bbb-closings

What You Need to Know when Buying or Selling

Thu, 21 Apr 2022 16:37:49 GMT

Purchase Contracts, Taxes, Buying, Selling, We Help Customers With It All.

Do I really need a real estate lawyer or attorney in Connecticut? Learn more on this page.

Real Estate Attorneys Who Can Help You

When a law firm represents a party in a real estate transaction, it performs many separate functions. These are usually either administrative or legal in nature.

When BBB Closings represents you it is our goal to make it as easy as possible for you to achieve your real estate goals. Regardless of whether we are representing the buyer or the seller, we carry out a variety of tasks, some of which are administrative and others of a legal nature.

Some examples of the administrative tasks are: coordinating and communicating with the real estate agent and mortgage broker, making arrangements for the closing, preparing financial summaries of the transactions, gathering information on taxes, and ordering releases.

In terms of our tasks which are more legal in nature, our real estate attorneys and staff frequently play a significant role in the preliminary negotiations, reviewing and explaining the purchase contract, giving advice about terms in the mortgage, determining the status of the title, resolving any title issues, discussing potential inspections, drafting and reviewing the necessary instruments of conveyance, holding and transferring the funds to and from a client trust account, and ensuring all the necessary documents are executed and exchanged during the closing.

The Brokerage Contract or 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 Preliminary Negotiations

While price is often paramount in the minds of the parties, there are a number of other issues to consider such as terms of payment, mortgage contingency clauses, the status of fixtures or personal property, and the risk of loss by casualty pending the closing.

The Purchase 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 and will be scrutinized by the attorney.

The Mortgage and Financing Commitment

Interest rate and term (or length of the mortgage), while important, are not the only issues involving in mortgage financing. Points, commitment, service charges, prepayment penalties and a host of other factors are worth of consideration and advice.

Determining the Status of Title

This is generally the most crucial 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.

Eliminating Title Problems

In some instances, if a problem exists in the title, some type of actions may be available to cure the problem. Your attorney can initiate or review any such action.

Survey

If a survey of the property is required, we can advise you on the legal implication of the surveyor’s findings and the scope and extent of the surveyor’s certification.

Inspections

In some instances, one or more inspections e.g., for termites, random, water quality, smoke detectors, may be required or desirable. An attorney’s advice can be useful in determined the scope of such inspections and the methods of dealing with any problems that might be discovered.

Drafting of Instruments

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. The law firm will attend to virtually all of the details surrounding this aspect of the transaction, including alerting you in advance of the items you will need to provide, many of which are discussed elsewhere in this booklet.

Other Issues

Since some of the customs surrounding real property transactions vary in different areas, an attorney may not be performing a particular function in your case. For example, if you already executed a contract for the sale or purchase of a home before retaining our firm, an attorney may be unable to subsequently change the terms of the contract.

Contact us today by calling (203) 562-0900 to discuss your next closing, title transfer, zoning law issues, probate and more.

Understanding Title Insurance for Your Purchase

Thu, 21 Apr 2022 16:36:10 GMT

Experienced Real Estate Attorneys in Connecticut

Everything you need to know about title insurance

Why insure the Title of your home?

When you buy a house, you’re buying more than the structure and the property it sits on. You are also buying its legal history, as it is identified in the title. If there’s a problem with the title that was never uncovered during the closing, such as a lien on the property, that problem is now yours.

The role of Title Insurance:

Title Insurance insures parties against loss resulting from matters affecting title to real property. Title insurance companies evaluate the history of the property and insure that nothing in the history of the title will result in a loss to the insured. Unlike other forms of insurance, title insurance is paid for by a single, one-time premium at the time the property is acquired.

Title Insurance for your lender vs. Title Insurance for you:

The Standard Owner Title Insurance Policy: Covering the Basics:

The standard Owner Policy in use today was created by ALTA, the American Land Title Association, in 1992. It provides basic coverage for those who want to protect their interest in the property they purchase. The rate for your Owner Policy is usually higher than what you’d pay for a Mortgagee Policy because of the risk involved – Owner Title Insurance covers the entire value of your property as opposed to the value of just the load. Specifically, it insures that:

You are the true, legally recognized owner of the property.
There are no defects, liens or encumbrances other than those that have been identified and listed in the title insurance policy
You can sell your home to another buyer without being rejected because of a defect in the title you were unaware of when you purchased the policy.
You have a legal right to access your property from a public street – or a privately owned point of access.
If your title is challenged legally, it will be defended legally. And all cost, attorneys’ fees, and expenses associated with that defense will be covered by the insurer.
The dollar amount of your coverage will automatically increase 10% each year for the first five years of its life – without any additional cost to you.

The Owner Policy provides coverage not just for the time you own the property, but for as long as you might be liable to any future owner. If a new owner makes a legal claim against you within the coverage of your title insurance policy, you’d be covered for the same protections listed above.

That’s an overview of the Standard Policy. But because owning real estate can expose you to a large range of legal issues, an Expanded Owner Policy is available as well.

The Expanded Owner Title Insurance Policy: Going the Extra Mile

You can use the land for a singe-family dwelling.
There are no pre-existing leases, contracts, or purchase options that can affect your neither title nor easements affecting your property. Also there are no pre-existing violations of any recorded restrictions that may affect your property.
You won’t lose title to your property because of a pre-existing violation of restrictions that you are unaware of.
No one can force you to remove an existing structure on the property because of a zoning violation, a private restriction, or lack of a building permit for the structure.
You can legally access the property by foot and by vehicle.

The Expanded Owner Policy also protects you in other areas. Specifically it covers you in the following:

Anyone who makes an ownership claim based on title forgery, before or after you acquired the title.
Any legal challenges to your ownership because of pre-existing violation of a restriction regarding how the land is used.
Legal claims to limit your use of the property based on a recorded restriction.
A person building on your property (e.g., encroachment) without legal permission
Refusal to fulfill a purchase agreement or lease, or to make a mortgage loan because of any violation of a restriction prior to when you bought the property.
Inability to sell your property because of violations of subdivision regulations.

The Case For Title Insurance

The issues outlined in the brochure explain why title insurance is important from a legal standpoint. But there’s another, equally important reason for purchasing a title insurance policy: peace of mind. With title insurance you can feel secure, knowing that you’re protected from unforeseen circumstances.

Ask your attorney for any unforeseen risk is just one example of why real estate transactions can be complicated. That’s why your attorney is such a critical part of the process. As you move toward your goals in life, and especially when it’s time to buy or sell real estate, always start with an attorney.

The Benefits of an Attorney in a Real Estate Transaction in Connecticut

Ruan@develomark.com (Ruan Marinho) — Thu, 21 Apr 2022 16:36:10 GMT

The Benefits of an Attorney in a Real Estate Transaction in Connecticut

When a law firm represents a party in a real estate transaction, it performs many separate functions. These are usually either administrative or legal in nature.

Some examples of administrative tasks are: making arrangements for the closing, preparing financial summaries of the transactions, gathering information on taxes, ordering releases and similar tasks. These duties are often delegated to our law firm’s professional staff of paralegals and secretaries who carry out these responsibilities capably.

However, in a real estate transaction there are a series of functions, which require an attorney’s professional expertise. An attorney can have a significant role in advising you in the following areas:

The Brokerage Contract or Listing Agreement

The Preliminary Negotiation

The Purchase 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 and will be scrutinized by the attorney.

The Mortgage and Financing Commitment

Determining the Status of Title

This is generally the most crucial 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.

Eliminating Title Problems

In some instances, if a problem exists in the title, some type of actions may be available to cure the problem. Your attorney can initiate or review any such action.

Survey

If a survey of the property is required, we can advise you on the legal implication of the surveyor’s findings and the scope and extent of the surveyor’s certification.

bbb-closings

What You Need to Know when Buying or Selling

Purchase Contracts, Taxes, Buying, Selling, We Help Customers With It All.

Real Estate Attorneys Who Can Help You

When a law firm represents a party in a real estate transaction, it performs many separate functions. These are usually either administrative or legal in nature.

The Brokerage Contract or Listing Agreement

The Preliminary Negotiations

The Purchase Contract

The Mortgage and Financing Commitment

Determining the Status of Title

Eliminating Title Problems

Survey

Inspections

Drafting of Instruments

The Closing

Other Issues

Understanding Title Insurance for Your Purchase

Experienced Real Estate Attorneys in Connecticut

Why insure the Title of your home?

The role of Title Insurance:

Title Insurance for your lender vs. Title Insurance for you:

The Standard Owner Title Insurance Policy: Covering the Basics:

The Expanded Owner Title Insurance Policy: Going the Extra Mile

The Expanded Owner Policy also protects you in other areas. Specifically it covers you in the following:

The Case For Title Insurance

The Benefits of an Attorney in a Real Estate Transaction in Connecticut

The Benefits of an Attorney in a Real Estate Transaction in Connecticut

The Brokerage Contract or Listing Agreement

The Preliminary Negotiation

The Purchase Contract

The Mortgage and Financing Commitment

Determining the Status of Title ﻿

Eliminating Title Problems ﻿

Survey

Inspections

Drafting of Instruments

The Closing

Other Issues

Determining the Status of Title

Eliminating Title Problems