Why You Need an Attorney

In order to conduct a closing or sign a title insurance policy in Connecticut, you must be a licensed attorney. Most mortgage lenders will require a loan policy of title insurance as well as an attorney to represent their interests in a closing. Some lenders may require a specific attorney to represent them, others may let you choose. It is common practice for the attorney representing the buyer/borrower to also represent the mortgage lender. Borrowers have the right to retain their own attorney, however separate representation may lead to higher cost as the lender will require the borrower to pay for the bank’s attorney fee. The use of one attorney may significantly reduce costs and since there is a single source of contact, may eliminate some of the confusion and frustration that a borrower may face during this potentially stressful time.

One of the first steps in buying or selling your home is the execution of a real estate contract. In certain counties, the buyer and seller will sign a binder or an offer to purchase. In this situation, it is the seller's attorney who is responsible to draft a contract for negotiation with the buyer’s attorney. In other counties, a buyer and seller may execute the standard Connecticut Association of Realtors contract with their real estate agents. In those areas, it is important to remember that you are signing a legally binding contract and should always contact an attorney to review your rights and responsibilities. It is suggested to have the realtor make the contract subject to attorney review and approval. In the event the property you are interested in is “For Sale By Owner”(FSBO) we would be happy to either prepare or review the terms of the proposed contract.

Once the contract has been signed, a buyer will have inspections completed within their contingency date. Any negotiations for inspection issues must be documented so you are assured of getting what you bargain for. After this has been done, a title search is completed by the buyer's attorney’s office and provided to the seller's attorney clearing title for the new buyer. Title insurance protects the insured's legal title to the property against a third party's claim that they have an interest in the property. 

A seller will need to hire a separate attorney. The lawyer's role for a sale is to assist in dispute resolution, contract negotiation, inspection issues, clearing title for closing, ordering payoff demands, preparing the seller’s closing documents, and calculating adjustments for taxes, fuel, water, sewer, and realtor commissions.

A real estate attorney adept in all aspects of the closing process will minimize the potential hassle involved in buying or selling your home. It is important to engage the services of an experienced closing office simply because this could be the largest purchase of your life and you want to make sure that your interests are protected. Closing Management, LLC will take all of the steps necessary to ensure a smooth and uncomplicated transaction.

Contact Closing Management, LLC for assistance with all aspects of buying or selling your home, vacation property, undeveloped property or advice on any aspect of the transaction. Connecticut real estate lawyer Douglas N. Firtel devotes his entire practice to real estate closings, and has more than 12 years of experience assisting lenders and individuals throughout Connecticut. He offers free initial consultations.

Closing Management, LLC assist clients throughout Stamford, New Haven, New London, Danbury, Bridgeport, Waterbury, Hartford, Middletown, Hartford County, New Haven County, Middlesex County, Tolland County, Windham County, New London County, Fairfield County, Litchfield County, and other areas of Connecticut.