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Real Estate transactions are one of the most common uses of the Connecticut Laborers’ Legal Service. Whether you’re selling your home, buying a new home, or refinancing your present home, we can help.
Buying a new home is one of the most exciting times of your life…and one of the most stressful. It is also a major legal transaction, and you should have legal advice throughout the process. If you are working with a licensed Real Estate broker, they will guide you through the first steps of making an offer and signing a contract. While we can’t help you decide which house to buy, or how much to spend, we are available to review your contracts before you sign them, and to advise you on the legal obligations you face under your contract.
Once you’ve signed a contract to buy a home you will begin shopping for a mortgage. The decisions on how much to borrow and what interest rate to pay will be personal decisions for you and your family but we are here to advise you on any legal terms on which you have questions. Any lender that you might borrow from should provide you with a Good Faith Estimate (http://www.hud.gov/offices/hsg/rmra/res/gfestimate.pdf) of your anticipated closing costs so you can compare different loans.
When your loan has been approved, we will represent you on the closing of the purchase. If your lender will allow it we will also represent the lender. It is important for you to inform your lender, right from the start, that you have an attorney who will represent you in this transaction.
The Connecticut Laborers’ Legal Service Plan can represent you when you sell your home. We can review your contract for you, and we will represent you at the closing of the sale. That representation includes making sure that your mortgage, if you have one, is paid off and properly released in the land records, that any adjustments for taxes and utilities have been properly calculated, and that your deed is properly prepared.
Before you have paid off the loan you used to buy your home you may decide to refinance it into a new loan. Your refinance may be to obtain a better interest rate, to lower or extend your loan term, or to reduce the principal balance on your loan.
Your reasons for refinancing, and the amount and terms of your loan are personal. You should be sure to read the Good Faith Estimate (http://www.hud.gov/offices/hsg/rmra/res/gfestimate.pdf) that your lender provides to you. Be sure to inform your lender that you have an attorney who will represent you at closing.
In all covered real estate matters*, your Legal Service benefit provides you with our attorneys’ representation at closing at no charge to you. If title insurance is required, you will also realize a significant savings on the required title insurance premium. However, the Legal Service does not pay your other closing costs.
*coverage for real estate matters under the Plan is limited to the single family home that is your residence. If you are buying, selling or refinancing a multi-family home that is your primary residence, please call the office for more details on your limited coverage.