Since residential property typically represents a large portion of a family’s assets, real estate law is an important component of our practice. GILL Law Practice handles a large number of real estate transactions, including re-financings, purchases and sales, and we are the choice of many mortgage lenders, brokers and real estate agents in the community.

Here are the ABC’s of residential real estate transactions in Connecticut.  The first legal document signed by the Seller and Buyer in these transactions is a binder. By this instrument, the Buyer offers and the Seller accepts the basic terms of the transaction, supported by a deposit of approximately one percent of the purchase price. The terms contained in the binder are incorporated into a full-fledged contract drawn by the Seller’s attorney but negotiated to the satisfaction of both parties.  At execution the Buyer pays an additional deposit of approximately nine percent of the purchase price.

The contract of sale contains certain contingencies such as satisfactory property inspection results and, perhaps most prominently, a mortgage commitment contingency. This provision provides that, if the Buyer is unable to obtain a mortgage by a specified date, the Buyer must notify the Seller by the close of business on that day. Otherwise, the mortgage contingency is deemed to have been met and the Buyer is obliged to buy the property for cash if no mortgage can be obtained.  If the Buyer is unable to pay cash, the Seller has the right to all deposits paid by the Buyer.  Seeking experienced legal assistance now for your residential real estate transaction will secure your interests and help you avoid problems down the road.

A skilled real estate lawyer accounts to his client for every penny in the transaction, and at GILL Law Practice we do just that.  Moreover, we do not put away your file when the deal is closed.  Rather, we have in place sound behind-the-scenes post-closing procedures to ensure that all existing mortgages are released and taken off the property. Please Contact our office to schedule a complimentary 30-minute initial consultation to discuss the key issues of residential real estate.  We can assist you with real property purchases and sales, re-financings and title insurance.

All in all, closing residential real estate transactions is more of a cooperative process than an adversarial one. Good working relationships such as those we enjoy with brokers and lawyers who practice in our community eases the stresses and strains of buying or selling a home.  Please Contact us today.