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fairfield county real estate attorneyIt 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.

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stamford real estate lawyerThe 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.

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stamford real estate lawyerOver the past year or so, the real estate market has been booming here in Connecticut and across the country. The norm has become that when a “for sale” sign is put in front of a home, it is only a matter of days before an “under agreement” sticker is added.

If you are in the market for a new home or have already been lucky enough to have an offer you put on one accepted, there are a myriad of issues that need to be addressed for the transaction. While there is no law that legally requires a buyer to retain the help of a real estate attorney, having one looking out for your best interest can be critical to avoiding costly legal issues further down the road.

How a Real Estate Attorney Can Help

The majority of residential real estate transactions are done with the assistance of a real estate broker or agent. It is not uncommon for there to be two agents involved in a sale – the seller’s agent and the buyer’s agent. Keep in mind, however, that these agents are earning commissions on the sale. Therefore, their goals will be to do everything they can to ensure the sale goes through. If the purchase falls through, there is no commission and no financial reimbursement for the hours the agents have spent on the potential transaction.

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CT real estate lawyerWhen buying or selling a home, a purchase contract will be created once the seller accepts the buyer’s offer. This agreement will detail the terms of the sale, including important dates during the transaction and the requirements that both parties must meet. Contingencies are an important part of a real estate purchase contract. Buyers and sellers will need to understand the types of contingencies that may be included in an agreement and how these will affect them as they work to complete the transaction.

Types of Contingencies in a Real Estate Transaction

Contingencies are terms in a purchase contract that describe certain conditions that must be met during the transaction. In many cases, these terms will allow one party to back out of the transaction if certain requirements are not met. Common contingencies include:

  • Financing contingency - The buyer will need to qualify for a mortgage loan that will allow them to purchase the home. This type of contingency will allow the buyer to back out of the purchase if they are unable to obtain financing with certain terms, such as a specific interest rate or an affordable monthly payment.
  • Appraisal contingency - The buyer will want to make sure the home is valued at the amount they have offered to pay. This type of contingency will require an appraisal to be performed, and if the home is appraised at a value less than a certain amount, the buyer may back out of the sale, or the purchase price may be modified.
  • Home sale contingency - The buyer may need to sell their current home before they will be able to obtain a mortgage for a new home. This type of contingency will allow the buyer to back out of the sale if their current home is not sold by a certain date. To protect the seller’s rights, the contract may include a kick-out clause that allows the seller to keep the house on the market and back out of the sale if they find a different buyer.
  • Inspection contingency - The buyer will be able to complete a home inspection that may identify defects in the home or repairs that will need to be made. This type of contingency addresses how repairs will be handled or allows the buyer to back out of the sale if the seller refuses to correct the issues uncovered during an inspection.
  • Title contingency - A title search may uncover issues that will affect the parties’ ability to complete the transaction, such as ownership disputes or liens on the property. This type of contingency will allow the buyer to back out of the sale if these issues cannot be resolved before the closing date.

Contact Our Stamford Residential Real Estate Lawyer

Whether you are planning to buy or sell a home, The Law Offices of Daniel P. Weiner can help you negotiate a purchase contract that will protect your rights and meet your needs. To set up a free consultation and learn more about how we can help protect your rights during a residential real estate transaction, contact our Fairfield County real estate attorney today at 203-348-5846.

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stamford real estate lawyerDuring a residential real estate transaction, both the buyer and the seller will need to meet multiple requirements to ensure that the sale can be completed. In some cases, issues may arise that affect the title to the property, and if these are not addressed correctly, the sale may not proceed. Buyers and sellers will need to understand the different types of title issues that can play a role in a real estate transaction, and by working with an attorney, they can determine the best ways to address these matters.

Common Encumbrances and Title Issues

Some title issues that may affect the sale of residential property are known as “encumbrances,” and they involve a claim against the property by a third party. Other issues may affect the ownership of the property by the current owner or the ways the property can be used. Title issues that can arise during a real estate transaction include:

  • Liens - If a property owner owes money to a person or organization, a lien may be placed on their property, and these liens must be resolved before the property can be sold. These may include tax liens based on unpaid federal or state income taxes or local property taxes, mechanic’s liens used by a contractor or supplier to collect payment for work done on the property, or liens for unpaid child support or spousal support.

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