Buying a Home

We want you to arrive at the closing table knowing what is going on. You should know how much money you will need to bring at least one day before closing.

Why do I need a real estate lawyer to buy a home?

There are many services a real estate attorney will need to provide. You can expect the Law Office of Chris Albanese to provide the services stated in the next section. There are some questions that may need to be addressed in purchasing agreement, which can require changes. Some questions are:

• If the property has been altered or there has been an addition to the property, was it done lawfully?
• If the buyer has plans to change the property, may what is planned for the property be done lawfully?
• What happens if a buyer has an engineer or architect inspect the property and termites, asbestos, radon, or lead-based paint is found?
• What if the property is found to contain hazardous waste?
• What are the legal consequences if the closing does not take place, and what happens to the down payment? This question raises related questions: Will the down payment be held in escrow by a lawyer in accordance with appropriately worded escrow instructions? How is payment to be made? Is the closing appropriately conditioned upon the buyer obtaining financing?

Most buyers will finance a substantial portion of their purchase with a mortgage loan. The purchase agreement will contain a carefully worded provision that is subject to the buyer's obtaining a commitment for financing.

Without a real estate attorney for your home buying purchase, you increase your chances of being sued by the opposing party for failure to disclose certain information. This is just one more reason to hire a real estate lawyer as soon as you look into buying a home.

You can expect our representation to include the following services:

• Title search of the property - A real estate attorney does a title search on the property to ensure that the seller has the legal right to sell the property, and that there are no other encumbrances (such as liens, mortgages etc.) or property line issues that could prevent the buyer from taking full possession.
• Prepare your closing documents - Before closing on a mortgage you can expect to receive federally mandated documents and contractual documents. A real estate lawyer in CT should help you go over these documents.
• Loan Settlement - Document prepared by a lending institution and presented to the borrower at the loan-closing time, showing the amount and frequency of the installments for the loan repayment
• Communicate with your Realtor, sellers' reale estate attorney, mortgage broker (if applicable), lender and other third parties to coordinate the closing on your new home
• Review your mortgage loan documentation generated by your Lender
• Explain loan documentation
• Represent you and your lender at the closing

Things to be aware of

Forty percent of all closings happen at the end of the month. This means that lenders, real estate agents, appraisers, title searchers, real estate lawyers, and everyone else involved in the closing process are swamped. You should seek to close during the first three weeks of the month if at all possible.

Please be aware that, THE CLOSING DATE CAN BE EXTENDED BY ANY PARTY BY 30 DAYS WITHOUT THE OTHER PARTY'S OKAY UNLESS YOUR CONTRACT READS "TIME IS OF THE ESSENCE."

Home inspections - caveat emptor - let the buyer beware. As a general rule, if you do not find a problem during a home inspection, you will end up absorbing the cost of fixing it. Hire a good home inspector. Check for lead paint - especially if you have, or expect to have, children.

Testing for Radon in Connecticut

Southeastern Connecticut was once home to huge glaciers. As they melted away, they deposited millions of tons of rock of every size. One of the many natural components of those rocks is uranium, which emits a gas called radon, as it decays. Radon can cause damage to your lungs as you breath it in.

Radon testing is not required in Connecticut and there is no legal limit for it. (There is a recommended limit of 4 picocuries/liter.) The Law Office of Chris Albanese recommends, however, that everyone buying a home here, have a home inspection and during that inspection, test for radon. Radon is typically measured in the lowest occupied level. If is also a good idea to test the lowest level in the home, even if it is an unfinished basement, and to test your water if the home has a well.

Check out this link to the Connecticut Department of Public Health Radon Program.