Ridgefield, Connecticut Real Estate Law Attorney
An Overview of Real Estate Transactions in Connecticut:
The firm handles a large number of real estate transactions, including re-financings, purchases and sales, and has been the firm of choice of many mortgage brokers and real estate agents.
The following discourse provides basic information about 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). Perhaps the most prominent of these is the 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 even if no mortgage can be obtained. In case of the inability of the Buyer 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. The GILL Law Practice, located in Ridgefield, Connecticut, handles a large number of residential real estate issues for clients including mortgage loan refinancing, acquisitions and sales. For several years, we have been the law firm of choice for many mortgage brokers and real estate agents.
A skilled real estate lawyer will account to his clients for every penny in the transaction, and at GILL Law Practice, we do just that. Moreover, we will 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 Danbury office today to schedule a free 30 minute initial consultation.
We can assist with the following residential real estate transactions/issues:
- Real property purchases and sales
- Refinancings
- Title insurance
All in all, closing residential real estate transactions is more of a cooperative process than an adversarial one. Good working relationships with the brokers and lawyers who practice in this field, such as those we enjoy, can considerably ease the stresses and strains of buying or selling a home. Please contact us today.
GILL Law Practice
38-B Grove Street
Ridgefield, CT 06877
Phone: 203-438-4449
Fax: 203-431-7839