Legal Assistance in Real Estate Matters
Buying or selling your home
The purchase or sale of a home represents the most important financial transaction that most people make. The help of an attorney is critical to that process. We recommend that you obtain legal help and advice in the following areas:
Functions of an attorney
- The Listing Agreement. If you are selling your home, an attorney can provide advice on the terms, meaning and items included in these contracts. It is also important for buyers to be aware of the description and contents of the structure being purchased.
- The Purchase and Sale Contract. Once the parties enter into a written contract, their rights and obligations become fixed. It is the most important document in the entire transaction. Typically in Connecticut, the obligation to produce the contract lies with the seller’s attorney. The buyer’s attorney negotiates modifications to the contract, and often attaches a Buyer’s Rider, which protects the rights of the buyer in the transaction.
- Title Search and Review. This is important legal work in the transaction. Even if a title insurance policy is to be issued, it is critical that any limitations in the title be determined and explained. In some instances, if a problem exists in the title, some type of action may be available to cure the problem. Your attorney can initiate or review any such action.
- Mortgage Commitment. Most buyers need mortgage financing to purchase their home. It is important to protect the buyer’s down payment, should the buyer’s best efforts to obtain mortgage financing fail. The buyer’s attorney should provide a mortgage contingency clause in the contract which protects the buyer’s down payment. If the buyer is able to obtain mortgage financing, the buyer’s attorney should carefully review the terms of the mortgage commitment with the buyer. Those terms include interest rate and term, points, service charges, prepayment penalties and a host of other provisions that are worthy of consideration and advice.
- Preparation of Closing Documents. It is the attorney’s responsibility to draft or review the necessary instruments of conveyance. In some cases, a lender will retain its own counsel to prepare the mortgage and note but your attorney, of course, will be responsible for reviewing these when you are the borrower.
- The Closing. This is the stage at which the parties execute and exchange documents, make required payments and conclude the formal transaction. This law firm will attend to virtually all of the details surrounding this aspect of the transaction. There are numerous administrative tasks that are done prior to closing, such as scheduling the closing, preparing financial summaries of the transactions, gathering information on taxes, ordering releases and similar tasks. These duties are often delegated to my paralegal, Kelly Straniti, who carries out these responsibilities capably and professionally.
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