This is the next post in our series on retaining an attorney to assist you in Hartford, Connecticut real estate transactions. Our last article discussed the importance of a title search when buying property. Ensuring that the buyer receives “clear” title, is crucial. The lender will not allow the closing to occur until a title search is performed which shows that the seller has clear and marketable title, meaning that there are no liens or encumbrances recorded on the town records. It is important that the search not simply be done, but that it be completed correctly. By retaining an experienced attorney, who will leave no stone unturned, you help to ensure that the matter is handled correctly. In this post we will discuss dealing with closing adjustments, as well as other pre-closing issues, which can arise. If you are in need of assistance then contact our office today to speak with a lawyer.
Home inspections can result in adjustments to Hartford real estate transactions
The buyer of a home will typically have a period of time in which they may inspect the property in order to ensure against defects or unknown damage. The buyer will hire a licensed home inspector. After going through the property, this inspector will issue a report of issues which they found. The buyer will then have multiple options. First, they may ask that the seller repair all of the discovered issues at the seller’s expense. Second, they may ask for an adjustment in price due to the work which needs to be completed. Finally, the buyer and the seller may come to an agreement as to what will, and what will not, be repaired. This last possible outcome tends to be the most common. An attorney will a) help negotiate the agreement of what will be repaired and b) draft any necessary documents to memorialize the agreement.
The foregoing is best explained by way of example. Suppose a Hartford area homebuyer puts in an offer to buy a home and the offer is accepted. It is believed that the roof is in relatively good condition. The inspection, however, shows that the roof is likely to only have 1-2 years of life left. The buyer could a) go through with the purchase as is, b) ask that the seller replace the roof, c) ask for a reduction in the purchase price, or d) reach an agreement where the seller pays a portion of the replacement cost. In such a situation, it is likely that the seller will make some sort of concession; if the home were to go back on the market then the seller would have a hard time selling the property due to the roof issue. The attorneys for the buyer and the seller would go back and forth and attempt to reach a resolution. If an agreement is reached then counsel will put it in writing. If an agreement is not reached, then the buyer would have the option of walking away from the deal. It is important to remember that the outcome of any negotiation or situation will always depend on the facts of the matter.
Retaining a Hartford attorney can help home buyers and sellers to properly deal with pre-closing adjustments & inspections
If you are engaging in a real estate transaction then it is strongly suggested that you retain an experienced attorney to assist you. It is not uncommon for inspection reports to list problems which, in the grand scheme of things, do not need to derail a deal. By retaining a firm with experience in such matters, you increase the chances that counsel will recognize what, and what is not, worth dragging out the transaction. Unfortunately, some transactions do get derailed when one party “makes a mountain out of a molehill.” By retaining experienced counsel, you can help to ensure that this does not happen.
If you are in need of assistance then contact our office today to speak with a Hartford real estate lawyer. We assist both buyers and sellers with pre-closure adjustments and we will give your matter the attention it deserves. Our firm prides itself on providing quality service and we look forward to being of assistance. Contact us online or by telephone today. We also serve the areas of Wethersfield, New Britain, Rocky Hill, West and East Hartford, Bristol, Glastonbury, and Manchester, as well as the Middlesex County cities of Middletown and Cromwell.
