NEW-JERSEY-REAL-ESTATE-LAWYERS

Retainer Agreement for

This document, when signed, constitutes an Agreement between the client and the attorney.

Please select from two legal fee options by marking the box set forth below.

Read below for more detail on what services are included and other potential closing costs.

1. This Agreement does not include litigation.
2. The Client is aware that if they are not married but are purchasing together with another person, or if married but a divorce proceeding is pending at the time of a pending sale, the clients may have conflicting interests and each client does have the right and should consider the benefits of having independent representation. If such Client does elect to be jointly represented by the Attorney under this Agreement, the Client does waive any claim of conflict of interest by the Attorney. Further, if you are a divorcing Sale client you must agree in writing to a final division of proceeds, including all adjustments and offsets, prior to closing. If you have not so agreed in writing, the closing shall proceed and the proceeds shall be held in escrow by the Attorney until such time as you do agree in writing as to the division of proceeds or the funds may be released by the direction of a Court of competent jurisdiction.
3. The client retains the attorney to represent them in the purchase or sale of a single-family dwelling (any multi-family dwelling will be an additional $250.00).
4. Whether the attorney handles the settlement portion of your closing or uses a title company or paralegal service, if you are a purchaser, be advised that you will pay an additional settlement fee. The New Jersey Land Title Insurance Rating Bureau filed a revised schedule of fees with the Commissioner of the Department of Banking and Insurance on behalf title insurance companies doing business in the State of New Jersey. The fundamental change made in the new schedule of fees pertains to the Settlement Charge, which must be collected by every title company that conducts a real estate closing in New Jersey. Effective immediately, many title companies will be using $500.00 as its estimated Settlement Charge for all closings intended to take place in their office and $525.00 for every closing intended to take place outside of their office. Services to be provided for Settlement include preparation of the TRID or Closing Disclosure Statement and revisions for final lender approval, preparation of the purchase documents and loan package, preparation of checks, attending closing and reviewing mortgage and title documents with the borrower and execution of such documents, obtaining lender funding approval andfunding the transaction, post-closing the file (includes copying the executed mortgage and sale documents for the file and for the client, sending a digital copy or mailing copies of deed, survey, Note, Mortgage and Affidavits of Title to title company, paying the surveyor/tax collector/etc, overnighting or wiring any mortgage payoffs, overnighting the executed mortgage documents to the lender, mailing the Deed and Mortgage to the county clerk's office for recording) obtaining and providing final title insurance policies and closing the office file. The average time required to complete this list of services exceeds 5 hours.
5. If you are a Seller, the additional settlement fee is $150.00 and it is for the following services: Review and revision of the Settlement Statement; preparation of the sale documents; attending closing and/or meeting with the client to pre-sign documents. The average time required to complete this list of services exceeds 3 hours.
6. TECHNOLOGY FEE – If your Attorney subscribes to the online service Pipelinz as a file management and communications platform, which allows the client online access to their transaction on their mobile device, a $99 technology fee will be charged at closing.
7. ATTENDING CLOSING/SETTLEMENT & DISBURSEMENT – IMPORTANT
   Note that the attorney may not attend any out-of-office purchase closing if a 3 rd party settlement agent is attending and overseeing the closing. Also the attorney may not attend your sale closing if you have pre-signed your documents and you will not attend the closing and your proceeds are to be wired directly into your personal account or into the attorney's Trust Account after closing. Instead, the Attorney may close by delivering your original signed sale documents to be held in escrow pending final closing and release of proceeds.
8. Title insurance premiums, title searches, settlement fees as set forth herein and surveys are not included in the legal fee. Sellers will also pay a Realty Transfer Tax of the State of New Jersey. Buyers paying in excess of $1,000,000.00 will also pay a Mansion Tax to the State of New Jersey. The clients will also pay any County Clerk's recording fees based upon the number of pages, overnight delivery fees, and wire fees.
9. If a transaction is terminated, the attorney may bill $300 for services rendered if terminated under the attorney review contingency; $400 if terminated pursuant to the inspections contingency; and $500 if terminated after resolution of the inspections contingency. These termination fees are based upon estimates of time for services rendered prior to termination.
10. We, the clients herein, hereby grant our express written authority to the attorney to negotiate terms and issue or reply thereto and execute on our behalf any addendum to the contract for purchase of real property and agree to be bound by the terms thereof. This shall also authorize my attorney to communicate on my behalf with any third parties and to request information on my behalf (more specifically to order any mortgage payoff statements; to receive any proposed Closing Disclosure statement, etc.)
11. The proposed fee is based upon the following estimates of time for services to be rendered in a purchase or sale based upon a "standard/basic transaction”:
12. Initial client and realtor consult, initial contact with opposing council, file preparation and client retention communication, internal file creation and processing (and web file creation and processing if your attorney uses Pipelinz for 3 rd party web access), contract review and addendum preparation. The attorney will review the Contract of Sale and if they find it unsatisfactory they will issue a notice of disapproval as per the Contract. Notice of Disapproval terminates the Contract. In most cases the attorney will also issue an addendum listing the changes they wish to incorporate into the Contract. The attorney will attempt to resolve the terms of the Contract (in consultation with the client) and will agree to reasonable compromises to resolve the attorney review contingency and thereby reinstate the Contract as so amended. Once the Attorney Review process has been completed, the file will be noted and the client informed of important dates for their transaction. 2.5 hours
13. Title and survey order and review. 1 Hour. Order title endorsements, etc. 1 hour
14. Attempting to resolve the inspections contingency (review of reports, consult with client, preparation of draft repairs letter, emailing client for approval, issuing to all parties.) The buyers must provide the attorney with a copy of the inspection reports and a list of defects from the inspection reports which the clients choose to present to the Sellers for repair pursuant to the terms of the inspection contingency provisions. The attorney will present the list to the Sellers' attorney together with a copy of all reports, after which it is customary for the attorneys to exchange letters and telephone calls in order to attempt to resolve the inspection contingencies. If the parties do not agree as to terms, the transaction will terminate, unless the Contract provides otherwise. 2 hours
15. Attempting to resolve the financing contingency and obtain the commitment (consulting with the client, consulting with the lender contact, providing documents to lender, etc.) 2 hours
16. Preparing for and arranging the closing for Purchaser involves satisfying all lender's conditions, coordinating time and place of closing with client, realtors, opposing counsel and sellers, obtaining payoff statements from seller's attorney and commission bills, etc. For seller that involves ordering and obtaining payoffs, commission bills and final readings, providing all proposed sale documents to buyer's attorney and title company for final approval, coordinating time and place of closing with client, realtors, opposing counsel and sellers. 2 hours
17. The above described services and time estimates are representative of a standard basic single-family residential real estate purchase or sale. My fee is based upon this example. Occasionally unusual developments occur which may make it necessary to charge the client extra legal fees based upon the fee option chosen. Examples of items which would result in extra fees are: drafting contract when no realtor is involved; reviewing the seller's listing agreement, seller's disclosure or any HOA documentation (generally not included but the attorney will do so upon client request); preparation and issuance of a "time of the essence” notice, an Agreement to Store Furniture, a Power of Attorney, an Indemnification Agreement, an Agreement to Use and Occupy, an Escrow Agreement at closing; unusual title questions; holding an escrow fund after closing, or unusually extensive negotiations and communications with client, lender, opposing counsel, and realtors. In the event there are matters that require extra time, and depending upon the fee option you have selected,these can result in additional fees to be billed at $100.00 per hour. The attorney will attempt to inform you of any additional charges accruing prior to closing.