 Sam
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 Posted: Thu Apr 08, 2004 4:06 am Post subject: Attorney Witness Fee |
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A mortgage transaction requires the presence of an attorney at the time of loan closing. The attorney acts as a witness and supervises the signing of loan documents. In several states, the attorney is treated as the notary public who prepares the closing documents. He charges a fee for acting as a witness to the signing of legal papers. He is often directly paid or sometimes his fee is included within the title insurance fee or closing costs charged by lenders.
A homebuyer taking a mortgage loan can appoint an attorney according to his choice. But in most cases, it is the lender who decides as to whether the attorney chosen by the borrower would be appointed.
Percentage Fee Arrangement:
This kind of fee arrangement is used in real estate dealings where the attorney represents the buyer or the seller. The attorney's fee in this case amounts to a fixed percentage of the value of the property or the mortgage loan amount. Usually the client and the attorney negotiate with each other regarding the fees.
The attorney fee varies from one attorney to another and it also depends on the location of the attorney's practice. The fee also depends on the quantity of time allotted for supervision of the loan closing. |
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