It is customary to have an attorney involved early in the purchase and sale transaction. There are a number of reasons for this. In a purchase the buyer may be: - Obtaining financing from a bank or mortgage company
- A first time home buyer with no prior experience with a purchase
- Coordinating a sale at the same time
- Terminating a lease in order to buy
- Needing early access to the new home, or
- Expecting to use the property for specific purposes in the future
The buyer generally needs advice regarding: - Review of offer to purchase, binder, or realtor prepared contract
- How to negotiate the deal they expect
- The need for and results of inspections
- The need for and importance of municipal department records
- Early stage information regarding encumbrances affecting title, including easements, restrictions, assessment and resale documents and relevance to buyer, or
- The mortgage process and advice how to best meet timelines and preserve rate lock
In a sale, the seller may be: - Coordinating a simultaneous purchase in CT or in another state
- Selling a property “as is” or with anticipated home inspection issues
- Needing to resolve any title issues prior to conveying clear title (including unreleased mortgages, or other liens)
- Needing to resolve outstanding issues with town department(s)
The seller may need advice regarding: - How to negotiate the deal they expect
- The Buyer’s mortgage financing process as it relates to the sale
- Simultaneous sale and purchase transactions
- Contract contingencies that must be met prior to the closing
- What to do to facilitate a smooth closing
- Resolving any title, contract and/or closing problems that arise
- Requirements when the seller is not able to attend the closing
For a commercial real estate transaction: - Zoning, land use considerations
- Environmental concerns
- Lease terms
- Future expansion potential
- Deed restrictions, easements and encumbrances
- State and municipal regulations that pertain to the land, improvements and business
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