Tag Archives: Real Estate

REAL ESTATE CLOSINGS PROCEEDING DURING THE CORONAVIRUS PANDEMIC

People all over the world are grappling with the daily, and even hourly, disruptions to our normal routines brought on by the coronavirus and the COVID-19 illness. These disruptions have reached into all facets of people’s personal and work lives, and likewise have had tremendous effects on the business world. As of this writing, there… Read More »

FHA AND CONFORMING LOAN LIMITS INCREASED FOR 2020

  Both the Department of Housing and Urban Development (HUD), for FHA loans, and the Federal Housing Finance Agency (FHFA), for conforming loans purchased by Fannie Mae and Freddie Mac, have announced increases in the applicable loan limits for 2020. We wrote about the loan limits applicable in 2018 in this blog post [Read More]…. Read More »

UPDATES ON THE CRUMBLING FOUNDATION SITUATION IN CONNECTICUT

We previously discussed the issue of crumbling foundations in a blog called Crumbling Foundations in Connecticut back in April, 2018, and this blog explores some updates since the release of that blog. These crumbling foundation issues are prevalent in northeastern Connecticut and can encompass homes built anytime between the early to mid-1980’s until approximately 2015… Read More »

HUD CONTINUES TO EASE ACCESS TO FHA LOANS FOR CONDO PURCHASERS

The United Stated Department of Housing and Urban Development (HUD) administers the mortgage loan program offered under the Federal Housing Administration (FHA). FHA loans are generally easier to qualify for than conventional loans, and require a lower credit score than most conventional loans. FHA loans also only require a 3.5% down payment, a portion of… Read More »

WIRE FRAUD – STILL A MAJOR CONCERN

  We have previously written about the dangers posed by wire fraud, especially as related to real estate closings (Read More Here). In spite of the passage of two years since our previous blog post, the danger posed by wire fraud is still prevalent and may even be growing. A recently reported event involved a… Read More »

NEW LEGISLATION REINFORCES ATTORNEY ROLE IN CONNECTICUT REAL ESTATE CLOSINGS

Using an attorney to perform real estate closings is the norm in Connecticut, and many people assume that this is the case everywhere in the United States. However, in about half of the states, an attorney is not typically used by local custom, and the use of an attorney is required by law in only… Read More »

ZONING VARIANCES IN CONNECTICUT

Each Connecticut town has adopted their own individual set of zoning regulations, in compliance with state statutes. These zoning regulations generally divide the town into zoning districts, and then state what uses will be allowed in each district (residential, commercial, etc.), as well as the building characteristics allowed, such as provisions for building height, setbacks,… Read More »

TIME TO CONSIDER REFINANCING YOUR HOME MORTGAGE?

According to recent news reports, interest rates on home mortgages have dropped down to their lowest rates in the past year (See More).  In addition, home values have generally been rising. These two factors may mean that it is a good time to investigate the benefits of refinancing your home mortgage. A refinance involves getting… Read More »

WHAT DOES “TIME IS OF THE ESSENCE” MEAN IN A CONTRACT?

Most written agreements have dates for the performance of certain obligations. For instance in an agreement to buy a home, there will be a closing date. What happens if that date arrives, and the closing is not held? Is the delaying party automatically in breach of contract? Many people would be surprised to learn that… Read More »

NEW LEGISLATION AFFECTING SENIORS (2018 Session)

The Office of Legislative Research for the State of Connecticut has published some of the new laws passed by the Connecticut legislature during the 2018 session.  Here are some of those new laws which were effective either when passed or as of October 1, 2018 unless otherwise noted: Emergency Medical Response System Contract: If you… Read More »

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