When representing the purchaser in a residential transaction we typically render the following services:

1. If you have not entered into a binding contract before retaining us, we will advise you as to proposed terms and provisions for the contract and help you negotiate the contract. If you have already entered into a binding contract prior to contacting us, we will advise you as to the terms of your contract and the local customs that affect residential transfers. If you have not already, please instruct your realtor to provide us with a copy of the contract as soon as possible. We will answer any questions you may have about contingencies in the contract.
2. You should contact us with the details of your home inspection report. You should also advise us of your concerns with the result of the inspection. We will work with you to alleviate your concerns and settle any problems that result from the inspection.
3. We will request extensions to the mortgage contingency period if needed. Once you have received your mortgage commitment, we will review it and advise you of any issues that may arise from it. Kindly forward to this office a copy of your Commitment Letter as soon as you receive it. All lenders require that all conditions set out in your Commitment Letter be satisfied prior to scheduling the closing. If you have any questions concerning the conditions, please do not hesitate to contact either the lender or this office.
4. We will arrange for a title search of the property and obtain title insurance for you and the lender. The lender will require title insurance covering its interest in the property for the amount of the mortgage. Title insurance companies offer the owner’s policy at a discounted rate when an lender’s title policy is purchased. Usually, the cost of the owner’s policy is slightly higher than that of the lender’s policy alone. We strongly advise you purchase an owner’s policy. The owner’s policy of title insurance covers your ownership of the premises even after the property has been sold by the you. Premiums for title insurance are set by the Connecticut Department of Insurance and are based either on the value of the property (purchase price) or the loan amount, if only a lender’s policy is issued. If we issue a title insurance policy, we may receive a commission from the title insurance premium which compensates us for the work we perform for the title insurance company. The commission we receive in no way affects the premium charged to you.
5. We will attempt to schedule the closing for the date you have requested. You should not make any firm moving arrangements with movers until the actual closing date has been scheduled and confirmed with both the lender and the seller’s attorney’s office. We will contact you when the closing date has been finalized.
6. We will review and prepare the mortgage documents and work with the lender to satisfy any other closing requirements. We will explain to you the significance of all documents. All lenders now require that the loan documents be returned to them within 24 hours of the closing. This is usually accomplished through the use of a courier service such is UPS Overnight or Federal Express. The charge for this service will be reflected on the HUD-1 closing statement as an expense to you.
7. We will prepare the closing statement, calculating the appropriate adjustments and expenses of your purchase. Buyers expenses at the closing include all bank charges; escrows for real estate taxes, hazard insurance and flood insurance if applicable; recording fees; title insurance; courier fees; appraisals and surveys, if applicable. We will confirm the adjustments and expenses with the seller’s attorney and review it with you at the closing. Prior to the closing, we will advise you of the amount of money necessary for your purchase. The figure we give you will be all inclusive of costs, expenses, and funds still due to the seller under the contract. It will give you credit for the amount of your mortgage and any monies previously paid by you for deposits, bank charges, etc. You will need to bring to the closing those funds in the form of a bank teller’s check or certified check. This is necessary so that all checks from the closing can be cleared through our account on the day of closing.
8. We will provide you with copies of all pertinent documentation at the closing.
9. We will attend the closing as your representative, review all of the seller’s documents, and record all appropriate documents as soon as possible after the closing.

Our fee will be payable at the time of closing. Closing customs in this area require the buyer have a title examination performed for which there will be a separate charge. Our fees do not include out of pocket expenses such as recording fees, title insurance premiums, courier fees or other costs and expenses associated with the closing. If there is a second mortgage or home equity line of credit , at the time of closing, there may be an additional charge for the preparation of loan documentation and closing coordination. If for some reason you do not close on the home, you will be required to pay all expenses incurred on your behalf plus a reasonable fee for services that we have rendered.

The services described above and fees quoted relate to a usual and customary purchase transaction. If extended and contentious negotiations develop and additional documentation results, we will be entitled to additional fees. You will be advised of those additional fees at the time when the services are rendered. Our services do not include suits or claims by or against you or your agents; negotiation or preparation of documentation relating to the use and occupancy of the property; or the resolution of any claimed defects relating to the physical condition of the property, the status of title or any defects in title, the survey, or compliance with wetlands, zoning, building or housing regulations, including fitness for use and occupancy of the property. If necessary or appropriate, these legal services will be billed at our hourly rate, or if possible, at paralegal rates, which are substantially lower. If there is a second mortgage, i.e. home equity loan, at the time of closing there may be a additional fee for the preparation of the loan documentation and coordination of both closings.

Under normal circumstances a title examination will not be performed until you receive your mortgage commitment. If you wish a title search sooner, please let us know. The examination of title generally will not reveal any building, driveway, or fence encroachments, or the location of sidewalks, boundary lines or easements which can only be determined by an accurate survey of the property. If you wish to have this work done, you must contact a licensed Connecticut Land Surveyor. We would be glad to assist you should you so desire. Further, the examination of title will not reveal any violation of zoning, subdivision, wetlands, building or housing code rules, regulations or ordinances.

You should be aware that there is a growing concern over a variety of environmental issues, including health risks and legal liability associated with the ownership of property which contains an underground storage tank, asbestos, lead (including lead paint), radon, well water contamination and other substances which pose health or environmental risks. There is a particular danger of the presence of lead paint in buildings constructed prior to 1978. While it may be impossible to avoid all potential risks of this nature, it is prudent for you to obtain as much information as possible about the property before the physical inspection contingency expires and to notify the seller in writing about any problems you discover prior to the end of the contingency period.

PLEASE NOTE THAT AT THE TIME OF CLOSING, YOU WILL BE REQUIRED TO BRING A CERTIFIED OR BANK CHECK FOR THE NET BALANCE DUE.

Please sign and return to this office the enclosed duplicate copy of this letter to indicate your acceptance of the above terms. I look forward to representing you in the closing.

Now that you have retained us, you should direct all questions and issues through this office.

Please keep us advised of your progress in obtaining a mortgage commitment. Your contract contains several time limitations. It is your responsibility to timely advise us if those deadlines cannot be met so that we can take action on your behalf. YOU MUST REMAIN VIGILANT AS TO ALL TIME LIMITATIONS.

You should be aware that taxes on real property are customarily due in July and January. Tax bills are sent out by Tax Collectors once a year in July. These bills are multi-part forms and have a part for the January tax installment. You will be responsible for the payment of taxes. If your lender has an escrow account for taxes, you should forward the tax bill to the lender. If there is no escrow account for payment of taxes, you are responsible for payment of taxes when they become due. Tax Collectors do not send out new bills for the January tax installment. If you have not received a tax bill, you should contact the Tax Collector for a duplicate tax bill on the property.