Considering buying a NNN in Alabama, need lawyer to conduct transaction
I live in CA but commercial property here is way crazy. Found a solid NNN with great tenant in a decent neighborhood. Anyone have experience buying in this state? Apparently you need a real estate lawyer - a couple have sent me hourly quotes but want to do something flat fee, what should I expect to pay?
[{"id": "gqf0epq", "text": "Let me Pm you", "replies": [], "depth": 1}, {"id": "gqf0up0", "text": "Im from CA too and we bought something in GA a few years ago and paid $300 per hour. Referral, did good work working through the PSA and mortgage note. Probably ended up paying under $20k. $5.5M deal so it was worth the costs. \n\nIf you\u2019re on a budget and don\u2019t need hand holding or advice, just limit the scope of their work by keeping them off emails and engaging with them when absolutely necessary.", "replies": [{"id": "gqft2wk", "text": "Depending on the circumstances, 15 - 20 sounds right.  I bill at 400 an hour and that\u2019s usually where I land on comparable transactions.  OP I\u2019d recommend getting an actual real estate lawyer and not a general practitioner moonlighting as a real estate lawyer.", "replies": [{"id": "gqiycd8", "text": "I'm assuming the price of the property doesn't make a difference, a 5.5 mil property and a 1mil property would require the same amount of time?", "replies": [{"id": "gqj90dw", "text": "Unfortunately complexity (and time/price) may not align with purchase price. Depending on how you finance it, your capital stack and what comes up in diligence, things could go from smooth sailing to pretty complicated.  All that being said, a good lawyer should be able to provide you with a budget.  And they should be able to justify it when they go over budget.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "gqfzalp", "text": "I'm a GA resident and an active investor in both commercial and residential portfolios for over 20 years.  $20k is extremely high even for $5.5 million unless they were doing your actual DD and handling about every step of the transaction.  If it is a listed property then engage a good commercial broker which will be paid to represent you plus do most of this through commissions and the only thing the attorney will need to handle is the actual closing.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gqfv13n", "text": "We\u2019ve done deals in AL. And can quote you a flat fee, is this your first commercial deal?", "replies": [{"id": "gqgrppt", "text": "Pretty much, did one 15 years ago in north Carolina but don't remember much from that transaction. I was quoted 300hr by the lawyer recommended by the listing agent, but not sure how many hours will be needed.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gqg6hvy", "text": "What part of Alabama?", "replies": [{"id": "gqgrgke", "text": "Montgomery", "replies": [], "depth": 2}], "depth": 1}]