What Happens at a Connecticut Home Closing?

 Posted on February 22,2023 in Real Estate Law

If you are a first-time home buyer, you may be feeling a little overwhelmed with collecting all of the documents needed, submitting records, and other steps that are required in the process. With all the legalese and financial information being thrown at you, it can sometimes feel intimidating. This is especially true when it comes time for the closing. Understanding what happens at the closing can help put your mind at ease. Having a dedicated real estate lawyer representing you can make all the difference in how comfortable you are with the process and how much smoother it can go.

What Is a Closing?

The closing is the last step when buying a home. It is where the transfer of funds between the party selling the home and the party purchasing it. There is also a myriad of documents that will be signed at the closing that address the transfer of the property deed.

The bulk of the “work” at the closing is on the buyer. This is where they will have the funds for the downpayment of the home, as well as sign all the documentation in the mortgage agreement between the buyer and the lender. The buyer is also liable for all fees and taxes associated with the purchase. These expenses are usually included in the “closing costs” which are rolled over into the final amount borrowed from the mortgage lender.

Who Is at the Closing?

The people who are required to be at the closing usually depend on the rules of the county you live in. Generally, both the party selling the home will be there and the party purchasing the home will be there. There is also a representative from the title company. There may also be someone representing the mortgage lender.

Do I Need a Real Estate Attorney?

Connecticut is one of a handful of states in the country that requires both the seller and the buyer to retain the services of a real estate attorney. This is to ensure that both parties are protected.

Your attorney will review all the contracts involved in the process to make sure they are legally satisfactory. Once a title search and home inspection have been conducted, your attorney will negotiate for any repairs or any other issues that may have been identified, as well as any other issues that arise up until the completion of the closing.

Contact a Fairfield County Real Estate Lawyer

If you are involved in a residential transaction – either as the buyer or the seller, call Law Offices of Daniel P. Weiner at 203-348-5846 to schedule a free consultation with a skilled Stamford, CT real estate attorney.

Source:

https://www.cga.ct.gov/2021/rpt/pdf/2021-R-0222.pdf