provisions (clearly highlighted) that are designed to enhance the position of buyer or seller, as the case may be. Note, however, that a fee for contract preparation does not include negotiations.
Adding a Special Provisions Addendum. Standard contracts, whether TREC or TAR, are good contracts but are very limited in the way they can be customized to the client’s advantage. Adding a custom Buyer’s Addendum, a Seller’s Addendum, or other Special Provisions Addendum can significantly improve the client’s legal position beyond the TREC or TXR form. A special provisions addendum is critical in creative transactions. Fees begin at $350.
Custom Addenda Not Included in Flat Fees. Special Provisions Addenda are not included in flat fees. These are separate add-on fees that begin at $350.
Flat Fees for Full Advice and Counsel Throughout The Transaction
Sales Price up to $1M: $1,000. Advance non-refundable retainer of $500 with $500 due at closing. Three hour cap. Excess hours billed at the hourly rate.
Sales Price $1M to $2M: $1,500. Advance non-refundable retainer of $750 with $750 due at closing. Three hour cap. Excess hours billed at the hourly rate.
Sales Price over $2M: Inquire.
Retainers are Non-Refundable. The retainers mentioned above 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.
Fees are Per Transaction. All fees quoted in this section are flat fees 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 30 days.
Yes. The new rules regarding payment of the buyer’s agent or broker (that can include us, since our attorney has a broker’s license) mean that the seller is no longer required to do this. Compensating the buyer’s representative is now an optional choice on the part of the seller. It is likely that paying the buyer’s commission will continue to be a widespread practice.
Case-by-Case. We cannot offer any hard rules on this at this time. We need to see what the seller is offering in any given transaction; but we may indeed be able to arrange for our fees to be paid by (or reimbursed to) the buyer at closing. Inquire and we can discuss it. Our fee in such situations is 1%.
Advisory Legal Services Only. Our role is strictly legal in nature. We do not substitute for an agent or broker or perform the full range of services that these real estate professionals typically perform.
Excludes Negotiations. We assume that you have an agent or broker for negotiations – or that you will be handling negotiations yourself. The legal services offered are for advice and counsel, not for representation/negotiations versus the attorney party, their broker, their attorney, the title company, or the lender.
Need a Negotiating Attorney? We may be available to be your negotiating representative, especially since our attorney has a broker’s license. If that higher level of representation is desired, inquire and we can discuss it.
Use a Title Company for Escrow, Title Work, and Closings. We offer legal counsel, document preparation, and representation services only. We do not conduct in-office closings, escrow and distribute funds, or offer title insurance. An established title company is recommended for these services.
Customary Parameters are Assumed. Fees quoted are guidelines based on our experience with similar transactions of the same type and category. However, real estate transactions can be unpredictable. Flat fees are an accommodation to the client. We will not be held to a flat fee in a situation where a transaction presents complications or takes an unexpected turn that involves significant extra work on our part.
Non-Standard or Complex Cases. In such cases, at our discretion, we may offer an alternative fee arrangement (or perhaps a conversion to our $450 hourly rate or a percentage at closing). Note that hourly-rate billings usually involve a non-refundable two-hour minimum to start, then $450 per hour thereafter. Advance additional retainer installments may be required moving forward since we do not send bills after the fact. Retainers may not reach zero unless the matter is concluding.
Terms of Service. Our posted terms of service (see “Fees and Policies” on the website) apply to all clients without exception. By proceeding, you unconditionally accept these terms of service.
Limited Liability. In the case of limited services (i.e., not full representation in the entire transaction) the client agrees that our law firm shall have no professional liability whatsoever for portions of the transaction that were not handled or advised upon by us.
Our Attorney Also has a Real Estate Broker’s License. However, this office is primarily a law firm; we do not offer full brokerage services. For instance, we do not typically submit offers and counter-offers; list or show properties; arrange for surveys, inspections, appraisals, or repairs; or assist with financing. We are not equipped to render these services. If you need this higher level of assistance then you should engage a full-service real estate broker.
Legal Services are Different. Using our law firm is not a way to obtain full brokerage services while avoiding a brokerage commission.
TREC Notice. TREC rules require us to direct you to TREC’s Information about Brokerage Services at https://lonestarlandlaw.com/wp-content/uploads/2020/04/IABS-1-0.pdf.
Commission Rebate May be Available. Because our attorney has a broker’s license, a partial commission rebate (net after taxes) may be available 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 fees are usually 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. We will need to discuss and review the specifics before committing to this arrangement.
“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.”
