One of the most significant financial transactions that a person makes in their lifetime involves the sale or purchase of a home. Because of the all the legalities – and money – involved, anyone who is buying or selling a home should consult with a qualified real estate lawyer who will look out for their best interest and walk them throughout the process. Your lawyer will make sure that your interests are protected as they help guide the transaction as efficiently and smoothly as possible.

Signing Real Estate Contracts

Whether you are purchasing a home or selling a home, at some point you in this process, you will be asked by the real estate agent you are dealing with to sign a contract. This contract will stipulate either what your obligations are as the buyer or what they are as the seller.

No matter what side of the sale you are on, make sure you consult with a and attorney who specializes in residential real estate law to ensure that the contract serves your best interest. Some of the issues the attorney will evaluate is how long the contract is in place and what type of commission the agent will earn. Your attorney can be with you from the initial offer of the home all the way to the day of closing, making sure you understand all of your rights, as well as what your obligations are.

There is no doubt that the real estate market in Connecticut and across the country has been booming over the past year or so. With so many homeowners putting up “for sale” signs on their front lawns, many people are quickly making the move to upgrade from where they currently reside. A lot of these buyers find themselves making offers on a new home before their current home has sold in order not to lose their chance at the new home. Homebuyers who are in this situation can have a “home sale contingency” clause added to their purchase and sale agreement. This clause voids the agreement for the sale of the new home in the event the buyer is unable to sell their current one.

Types of Home Sale Contingencies

There are two types of home sale contingencies clauses, sale and settlement contingency or settlement contingency.

A sale and settlement contingency is one used in the event the buyer has not yet received an offer to sell their home. By using this clause, the seller is still allowed to keep actively marketing their home, however, the clause creates the stipulation that if the seller receives another offer on the home, the buyer has a specific window of time to remove the sale and settlement contingency. If the buyer is unable to remove the contingency, the agreement is void and the seller returns whatever deposit the buyer had put down on the property.

Whether you are starting a new business or expanding an existing business, you may need to enter into a commercial lease if you do not own the property where your business is located. Unlike residential leases, commercial leases are often lengthy and detailed. They also tend to have provisions which are usually more beneficial to the landlord and not the commercial tenant. This is why it is important to have a Stamford real estate attorney look over any commercial lease you are considering renting before you sign anything.

Right to Certain Protective Terms

Many of the basic protections that Connecticut law provides to residential tenants do not carry over to commercial tenants. Where some terms are common to residential leases, commercial leases may not contain them at all. For instance, the lease should provide that the tenant has exclusive use of the property, free from any interference by the landlord. Likewise, if the commercial property becomes unfit for the purpose for which the tenant leased it, they may no longer be subject to the remainder of the lease terms.

Additionally, there are certain provisions that are essential in order for a commercial lease to be truly fair to both parties. For instance, there should be a provision about who is responsible for attorneys’ fees and other court costs if the parties must litigate a dispute about the lease. The landlord’s right to terminate the lease should be clearly defined and should give the tenant adequate notice. Similarly, the tenant should have the right to terminate the lease early, at least in some situations.

It is no secret that the real estate market exploded during the COVID-19 pandemic and has continued that momentum. If there are any doubts about the condition of the market, all one has to do is take a look at the number of mortgages that have been taken out. According to national data, the year 2021 was a record year, with more than $1.6 trillion granted in mortgages, the majority of those mortgages to first-time home buyers. This number surpasses the last record set, in 2005 of $1.15 trillion, and surpasses the second-highest record set just in 2020, where lenders gave out $1.5 trillion in mortgages.

Housing Boom

Although the prices of homes increased by more than 19 percent during 2021, there are a number of reasons cited by economic analysts for the phenomenal increases in the housing market. The labor market is still going strong, including increases in pay – which grew more than 4.5 percent nationwide. The market is also being driven by low interest rates, leading many first-time home buyers to sign on all those dotted lines required during a property closing. It is estimated that almost 70 percent of people purchasing new homes in 2021 were buying their first homes.

Do I Need a Lawyer to Look Over My Mortgage Agreement?

However, just because there is so much mortgage activity going on, does not mean that anyone who is applying for a mortgage to purchase a home should not take the appropriate steps to protect themselves. Even if you are dealing with a financial institute that you have been doing business with for years, there are still issues that could arise that end up costing you thousands of dollars.

The new year usually means new laws for Connecticut citizens. Many of the bills that are enacted into laws during the prior year usually go into effect on January 1st of the new year. The year 2022 is no different. One of the new laws taking effect next week addresses the legality of accessory apartments in the state.

What Are Accessory Apartments?

The real estate market has been booming in the United States for the past few years. Sellers definitely have the upper hand, setting high prices for their properties that often result in bidding wars between buyers and “under contract” signs within days of the property being put on the market.

This housing boom has also had a significant impact for renters, as well. Not only have the prices of rental units skyrocketed, but many landlords have also decided to take advantage of the current market, selling their rental properties and leaving renters with few options for finding affordable housing.