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Real Estate Closings
The final step in the process of completing a real estate transaction is the closing, where documents are finalized and signed, and property rights are transferred from the seller to the buyer. As what transpires during closing can permanently impact people’s rights, it is not only prudent to have an attorney present during the closing, it is required by the law. If you are interested in purchasing or selling property, the dedicated Plainville and Bristol real estate closing attorneys of Jainchill & Beckert, LLC, can assist you in negotiating favorable terms to your sales contract so that your rights are protected both during the closing process and after the transfer is complete. Collectively, we have more than fifty years of experience helping clients with real estate matters, and we are available to represent you throughout the process of your real estate transaction, including at closing.The Process Leading Up to Closings
In broad terms, the process of transferring ownership in real property consists of an offer to buy the property, and acceptance of the offer, the formulation of the sales contract, and the closing. Typically, the process will also involve the buyer obtaining a loan from a lender. While buyers and sellers are not obligated to be represented by counsel during the process leading up to the closing, it is practical for all parties to confer with an attorney to protect their rights. For example, a lawyer can verify that no legal issues will hinder transferring title of the property from the seller to the buyer, and that no other party has a right to claim the property. A real estate closing lawyer in Plainville or Bristol may also help negotiate favorable terms of both the sales contract and loan agreement. It is important to note that any key agreements that will be signed at the closing must be finalized prior to the closing and generally cannot be modified during the closing.Real Estate Closings in Connecticut
In Connecticut, the law explicitly requires that certain real estate transactions be conducted by an attorney. Specifically, the law states that only an attorney who is admitted to practice law in the State of Connecticut can conduct a real estate closing. The attorney must be currently able to engage in the practice of law, which means that he or she has not been disbarred, placed on inactive status or suspended.
Under the law, a real estate closing is defined as (1) any transaction involving a mortgage or (2) any other sale that involves payment from one party to another for the transfer of ownership of real property in Connecticut. In other words, even if a party is paying for a property with cash, the closing must still be handled by an attorney. Real estate closings do not include, however, transactions involving home equity lines of credit or other loan transactions that do not involve the issuance of a title insurance policy by a lender or mortgagee in connection with the transaction.
Although parties with an amicable relationship may be tempted to minimize legal fees by sharing a Plainville or Bristol real estate closing lawyer to conduct a closing, it is wise for both the buyer and seller to retain their own attorneys to avoid potential conflicts of interest. During the closing, the parties will sign the sales contract and any necessary agreements regarding loans, liens, and other encumbrances. After the closing is complete, the documents will be recorded, and copies of the documents will be provided to the respective parties.Speak with a Trusted Lawyer in Plainville and Bristol
It is important that all aspects of a real estate transaction are handled properly, especially the closing. If you intend to buy or sell a commercial property or a home in the near future, it is critical to retain an experienced lawyer to guide you through the process. The trusted real estate lawyers of Jainchill & Beckert, LLC, are experienced at navigating the often complex process of transferring property rights, and if you hire us, we can inform you of your options and help you pursue a conflict-free closing. We have an office in Plainville, and we regularly represent people in real estate closings in Plainville and in Bristol, and in other cities in Connecticut as well, such as Southington, Hartford, Farmington, and New Britain. We can be reached through our form online or by calling (860) 351-5254 to set up a conference with a real estate closing attorney in Plainville or Bristol.