1. What is a exactly? present at a closing. Sellers often sign their 8. I’ve also heard the term The closing is the meeting where you documents in advance of the closing and need “adjustments.” What are they? officially buy or sell a property. All the not attend. Certain costs are required of a property parties, buyer, seller, lender and realtor sign owner (for example, property taxes, sewer the final documents and pay the money and water charges, fuel and association required to transfer the to the new 5. Who does an attorney represent at a dues). Adjustments are made at the closing owner. Besides the buyer paying the seller, closing? so that the seller pays those closing costs usually the realtor, attorney and lender are To insure that documents are executed properly, up to the closing day, and the buyer pays also paid at the closing. both the buyer and seller will usually have them from the closing day forward. attorneys. The lender may also have its own attorney. In Connecticut, it is fairly common for 2. How much will my closing cost? the lender and the buyer to use the same 9. Should I consult an attorney before That depends, since no two closings are attorney. signing a real estate contract? alike. The ’s time and the As a buyer or seller, you may run into a transaction’s complexity are key factors deal you don't want to pass up, so it may determining the cost of the closing. It is not not always be practical to consult a lawyer necessarily true that a property’s sale price 6. What is a “title search” and why do I need especially when time is a consideration. affects closing costs. Ask your attorney for a one? However, that doesn't mean it's a good written estimate of closing costs. A title search will reveal any liens, judgments, idea. A lawyer may discover problems with restrictions, easements or anything else that the title or the contract itself that might could delay or prohibit a property's sale. The otherwise be overlooked. Always insist that 3. Do I need a lawyer? actual search may be done by an attorney or a your contract contains a contingency clause Legally, no. You can conduct your closing title searcher employed by the attorney who making the contract subject to review and yourself. But remember, even for it reviews all necessary records at the town clerk's approval by an attorney. takes years of experience to learn all the ins office to be sure the property can be sold by its and outs of real estate law. Often, there are legal owner. complex “hidden” issues such as zoning and 10. Who do the realtors represent, th e environmental concerns that could affect the seller or the buyer? health of property owners and their families. Historically, the realtor has represented the Fazzone & Ryan, LLC has that experience. 7. What is ? seller. This is because the realtor, as listing Title insurance is offered by insurance agent, has an agreement with the seller companies to mortgage lenders, as well as to before a buyer is involved. More recently, 4 . If I have a lawyer, do I have to be property owners. Its purpose is to insure that a the real estate industry has introduced present at the closing ? property is free and clear of liens, mortgages or “buyer brokers” who represent the buyer, No. You can give your lawyer “power of other claims that would prevent it from being and “dual agencies” where the broker attorney” to make decisions and sign sold or from being used for its intended represents both parties. Realtors should documents on your behalf. However, many purpose. disclose, in writing, who they represent, mortgage lenders require that the buyer be and the duties and obligations they have.

Buying a home is most likely the Our attorneys and staff are dedicated FAZZONE & RYAN, LLC largest investment you will ever make. to providing the highest quality service and So the process of buying or selling a exceeding our clients' expectations. LAW OFFICES home is not something you want to take lightly. At Fazzone & Ryan, LLC, we are experienced in real estate law. We've handled literally thousands of real estate closings, some complex, others straightforward. The Top 10 List

of Most Commonly This pamphlet is offered free by Fazzone & Ryan, LLC and is intended Asked Questions about: to help answer some of the questions you may have about buying and selling real estate. Hopefully, it will help you feel more comfortable entering into this type of legal transaction. We also offer "Top 10 Q & A's" on estate planning, elder law, estate administration, and FAZZONE & RYAN, LLC Buying & Selling business services. LAW OFFICES Real Estate Of course, you may have additional questions which we will also be pleased to answer for you. For a free initial consultation, simply call (203) 250-2222. Quick answers to your questions Fazzone & Ryan, LLC. We're here for One Town Center about buying and selling you. PO Box 785 Cheshire, Connecticut 06410 a home or other property. Telephone: (203) 250-2222 Facsimile: (203) 250-7388 E-Mail: [email protected] Website: www.fazzoneryan.com

Real Estate: 06/04