What Do Probate Attorneys and Real Estate Brokers Charge?

What do probate attorneys and real estate brokers charge?

 The cost of hiring a probate attorney can vary widely depending on several factors, including the attorney's experience, location, the complexity of the estate, and the specific services needed. Here are some typical ways probate attorneys charge for their services:

ATTORNEYS

1. Hourly Rate: Many probate attorneys charge by the hour. Hourly rates can vary significantly based on the attorney's experience and the local market. Rates may range from $150 to $500+ or more per hour.

2. Flat Fee: Some probate attorneys o er flat fees for certain services, such as handling a simple probate process or drafting specific legal documents. Flat fees provide clarity on costs upfront.

3. Percentage of Estate: In some jurisdictions and states, probate attorneys may charge a percentage of the total estate's value. This is less common than hourly or flat fee arrangements and usually reserved for larger estates.

4. Additional Costs: Apart from attorney fees, there may be additional costs such as court f iling fees, appraiser fees, accountant fees for tax preparation, and other administrative expenses. It's advisable to discuss fees and payment structures with potential probate attorneys during the initial consultation. This allows you to understand their pricing model, estimate total costs, and make an informed decision based on your specific needs and budget.

REAL ESTATE BROKERS

The fees charged by probate real estate agents, often referred to as probate specialists or probate Realtors, can also vary based on several factors including location, the complexity of the estate, and the specific services provided. Here are some typical ways probate real estate agents may charge for their services:

1. Percentage of Sale Price: Like traditional real estate agents, probate specialists often charge a commission based on the final sale price of the property. This commission typically ranges from 5% to 7% of the sale price, but can vary. It has to be court approved.

2. Flat Fee: In some cases, probate real estate agents may o er a flat fee for their services, especially for simpler transactions or when dealing with smaller estates.

3. Additional Costs: There may be additional costs associated with preparing the property for sale, such as staging, cleaning, repairs, and marketing expenses. These costs are typically separate from the agent's commission. At Blend, we absorb many of them.

4. Negotiation: Fees and commissions are negotiable, so it's important to discuss terms upfront with a probate real estate agent and understand what services are included in their fee. When selecting a probate real estate agent, it's advisable to consider the value in hiring a local probate real estate specialist, like all of us at Blend Luxury Real Estate.

We understand what to do from Minute One and will get you through the whole probate. Some probates are easier, like when the personal representative has full authority. But if you have limited authority, we won’t abandon you and it will take about a year. We will make the real estate portion of the estate a smooth selling process. Our work with you is open and honest. This ensures transparency and helps in making an informed decision based on your specific needs and circumstances.

Major Real Estate News Affecting All U.S. Real Estate Sales as of August 2024:

The National Association of Realtors made dramatic changes in how its members across the country, over 1.5 million of us, conduct daily business. Beginning in August 2024, our local MLS providers across the whole country stopped showing a “cooperating commission” on its platforms, which has been shown for over 30 years and was offered by the seller to the buyer’s agent. Instead, we as listing agents will have to convey through offer negotiations what the seller is will to pay or contribute to the buyer’s agent’s compensation.

We at Blend recommend that sellers continue to offer a buyer’s agent compensation percentage to make sure your property is shown and sold for top dollar. You as the executor can let us know how you want that information conveyed to the other side. As the months have gone on since this change, the information of what a seller will offer in compensation ("concessions" towards a buyer's agent commission) is conveyed during the offer process itself. They ask, you respond.

Two important factors for every U.S. real estate sale started August 2024:

1. Buyer’s agent’s compensation WILL become a piece of every single sale, and it will be memorialized and negotiated in the offer. It could be zero paid by a seller but it will be in the offer that it's being paid by someone. If not the seller, then the buyer.

2. To have a showing, a buyer MUST have a signed Buyer Broker Agreement on file with the buyer’s agent.

We can explain more at any time. No agent will be allowed to show a property without a buyer broker agreement signed and in hand. This includes listing agents to show their own listings to buyers.

For more information, please reach out!

Kimberly Dotseth, broker and owner Blend Luxury Real Estate 7770 Regents Road #113-275 San Diego, CA 92122 (619) 261-1909 info@blendluxury.com California DRE License #01179760

Over $250 Million sold and we can help you.

Click below to find us online at these two websites: https://www.blendluxury.com https://www.probatedepartment.com

This information is not legal advice. We are not attorneys. Always consult with a probate attorney in your area for information that pertains to your probate or legal matter. If your home is already listed for sale, please do not consider this a real estate solicitation.