Steps to
Buying a Home

 




Your Attorney

In Connecticut the conveyance of real property . . . is managed by lawyers. This isn't the case in every state but to buy property in Connecticut you will need an attorney. If you haven't yet contacted a lawyer this is the time to do so.

As soon as you provide me with contact information for the lawyer you've selected I'll forward a copy of the sales contract and any other relevant documents to his or her office.

Most attorneys have paralegal assistants who handle the details of conveyance and closing. They should be your point of contact with the law firm. Be nice to them. They can be very helpful.

One of your attorney's primary responsibilities . . . is to certify that the seller is the legitimate owner of the property you're acquiring and has the right to sell it to you.

Your attorney will conduct a title search which traces the ownership history of the property (also known as the "chain of title") back at least 40 years. Once it is established that the chain of title is unbroken and that the property has been properly conveyed from owner to owner, the attorney will certify that the seller is conveying a good marketable title to you.

To protect against the unlikely event of an undiscovered claim to the title, your attorney will also arrange for title insurance, for which you pay a one-time premium. Lenders require both the title search and title insurance to protect their investment but these are also significant protections for you.

Your attorney will be in contact with your lender . . as will I, to make sure that the application is being processed in a timely fashion.

The sales contract includes a deadline for your mortgage commitment. Most lenders can issue a commitment letter within 30 days of receipt of the completed mortgage application.

You may be contacted during that time to provide more documentation or respond to questions from the lender.

Tell your attorney promptly . . . about any communication you receive from your lender and follow your attorney's advice when responding. If it appears that the mortgage commitment deadline will not be met, your attorney will request an extension from the sellers.

Your home will need to be insured . . . both for your own peace of mind and to satisfy another of your lender's requirements. It's a good idea to contact two or three insurance agents or brokers for competitive bids. Do this at the same time you first call your attorney.

In most instances agents will visit the property before preparing a quote. You may have them contact me to arrange access for them.

Once you've settled on an insurer, you'll need to pay at least a portion of the first year's premium. Ask your agent to send both you and your attorney a copy of the insurance binder, a document that provides your lender with proof that you've obtained insurance for the property.
< Previous
Next >