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A: Why use a Connecticut Mortgage Broker?
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6. Presenting Your Offer >>
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Acorn Home Mortgage will recommend an attorney for you if you don¡¦t have one already or your attorney is not a real estate specialist or your attorney is out of state. We heavily recommend that you use an in-state attorney specializing in Connecticut real estate.
Title Reports
When you and the seller have signed the Purchase and Sale contract, you, the buyer, can order a preliminary title report. The report summarizes the condition of the title, including any liens against the home, encumbrances or claims (such as a second CT mortgage) against the title and easements. Should a problem be found, learning about it early in the process will give you ample time to correct it before the closing.
The Title company or Lender will likely request that a recheck be performed as close to the closing date as possible (usually within 10 days) to ensure that no liens or judgements have been filed in the meantime.
You must resolve any claims against the title, such as liens or judgments, which could threaten your right to title and ownership of the home.
Other problems that can crop up (but very rarely) are:
newly discovered easements
lawsuits disputing the boundary line
law suits filed against the sellers
common interest development covenants
conditions and restrictions and/or an unknown heir could appear and lay claim to the home.
If any of these conditions exist, it will require legal assistance to resolve. If there are items that cannot be resolved immediately, you have three choices: back out of the sale, negotiate for a remedy, or buy the home with an imperfect title.
Contingencies
The Purchase and Sale contract likely contains contingencies (items/tasks that must be completed before the deal progresses), with each one removed or released when it has been resolved. Common contingencies include:
general home inspections
roof inspections
termite inspections
completing a related home sale
evidence of adequate financing
If, for example, you can't obtain adequate financing in the time prescribed, the seller can either back out or negotiate with you to extend the escrow period. This is also
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