Legal Question in Real Estate Law in New York

What is the " REASONABLE FEE" for a assignment note?

we are in the processes of doing a refinance on a property. The currant lender agreed to assign to note and that we have to pay "reasonable" attorney fees for the assignment note.

The note is a simple ( i believe) hard boiled template, 1 page document .What is the " REASONABLE FEE"?

the point of stating the term "reasonable" in a contract is not to negotiate and to be fair for both parties, but still has to be "reasonable"

I am not looking to negotiate this fee but want to make sure its reasonable.

Can I legally challenge the lender if the lender is charging an excessive fee for this?

Asked on 6/07/13, 6:29 am

1 Answer from Attorneys

Arnold Nager Arnold H. Nager, Esquire

Ask that the fee be set forth before you accept the financing. You have a right to know your charges in advance.

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Answered on 6/07/13, 1:56 pm

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