This is the next post in our series on handling real estate transactions in Hartford, Connecticut. Our last article discussed pre-closing adjustments in a real estate transaction. It is important to understand that issues which arise out of home inspections can sometimes derail a property deal. Unfortunately, this sometimes happens even when a post-inspection issue does not necessarily justify calling off the transaction. By retaining an attorney who is experienced in handling such matters, you gain the perspective of someone who has likely seen many similar situations. This can help to keep the transaction on track. In this article we will discuss the importance of having counsel to assist with the completion of your mortgage documents.
The vast majority of real estate transactions are paid, at least in part, with a mortgage. This means that the lenders hold the cards because the lenders hold the purse strings. If there are problems with the financing, then the deal will fall apart. While completing a mortgage application can seem straightforward, the truth of the matter is that it can be anything but. First, calculating one’s income can be complicated. This is especially true when one owns a business, owns rental properties, or works as an independent contractor. Also, the documentation which lenders tend to request can be voluminous. Finally, lenders tend to ask for information in scattered chunks as opposed to requesting everything at once. Many buyers find this process burdensome. Sometimes an individual can get overwhelmed going through the application process.
If documentation is not timely, and properly, provided to the lender then it may result in a loan getting delayed. This, in turn, can result in a real estate transaction falling through. The seller has a right to enforce the deadlines specified in the contract. If a buyer is not able to secure funds by that date, then the seller, typically, is able to walk away from the transaction and put the home back on the market. Furthermore, a buyer may forfeit his deposit if proper and timely notifications are not submitted to the seller regarding delays or extension requests.
It can be of great benefit to retain an experienced real estate attorney to assist you in communicating with your loan officer regarding the documents necessary to complete your loan application. Further, an experienced attorney is necessary to communicate with the attorney for the other side as there are contractual obligations that must be met by both buyer and seller. An experienced attorney will make sure those deadlines are met or will submit proper notifications to enable the return of a deposit and the avoidance of additional damage claims. Finally, an experienced real estate attorney will ensure the proper completion of your final mortgage documents, oversee the settlement of all the closing funds, and will conduct a timely and professional real estate closing. When selecting a law firm, we suggest that you retain counsel with extensive experience real estate matters.
If you are buying or selling a house or other property then contact our office today to speak with a Hartford real estate lawyer. Our firm has been serving the area for decades and we take great pride in the service that we provide the community. We will promptly answer your questions, quickly reply to emails, and make ourselves available to answer any questions which you may have. We understand that this is an important time in your life, and we are here to assist you. 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.