Wright Law Offices is pleased to provide you with information that will assist you as you buy, sell, or refinance your home; a glossary of terms to help you navigate real estate transactions, and some helpful suggestions if you are moving from one home to another.
Yes,requires all buyers and sellers to have a licensed attorney conduct their closing. Connecticut is one of about 22 states with the legal requirement.
You can directly contact Attorney Pederson to set up a free consultation by filling out our contact form or emailing her at cpedreson@pedersonrealestatelaw.com.
Based on your situation, Attorney Pederson will describe how we can assist you and provide a service fee quote.
Our fees vary depending on the type of transaction and the work involved. Feel free to email or call Attorney Pederson for a free quote.
An attorney's specific duties will vary by transaction, but broadly speaking, a real estate attorney will review and prepare legal and tax documents, complete and oversee necessary due diligence, and coordinate with the realtor and other parties to ensure deadlines in the contract are met.
Read more about how an attorney can help here.
Generally speaking, realtors arrange and negotiate the transaction, including sale terms like price, credits, repairs, etc. Once both parties have agreed on the terms, an attorney will review the contract, review and prepare other legal and tax documents in accordance with state law, answer any questions, and ensure the client understands their legal rights and liabilities.
Attorneys are generally not involved in the pre-contract negotiations, while realtors cannot answer legal questions and are forbidden from offering legal advice.
On average, it takes 30-60 days from the time the contract is signed, but your exact timeframe can depend on many factors.
Generally, you should be prepared to pay 3%-6% of the purchase price in closing costs, which is the average for homebuyers in Connecticut. For example, a $1 million home purchase would yield between $30,000 and $60,000.
You should consult your real estate team to get a more precise estimate.
The location of the closing can vary, but typically occurs at the office of the buyer or seller's attorney. To make life easier for our clients, we at Pederson Real Estate Law offer to come to them for onsite closings.
Attendees of the closing can also vary, but can include the buyer and seller's attorneys and real estate agents, along with the mortgage broker.
While it’s not legally required to have a home inspection done, one could be required by your lender.
The buyer's attorney orders and oversees the title search, which is done by a title company. At Pederson Real Estate Law, we use CATIC, one of the more prominent title search companies in the state.
Typically, the buyer's closing attorney will issue it automatically. You can only obtain title insurance when you close.
A contract's mortgage contingency date is the buyer's deadline for securing a mortgage. If it's not secured, the buyer can walk away without legal repercussions and have their earnest money deposit returned.
In some cases, buyers will opt to waive their mortgage contingency to make their offer more attractive. This means they would not recoup their deposit if a mortgage isn't approved.
Read more about recouping earnest money deposits here.
On average, it takes 45-60 days from the time the contract is signed, but your exact timeframe can depend on many factors.
The day of the closing. The house will need to be cleared out and broom cleaned on the day of the closing, too.
Money will be taken out of your sale proceeds to cover your remaining loan balance.
Yes, in Connecticut, sellers generally pay conveyance taxes to the local and state government. The total tax is typically between 1% to 2% of the sale price.
Read more about Connecticut's conveyance tax structure here.
Yes, buyers usually reimburse the seller a prorated amount for property taxes they've already prepaid. For example, if a house is sold on April 1 and the seller prepaid for property taxes through June 30, they will get reimbursed for the time between the closing date and June 30.
You would have a couple options. Mortgage lenders calculate what's called a loan-to-value (LTV) ratio, and the ratio must stay within a specific range. On an FHA loan, for example, your loan amount can’t exceed 96.5% of the appraised value.
Some options to fix this would include lowering your loan amount by increasing your down payment or renegotiating a lower sales price. You could also cancel the contract or rebut the appraisal.
If the contract is canceled, the buyer would be able to recoup their earnest money deposit if the contract includes an appraisal contingency. Read more here.
The timeframe will mostly depend on your lender and how quickly they can process your loan application. The process can also be delayed by various hiccups, but a qualified real estate attorney can anticipate and fix any issues, expediating the process.
The attorney does it at disbursement, the process in which the funds held in escrow for property expenses are dispensed.
Consumers have the legal right to rescind an agreement up to three days after it is finalized. The rescission period starts at midnight the day after loan documents are signed, and ends three business days later. This period includes Saturdays, but Sundays or federal holidays.
