Category Archives: Real Estate

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 »

SELLING A MULTI-FAMILY PROPERTY IN CONNECTICUT? BUYER MUST SIGN NEW FAIR HOUSING FORM

Effective September 1, 2016, there is a new form a prospective buyer of a residential multi-family property in Connecticut must sign. The form advises the potential buyer of certain fair housing laws that are applicable when offering property for rent in Connecticut. The form must be provided by the seller, signed by the prospective purchaser,… Read More »

SHOULD I QUITCLAIM MY HOUSE FOR A REFINANCE OR EQUITY LINE?

It is not uncommon for a bank to require a borrower to be added to the title to the property if they are not already on it. However, transferring someone on or off title should not be taken lightly. Although the process is simple, the implications can be astronomical. How title is held to your… Read More »

I OWN RENTAL/INVESTMENT PROPERTIES – HOW SHOULD I HOLD TITLE?

It is not uncommon today for people to own properties other than their home. For liability purposes it is best to own these additional properties in a separate entity called a “Limited Liability Company” (LLC). A limited liability company is a legal entity which you or you and others own together that would then own… Read More »

WHAT IS A REVERSE MORTGAGE? DO I NEED A REVERSE MORTGAGE?

What is a reverse mortgage? A Reverse mortgage is a mortgage lien placed on your house to secure a promissory note for money a lending company lends you, which is no different than a regular mortgage. The difference is that with a Reverse mortgage there are no required monthly payments. Your obligations when you have… Read More »

PURCHASING OR SELLING A HOUSE IN CONNECTICUT – Part 2: Important Provisions in your Offer and Contract

As explained in Part 1, an offer to purchase real estate is often made on a contract form, with much of the standard ‘boilerplate’ contract language already completed. However, there are certain provisions that are unique to each transaction. In most of Connecticut outside of Fairfield County, a real estate agent assists the buyer in… Read More »

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