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

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

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 Negotiation

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.