Purchasing a Home?  Selling a Home? Refinancing?

When purchasing a home, it is the custom to hire a closing attorney in the state of Connecticut.  Your attorney protects your interest as you make one of the biggest investments of your life. He/She will follow the progression of the transaction closely and be sure to provide answers to any questions you may have along the way.  As inspections, and the subsequent problems that may arise following the inspections, occur, your attorney will advise you on your rights and options available to you.  The attorney will most likely order a title search on your behalf.  This verifies that the seller is able to convey a clear title to you. If a problem should arise with the title search, your attorney will work with the seller’s attorney in order to solve any issues.

Here is a general overview of the home purchasing process:

  • Real Estate Sales Agreement.  Once you have found the home of your dreams, you, with the help of your Real Estate Agent, enter into a contract with the seller of the property.  The Sales Agreement is a standard contract that states how much you are paying for the property, the amount of the deposit, the personal property that is included in the purchase, the fixtures that remain with the property, and contract contingencies.
  • Mortgage Contingency.  Most sales agreement are contingent on the fact that you are able to obtain a mortgage loan for the property.  After entering into the Sales Agreement, you have an obligation to make a diligent effort to obtain a mortgage commitment. If you are unable to secure a mortgage commitment, you must let the seller know as soon as possible.  This simple gesture will allow you to terminate the sales contract and secure the return of your deposit money. 
  • Closing.  Your sales contract will contain a date for the closing.  In most cases, this date is approximate.  Once all of the appropriate paperwork, inspections, and title search is in order, both the attorney for the seller and buyer will schedule a closing.  The closing is when the actual purchase, transfer of property from the seller to the buyer, is made.  The seller will sign the deed over to the buyer and the buyer will sign the mortgage deed, note, HUD-1, and other mortgage documents.

General overview of home selling process:

  • Real Estate Broker contract.  Once you have decided on the broker you want to sell your home, you sign a binding contract that outlines the broker’s commission and the listing agreement. The listing agreement will contain a description of the property and any personal property that is included in the price of the property.
  • Residential Property Condition Disclosure Report. This report will acknowledge any problems you are aware of with the property.  Depending on the age of your home, a Lead Paint Disclosure form must also be completed.
  • Title discrepancies will be addressed by your attorney.
  • Closing. The closing date will be included in the sales contract.  This date is approximate. At closing, you will sign the deed to the property over to the buyer along with other closing documents.