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FAQ
BASIC STEPS IN BUYING A HOME
In a typical house purchase, you will go through some or all of the following steps:
- Determine the amount of any desired mortgage loan, and confirm that you are qualified for that amount. To find out how much loan you qualify for, contact a Mortgage Lender, such as bank or a mortgage broker. We can give you recommendations for excellent mortgage sources.
- Contact a Real Estate Agent to assist you in finding and negotiating for the purchase of your new home. We can recommend excellent real estate agents in your area of interest. When you and your Agent have found the home that you want to buy, the Agent will assist you in preparing a Real Estate Contract to submit to the Seller. The Seller may accept your offer, reject it, or make a counter-offer. You may put in your Contract a clause that says it is subject to your Attorney’s review within a set time period after signing, like this: “Buyer’s obligations hereunder are subject to review and approval by Buyer’s attorney within three (3) business days after acceptance by Seller”.
- As soon as the Real Estate Contract is fully signed, submit it to your Attorney for review and discussion.
- Formally apply for your mortgage.
- When you receive your mortgage commitment, have your Attorney conduct the title search. The purpose of the title search is to verify ownership and to determine, from the records of the town or the city clerk, the existence of any mortgages, liens or other matters that affect the rights of ownership to the home that you are buying.
- Your Attorney’s office will be monitoring the progress of your transaction through its completion.
- Your Attorney’s office will calculate final Closing Figures prior to the actual Closing, allowing sufficient time for you to secure the necessary funds in the form of a bank or certified check. In the event that you are relocating from another area, you must make appropriate arrangements so that funds are available at the time of Closing. When all preparations are completed and the parties are ready, the Closing will be scheduled and you will become the owner of your new home.
Attorneys Collins, Deans and Melocowsky handle a significant volume of home closings and are experienced in all aspects of these transactions. You can call them at 860.659.4488 or email them by clicking here.
SELLING A HOME
Usually the first thing a home Seller does is contact a Real Estate Agent and sign a listing agreement which provides for the Agent to sell the home in exchange for a commission. Once a Buyer is found, your Real estate Agent will present you with a Real estate Contract containing an offer for your home, already signed by the Buyer. You can accept the offer as presented, reject it, or make a counter-offer. Your Real estate Agent will be valuable in assisting you with these decisions, and it is certainly a good idea to get a legal review before finally singing your Contract.
PREPARING FOR THE CLOSING WHEN YOU ARE THE SELLER
After you have signed a Real estate Contract with your Buyer, you should notify your attorney, who will begin preparations for the closing. The law firm will:
- Prepare the Warranty Deed whereby you will be conveying the property to the Buyer
- Submit the Warranty Deed to the Buyer’s attorney for approval prior to the closing
- Prepare necessary Conveyance Tax Returns required by the State of Connecticut and the municipality
- Order payoff statements for any mortgages or liens covering your property
- Calculate adjustments for prepaid items, such as real estate taxes and assessments and fuel oil
- Deduct state and local transfer taxes, payoff amounts of mortgage(s), as well as your attorney’s fees, from the proceeds you receive at closing.
- Attend the closing with you to assure that everything goes as smoothly as possible.
You will receive a detailed itemization of the various adjustments and disbursements that will be made at closing, so that you will know the exact amount of money to expect at the closing.
WHAT IS THE CLOSING?
The “closing” is a meeting, usually held at the Buyer’s attorney’s office, where you deliver the deed to your property to the Buyer, in exchange for the sale proceeds. The Real estate Agents, your attorney, and any mortgage loans being repaid are all paid out of the sale proceeds. At the closing, your Real estate attorney will be present to discuss any last minute issues and review and oversee the execution of documents and make arrangements for disbursements of the sale proceeds.
SWORN STATEMENT
At the closing, you as Seller will be asked to sign a sworn statement to the effect that no one has a right to any mechanic’s or materialman’s liens upon the property (this would be someone who has provided construction materials or services to the property within the last 90 days and has not been paid in full). In this document, you also provide assurances that there are no tenants with rights to possession of the property, and you disclose any common driveway, boundary disputes, encroachments, and the like. The document also states that no improvements have been made to the home without obtaining any necessary permits.
POST-CLOSING
Immediately after your closing, your attorney will send to your mortgage lender(s), by overnight courier, the required amounts to pay off any mortgage(s) that you had on your home. Following receipt of the funds, the mortgage lender(s) are required to provide a Release of Mortgage for each loan. Your attorney will be responsible to file the Release(s) of Mortgage on the land records for each loan upon receipt.
Attorneys Collins, Deans & Melocowskys handle a significant volume of home closing and are experienced in all aspects of these transactions. You can contact Collins, Deans & Melocowsky, LLC at (860) 659-4488.