Category Archives: Real Estate

WHAT IS TITLE INSURANCE AND DO I NEED IT?

Many home buyers are surprised to learn that one of their closing costs is for “title insurance.” What is title insurance and why is it needed at most real estate closings? In simple terms, title insurance is a policy of insurance that insures the title to real property. It is different from homeowner’s insurance, which… Read More »

WHAT IS ADVERSE POSSESSION IN CONNECTICUT?

It is commonly thought that you can acquire ownership of real property through “squatter’s rights;” by using someone else’s property and then eventually being able to legally claim it as your own. This is actually the legal concept known as adverse possession.  Adverse possession originates from common law and is now a part of the… Read More »

NEW LEGISLATION AFFECTS OPEN BUILDING PERMITS

As discussed in a previous blog post (Obtaining A Municipal Records Search), many purchasers of residential real estate are now reviewing the town records concerning the building permits on the subject property.  Unfortunately, sometimes the records show an “open” permit, meaning a homeowner pulled a permit for repairs or improvements, but there is no record… Read More »

WIRING FUNDS? – BEWARE OF WIRE FRAUD SCHEMES

The use of wired funds for real estate closings is extremely common. Wired funds are immediately available, with no concerns regarding checks being forged, not clearing or being dishonored by the originating bank.  Unfortunately, there has been a recent surge in wire fraud schemes, many of which involve funds being sent for real estate closings. … Read More »

DO I NEED A MUNICIPAL SEARCH OR A BUILDING DEPARTMENT SEARCH WHEN PURCHASING A HOME?

When purchasing a home, it is always necessary to have a title search performed of the town land records to verify ownership, and to insure that any existing mortgages, liens or taxes are paid, so that you receive clear title. One of the tasks of the buyer’s attorney in a residential home purchase transaction is… Read More »

NOTARY CLOSINGS, A BAD CONCEPT!

Notary closings are usually performed in refinance transactions. Your lender will send all the closing documents to a Notary Public (Notary Service) who will schedule a time to come meet you and have you sign the documents. It sounds simple, convenient and there are no attorney’s fees. That’s a win, win, win…right? Wrong. FIRST, a… Read More »

FHA LOWERS REQUIRED OWNER-OCCUPANCY RATE FOR CONDOMINIUMS

Earlier this year, Congress passed, and the President signed into law, legislation which directed the Department of Housing and Urban Development (“HUD”) through the Federal Housing Administration (“FHA”) to consider a reduction in the required percentage of owner-occupied units in an FHA approved condominium complex. The current FHA rules require a minimum of 51% owner-occupied… Read More »

CHOOSING AN ATTORNEY FOR A REAL ESTATE CLOSING

Most mortgage brokers and/or real estate agents or brokers will recommend one or more attorneys to you to assist you in your real estate transaction. You are not required to use any of the attorney’s they recommend. You have the right to be represented by an attorney of your own choice. Most of the attorneys… Read More »

PURCHASING OR SELLING A HOUSE IN CONNECTICUT – PART 3: YOU HAVE A PURCHASE AND SALE AGREEMENT – WHAT’S NEXT?

Parts 1 (Overview of Offer) and 2 (Provisions in your offer & contract) in this blog series discussed the offer to purchase and important contract provisions. Now that you have a signed contract, what’s next? Once you have a signed agreement, a buyer has some important jobs. As explained in Part 2, your contract will… Read More »

SHOULD I COSIGN A LOAN?

Cosigning a note always involves the inherent risk of being a co-borrower.  A cosigner takes the risk that the other party will not pay the note.  Cosigning also affects your credit (credit reports do not distinguish between signing and cosigning).  Cosigning for someone else may have significant other effects such as gift tax implications and/or… Read More »

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Gesmonde, Pietrosimone & Sgrignari, LLC
3127 Whitney Avenue
Hamden, Connecticut, 06518-2344 USA
203.407.4200