Connecticut Residential Real Estate Lawyers Serve Clients Statewide
New Haven County real estate law firm with offices in Hamden and East Haven
Anyone shopping for a home in Connecticut understands that residential real estate is a significant investment. If you are trying to buy or sell a house, townhouse, apartment building or condominium, you want to get the best terms possible. At Gesmonde, Pietrosimone & Sgrignari, L.L.C. in Hamden and East Haven, our real estate attorneys can provide the knowledgeable guidance you need to accomplish your goals.
Complete residential real estate legal services
Buying or selling a property can be stressful, and too much anxiety can lead to costly mistakes. Our real estate attorneys take the worry out of the process by offering professional guidance on a full range of concerns, including:
- Preparation of offers and price negotiation
- Negotiation and review of sales contracts
- Review of lending documents
- Review of financial disclosures
- Review of tax and insurance issues
- Title clearance
- Closing representation
When you work with a real estate attorney from our firm, you can enjoy peace of mind throughout the property transaction process.
What contingencies should be addressed in your real estate transaction contract?
In a real estate contract, contingencies allow parties to enter into a preliminary agreement while protecting them in the event that later discoveries affect the fairness of the terms. For example, you can agree to buy a home at a certain price, but first you want the home to pass inspection. If the home fails inspection, you are not obligated to go through with the deal.
Common contingencies found in residential real estate contracts include:
- Mortgage — This clause limits the amount of time for the buyer to obtain financing. If the buyer does not meet the deadline, the buyer can withdraw, and the seller can accept another offer.
- Title — This clause allows the purchaser to conduct a title search and requires the seller to clear impediments.
- Home inspection — Following a professional inspection, the buyer and seller might negotiate price adjustments or agree that the seller repair problems before the sale is completed.
- Sale of a prior home — In certain instances, a buyer could make the purchase of their new home contingent upon receiving the proceeds for the sale of their old home.
- Appraisal — This clause stipulates that the contract can be revised or voided if the property does not appraise for at least the sales price.
- Homeowner’s insurance — Mortgage lenders often insist that the buyer obtain homeowners insurance.
In addition to standard contingencies, we can tailor specific clauses to your circumstances so you can feel secure entering into a purchase agreement.
What are the conveyance taxes in Connecticut?
In Connecticut buyers pay conveyance taxes to the state and to the municipality where the property is located on every real property transaction. The state rate is 0.75 percent of the sales price up to $800,000; and 1.25 percent on amounts over $800,000. The standard municipal rate is 0.25 percent, but Stamford charges 0.35 percent and several towns, including Hamden, charge 0.5 percent.
When do I need a real estate attorney?
A knowledgeable attorney can help you throughout the process. For sellers, that means before you put the property on the market. For buyers, it can be as soon as a particular property catches your eye. As discussions become serious, you want to make sure your rights are protected and you get the greatest value from your transaction. As of October 2019, Connecticut state law requires an attorney to conduct real estate closings.
Contact a knowledgeable Connecticut real estate lawyer
The residential real estate lawyers at Gesmonde, Pietrosimone & Sgrignari, L.L.C. advise buyers and sellers on home transactions throughout Connecticut. To schedule a consultation, please call 203-745-0942 or contact us online. We have offices in Hamden and East Haven.