This is the next post on hiring a lawyer to handle your Hartford, Connecticut real estate transaction. Our last article discussed how a lawyer can assist with the completion of your mortgage documents. It is important to understand that if your documents are not completed correctly then your transactions may be delayed. Worse, certain errors may lead to accusations of mortgage fraud. By hiring counsel to assist you, you help to ensure that your documents are completed correctly. In this article we will discuss what to expect at your closing. If you are buying or selling a property, and are in need of assistance, then contact our office today to speak with a lawyer.
A real estate closing can seem somewhat straightforward. Prior to the closing, the mortgage lender will wire the loan into the buyer’s attorney’s escrow account. The seller’s real estate agent will also bring the deposits to the buyer’s attorney for proper distribution. Each side will then complete a large amount of paperwork. Funds will be withheld to pay off the existing mortgage, any outstanding liens, commissions to the real estate agents, legal fees, etc. The buyer’s attorney will cut checks to each of these entities. The seller will also receive a check for the net proceeds after all of the seller’s costs. The buyer will receive the keys and sometimes a bottle of champagne! The buyer’s attorney will make sure that the relevant deeds are properly recorded with the Town Clerk. At this point, the deal will be “closed” and each side may get on with their lives. While this may seem simple, it is important to understand the complications that can arise from a mishandled closing.
If a party does not receive their money from the closing proceeds, then litigation may ensue. Furthermore, a closing can quickly become complicated as additional payments become involved. Suppose, for example, that the parties agreed for $30,000 to be held in escrow for payment to a contractor to complete repairs on the property. If this payment is not cut, so that the repairs can be completed in a timely manner, then the purpose of the purchase may very well be frustrated. This, in turn, can lead to litigation. It is not uncommon for litigation to ensue after a mishandled closing. Retaining a law firm experienced in such matters can help to ensure that such issues do not arise.
If you are completing a Connecticut real estate transaction then contact our office today to speak with a Hartford lawyer. Our attorneys have been serving the area for decades and we handle a substantial number of real estate closings. We understand the different contingencies which can arise in such situations and will take steps to ensure that the matter is handled properly from beginning to end. We take great pride in the level of service which we provide and we look forward to speaking with you. Contact us online or by telephone today to schedule an initial consultation. 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.