Those buying or selling a residence in the Connecticut real estate market often wonder if legal representation is mandatory.
While real estate transactions often seem straightforward to buyers and sellers alike, Connecticut’s unique requirements can add a dash of complexity. Here is what you should know if you are planning to purchase a home or sell your current residence.
The Connecticut real estate closing process
There is no state law that requires all sellers and buyers in Connecticut to retain legal counsel to close on the property. However, chances are, you will still be required to have legal representation.
State law mandates that licensed attorneys must oversee real estate closings that involve title insurance. Since many lenders require title insurance, legal representation may be necessary to close on the property if the buyers get a mortgage.
But there is good news. Their involvement can protect your interests and help facilitate a smoother transaction.
What happens without representation
Attempting to complete a residential real estate deal without a representative can derail the entire transaction. If legally required, trying to move ahead without it means the transaction cannot be finalized under state law.
Unfortunately, this can introduce unforeseen legal complications or financial losses due to unaddressed issues in the process.
How representation can help
Beyond the possible legal requirement, having experienced legal guidance can offer invaluable advantages in reviewing contracts, addressing potential title issues and navigating zoning or municipal regulations that may affect the property.
Another often overlooked benefit is the peace of mind that comes with knowing all financial and legal requirements are met and correctly documented.