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Attorney Ben Proto - The Musings of a Mad Lawyer

Friday, July 6, 2018

Connecticut Real Estate Closing Tips

Closing is the final step in a real estate transaction, and it typically occurs at a location, time, and date agreed upon by the buyer and seller. At closing, paperwork is signed and the keys to the property are transferred from the seller to the buyer. Below are some things to keep in mind before attending a real estate closing in Connecticut.

1) You’ll probably see some paperwork for the first time at closing – It’s common for the final loan package to be delivered on the day of closing. And this package will probably contain paperwork that you haven’t yet had a chance to review. In order to avoid this, it’s recommended that you request copies of the completed documents at least 24 hours before closing. However, if this isn’t possible, be sure to have an experienced real estate attorney attend the closing with you to review the final documents and advise you on any pressing legal matters.

2) Promises made in the purchase agreement are void once the settlement is complete – Purchase agreements typically contain a number of promises from the seller to the buyer. Also called covenants, these promises are enforceable for as long as the contract remains in effect. However, following preparation and delivery of the deed to the buyer, the purchase contract no longer applies, and the seller no longer has an obligation to do anything originally promised in the purchase contract. One way to avoid this, though, is via the addition of a survival clause to the contract. For more information on such clauses, please contact an experienced Connecticut real estate attorney.

3)  Personal checks aren’t accepted at closing - Certified funds are required at closing. However, the total amount owed will not typically be available ahead of time, so an estimate must be made. A good closing agent should be able to provide an estimate that is within a few hundred dollars of the final amount due.

4)  Purchase title insurance - While the lender in a home purchase pays the closing attorney to research the property’s chain of ownership and certify that the seller actually owns it, there is no guarantee that the seller is actually the owner. This is why it is important for home buyers to purchase title insurance, which protects property buyers and mortgage lenders against problems or defects with a title during a transfer of property ownership.

Connecticut Legal Representation

Real estate transactions, whether residential or commercial, can be complicated, and it’s important to ensure that no details are overlooked during the real estate closing process in Connecticut. At the Law Office of Benjamin S. Proto, Jr., our experienced Connecticut real estate professionals keep both buyers and sellers apprised of their rights and duties as they navigate the real estate closing process. Please contact us for a free consultation.

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