Residential real estate closings continue to become more complicated and require more paperwork and more steps to completion year after year. There are constantly new laws enacted, new lender requirements, and new safeguards to protect against the risk of fraud. Our experienced Connecticut real estate attorneys have collectively handled thousands of residential closings for buyers, sellers and lenders. We can handle your transaction from start to finish whether it is your first home, a relocation, the purchase or sale of a vacation home or the refinance of your existing home. We recognize that each transaction is unique and deserves individual attention. Our experienced paralegals are an important part of the team and provide valuable assistance and skillfully coordinate all of the aspects of your transaction. The real estate attorneys at BPS Lawyers can also provide valuable advice on specific types of purchases such as new construction, condominium or planned unit developments and multifamily properties. Our diverse practice also includes lawyers who can assist you with other questions that may arise due to your real estate transaction, including tax questions, estate planning and the preparation of a joint ownership agreement between unmarried partners acquiring real estate together.
Our real estate attorneys and dedicated real estate paralegals are readily available to answer your questions and to help guide you through the process, whether it is a purchase, sale, or refinance.
An attorney is required by law in most Connecticut real estate closings.
By state law, real estate closings involving a property located in Connecticut must be conducted by an attorney. In addition, if you are purchasing with a mortgage loan or refinancing an existing mortgage, your lender will require that title insurance be issued at the closing. Only attorneys may issue title insurance policies in Connecticut, therefore, an attorney is necessary.
The earlier you contact BPS Lawyers to assist you with your real estate closing, the greater the assistance we can provide. Don’t wait to hire an attorney until after your contract has already been signed. Our role as your closing attorney is to minimize the stress and anxiety of buying, selling, or refinancing by negotiating with your best interest as the top priority and resolving potential issues before they occur.
Purchases and Sales
Whether you are buying or selling, or both at the same time, BPS Lawyers handles a full range of transaction tasks including the drafting, review, and negotiation of contracts, as well as all lender requirements and closing details. The services we provide in connection with a purchase or sale typically include the following:
- Prepare, review, and negotiate Purchase and Sale Contract with opposite party.
- Prepare or review documents required for the closing (e.g., deeds, tax forms, title affidavits), and any documents required by a Lender.
- Advise you of the legal significance of these documents and your rights and responsibilities.
- Attend the closing as your legal representative.
- Provide you with a closing statement of your funds, a detailed explanation of the closing statement, and answers to any questions or concerns you may have throughout the process.
- Confirm the financial calculations are correct and that you understand all costs or expenses involved (e.g., taxes, closing costs, adjustments).
- Obtain information necessary to ensure appropriate payoff of mortgages and/or liens.
- If buying: Have a title search performed on the property and review to ensure you receive a property clear of any liens or title defects.
- If selling: Clear title or resolve title defects prior to sale.
- Issue title insurance policy or policies; if applicable.
- Record or cause appropriate documents to be recorded in the public land records.
Mortgage loan interest rates are the lowest they have been in the past 50+ years since Freddie Mac began tracking rates in 1971. The longer it has been since you obtained your mortgage, the more likely it is you are paying interest at a much higher rate than the rate you might qualify for today. The experienced mortgage refinancing attorneys at BPS Lawyers are ready to assist you with your refinancing by providing the following services:
- Review the terms of your new loan with you to ensure you understand completely and the payment plan meets your requirements.
- Confirm the lender’s financial calculations are correct and that you do not pay more than is necessary. Or in the case of a “cash-out refinance” making sure you receive back the correct amount of money.
- Conduct a title search to confirm that all liens have been properly released prior to recording the new mortgage documents and correcting any name or title issues if necessary.
- Confirm the payoff information and amounts are correct and that your prior mortgage is paid off in full and released to avoid issues with unreleased liens, such as when you sell the property or pass it on to a family member in the future.
- Review the current encumbrances and legal description of the property to make sure both are accurate.
- Issue a lender’s title insurance policy to satisfy the lender’s requirement for insurance, something required in all refinances.
- Make sure you understand your legal rights and responsibilities under the new loan, including the implications of the mandatory 3-day right of rescission period.
Learn More About Our Real Estate Law Attorneys