when selling a home whose attorney writes the contract in ct?

A CT real estate lawyer will help ensure you are protected in the sale before signing these contracts. A real estate attorney is needed when selling a house in Connecticut to do the closing on the sale, as well as securing many documents as legally binding and safe.

Full Answer

Do you need an attorney to buy a house in CT?

Publication from the Connecticut Attorney General's Office: Formal Opinion 2007-025 - Should statutory interest be assessed when a contractor enters into an agreement to repay the Home Improvement or New Home Construction Guaranty Funds pursuant to Sections 20-432, subsection (o), and 20-417i, subsection (n), of the Connecticut General Statutes?

How does the seller’s attorney get the contract of sale?

Oct 01, 2009 · If an agreement is reached, the executed binder is forwarded to the seller's attorney for a full contract to be drafted for execution by the parties. Although the binder is completed with the expectation that a full contract will later be signed, in certain circumstances the binder can be enforced as a contract.

How does the real estate contract process work in Connecticut?

Buying and selling a home is a big financial decision. An attorney can help explain the purchase and sales contract to you and draft negotiable provisions on your behalf. I often think that most problems in closings of real estate transactions arise because attorneys were not involved in the process prior to signatures being placed on the contract.

Do you need an attorney to get a real estate contract?

Jan 01, 2009 · You should consult an attorney before signing a binder. Make (or accept) an offer on a contract form (New Haven and Hartford Counties and most of CT). Most areas of Connecticut go 'straight to contract,' which means that the buyer's offer is made on a contract form, and acceptance of the offer results in a fully binding contract.

Is Connecticut an attorney closing state?

Prohibits out of state attorneys and non-attorney Notaries from conducting closings for most mortgage loans in Connecticut. This excludes home equity lines of credit, other transactions that don't require the issuance of a title insurance policy, and property located in other states.

Do I need an attorney to sell my house in CT?

Every state has its own laws regarding real estate sales. In some states, hiring a legal professional is optional for home buyers or sellers, but Connecticut is not one of those. In Connecticut, state law requires all home buyers and sellers to involve a real estate attorney in the process.Aug 23, 2019

Can a real estate attorney draft a real estate contract?

A real estate lawyer helps to draft deeds to effectuate the transfer of real estate. Additionally, he or she can review any contracts related to the real estate transaction that have to do with a corporation, partnership or trust so that no terms of the charter agreement are breached.

Do you have to pay taxes when you sell your house in CT?

The State of Connecticut and Town where the property sits are each entitled to a portion of the sales price as a conveyance tax. The State collects . 75% of the first $800,000, 1.25% on all amounts between $800,000 and $2,500,000, and 2.25% on all amounts above $2,500,000.

Is CT a buyer beware state?

Unlike some states, Connecticut is not a “buyer beware” state as it relates to residential property. This means that the rule of “Caveat Emptor” does not apply to homes and residential property.

How do contingencies affect a sales contract?

A contingency clause defines a condition or action that must be met for a real estate contract to become binding. The contingency becomes part of a binding sales contract when both parties, the buyer and the seller, agree to the terms and sign the contract.

How do you draft a real estate contract?

Writing a real estate purchase agreement.Identify the address of the property being purchased, including all required legal descriptions.Identify the names and addresses of both the buyer and the seller.Detail the price of the property and the terms of the purchase.Set the closing date and closing costs.More items...

What does a mortgage contingency include?

A financing contingency – most often referred to in real estate as a mortgage contingency or a loan contingency – is a clause that allows buyers to cancel the contract of the home purchase with no penalties, and a refund of their earnest money deposit if they're unable to secure a mortgage.Dec 27, 2021

What is a binder in real estate?

Although the exact form of the binder differs by area and by real estate agent, typically the binder is a one page form that contains the basic terms of the transaction. This includes purchase price, deposits, property address, personal property included with the sale, mortgage amount and date, inspection provisions and signatures of the parties.

What is a binder in Fairfield County?

A binder is a one page summary of the terms so that an attorney can draft the full contract.

Can a seller accept a counter offer?

The seller may accept or make a counter-offer. If an agreement is reached, the executed binder is forwarded to the seller's real estate attorney for a full contract to be drafted for execution by the parties. Although the binder is completed with the expectation that a full contract will later be signed, in certain circumstances ...

What are the remedies for a breach of a real estate contract?

When the failure to comply with a real estate contract isn’t based on a contingency, the non-breaching party typically has several remedies available. Common remedies include: 1 Contract Termination - Termination of the contract may be warranted in the event of a breach by either party to a real estate transaction. When both the buyer and seller agree to terminate a real estate contract, the buyer is typically permitted to recover any purchase money paid. 2 Damages for Breach of Contract - If a party to a real estate transaction suffers financial loss due to a contract breach, an action in civil court may be filed by the aggrieved party for monetary damages. 3 Specific Performance - If the seller won’t turn over the subject property to the buyer, it may be possible to file a civil action for specific performance. Specific performance essentially requests that the court force the seller to transfer the property in dispute to the buyer. Most courts, however, are reluctant to grant specific performance.

What is contingency clause in real estate?

However, most real estate contracts contain provisions, known as contingencies, which allow a party to terminate a real estate agreement under certain conditions. Below are some of the most common real estate contract contingencies.

What is a kick out clause?

Kick-out clause – A kick-out clause permits a seller, within a specific timeframe, to accept a higher offer than the current buyer’s. If such an offer is accepted, the previous contract is terminated. Appraisal requirement – A buyer can terminate a real estate agreement if the subject property’s appraisal value is lower than its asking price.

What is clear title?

Clear title – Real estate contracts typically require the seller to provide the buyer with clear title to the property. When title issues are uncovered during the title search process, the buyer can ordinarily terminate the agreement.

What are the remedies for a non-breaching party?

Common remedies include: Contract Termination - Termination of the contract may be warranted in the event of a breach by either party to a real estate transaction.

What happens if you breach a contract?

Damages for Breach of Contract - If a party to a real estate transaction suffers financial loss due to a contract breach, an action in civil court may be filed by the aggrieved party for monetary damages. Specific Performance - If the seller won’t turn over the subject property to the buyer, it may be possible to file a civil action ...

What is specific performance?

Specific performance essentially requests that the court force the seller to transfer the property in dispute to the buyer. Most courts, however, are reluctant to grant specific performance. Whether you wish to break, enforce, draft, or review a contract for the sale of real estate, please consider contacting an attorney to discuss your situation.

What is buyer agent commission?

A buyer’s agent's commission is an incentive for realtors to show your house to their clients. If you don't offer a commission that is competitive compared to similar homes in your area, then your home could be shown less. Agents may prioritize taking buyers to homes with a commission.

What is negotiation in real estate?

Negotiations are about deciding more than the final sale price. You and the buyer (or their agent) will also have to agree upon contract contingencies, how closing costs are divided, the timeline, and more.

What is FSBO selling?

Selling without a real estate agent, known as listing For Sale By Owner (FSBO), is a viable option for experienced home sellers who are willing to put in the time and effort. However, selling FSBO has risks.

How much less does a FSBO home sell for?

Research shows that FSBO homes typically sell for about 6% less than those listed with agents AND you'll still usually be on the hook for offering a competitive buyer's agent commission. FSBO homes also often take longer to sell and are more likely to fall out of contract after accepting an offer.

Do you get commission from flat fee MLS?

If you choose to use a flat-fee MLS company, you'll have to offer a buyer's agent commission. The MLS is how real estate agents find homes for their clients, and typically a buyer's agent commission is included to incentivize these realtors to show the house to their clients.

How much does clever pay?

You pay Clever nothing and only pay your full-service agent $3,000 (or 1% on homes over $350,000) if and when your home sells .

Is my home on the MLS?

Less visibility with buyers: Unless you pay for a flat-fee MLS service, your home won't be on the local MLS. Most agents use MLSes (not Zillow and Trulia) to find properties for their clients and most buyers work with a realtor. So if you're not on the MLS, fewer buyers will see your listing.

What is a seller's agent?

The seller’s agent is typically the person who draws up a real estate purchase agreement. But what happens if the home is for sale by owner (or FSBO) and the owner isn’t represented by a real estate agent at all? A FSBO sale can occur in a seller’s market or when sellers want to maximize their profits on a sale by not having to pay a commission ...

What is a purchase contract?

As a real estate buyer, a purchase contract is one of the first steps toward closing the sale. “In layman’s terms, a purchase contract is simply the written contract between the buyer and seller outlining the terms of the sale,” Hardy explains.

What is land contract?

A land contract is used when the owner provides financing when going to sell, so that you do not have to get a mortgage elsewhere to purchase the property. The contract stipulates the amount of the loan, the interest rate, and what happens if you fall behind on property taxes or payments. You and the seller can negotiate the terms of the agreement, ...

What is FSBO sale?

A FSBO sale can occur in a seller’s market or when sellers want to maximize their profits on a sale by not having to pay a commission to a real estate agent. So if the buyers want to make a written offer on property, who will be tasked with drawing up the purchase agreement, or the contract outlining the terms and conditions of the sale?