As attorney for the homebuyer the process is relatively straight forward: I am the fiduciary of the homebuyer, exclusively, and we commence with a review of available disclosures and preparation of a Purchase Agreement.
As attorney for the homeowner I have experienced homebuyers who wanted me to represent them as well; and homebuyers who refused to be represented at all. In those instances I did proceed to handle the entire transaction - both disclosures and Purchase Agreement - with the understanding that I was the fiduciary of the homeowner, exclusively. I am a fiduciary, not a mediator.
I do not charge a percentage or an hourly fee. I am not interested in metered telephone calls. So I charge a flat fee based on the number of hours estimated to accomplish what my client requests. If the parties have already agreed, in general, on price and terms, then we normally plan to proceed with all three phases (as described on our home page) at once. If the home owner is preparing to go to market and wants only the disclosure package, then we deal only with that package.
A number of time-sensitive factors affect the flat fee agreement that I reach with my clients, including:
- The number of homeowners and the number of homebuyers;
- Whether the homebuyer elects to proceed without representation; and,
- The status of compliance with resale ordinances, if applicable.