Commercial and Residential Real Estate Lawyers
When you are purchasing a property in the greater Hartford and South Windsor area, call the real estate lawyers at Jeffrey T. Walsh & Associates. Many people wonder at what point is it necessary to hire a lawyer. For most real estate transactions, the Buyer and Seller will use a real estate broker. To sell your home, the real estate broker will want a listing agreement signed. You should consult a lawyer before signing the listing agreement, a binding contract when signed by both parties. The Buyer should understand the Buyer/Broker’s form before signing. This could potentially obligate the Buyer to pay all or some portion of the real estate commission.
A “binder” or offer to purchase is a written agreement entered into between the Buyer and the Seller. A binder deposit, normally one percent of the purchase price, is tendered from the Buyer to the Seller. The offer to purchase holds the property from sale pending the preparation by Seller’s counsel of a formal contract. In some areas in Connecticut, the Buyer proceeds immediately to an offer/contract provided by a real estate broker. It is definitely advisable to have this document reviewed by an attorney if there is not going to be a formal contract.
In Connecticut, buyers are required to have a lawyer verify that the title to the property is valid, that the property is clear of outstanding liens, and that the transaction is ready to proceed. The lawyer’s primary job is to protect the buyer. Without a real estate attorney, the buyer may risk losing a portion of his deposit or may find out after the fact that he has overpaid.
Your Real Estate Lawyer, or buyer’s attorney, perform many tasks for buyers, including the following:
⇒ preparation and registration of all required legal documentation
⇒ reviewing the terms of the mortgage, rates and fees
⇒ issuing title insurance
⇒ reviewing all details and provisions of the sales agreement
⇒ attending the closing and reviewing all papers signed by the buyer
Jeffrey T. Walsh & Associates has represented thousands of commercial and residential buyers, in all stages of real estate purchases. We are available to answer your questions and concerns as you go through the purchasing process. We are available to help draft your purchase contract and/or to review contracts prepared by others. Walsh & Associates are part of your team, and we show our commitment to your satisfaction at every stage of the purchasing and closing process.
We have represented many thousands of Sellers in the sale of their home or their business real estate. Our services offered to Sellers are similar to those offered to Buyers (see paragraph above). We have closed hundreds of short sales, where the negotiated sale of residential real estate sells for less than full consideration paid to the mortgage holders and/or lienholders. We work with short sale lenders and lienholders, Realtors, Buyers and Buyer’s attorney in advancing such transaction to successful closings. A short sale can avoid a Foreclosure or forced Bankruptcy. It is an option to be considered, however, only with experienced counsel. Attorney Walsh has provided mini-seminars to hundreds of Realtors advising them how to list, sell, and advise their clients in a short sale transaction.
The Firm has great experience in working with opposing counsel and lenders in reinstating mortgage loans in default. Such reinstatement takes many forms including lump sum payment bringing the loan current, partial payment plus agreement to repay deficiency over time, or, entire deficiency being added at end of loan term.
The purchase and sale of residential real estate is best accomplished by utilizing referrals from those you trust. We are happy to have earned that trust from thousands of clients, and from Realtors, Lenders and other real estate professionals. We can refer you to Realtors, Lenders, Appraisers, Home Inspection Specialists, Independent Insurance Agents, Handymen, and the like. Of course, you need to interview and check out anyone that you work with to establish your own comfort and compatibility level. Again, feel free to call. (860)-649-1700