For many Americans, buying real estate is the largest purchase they will ever make. Since there is so much at stake for all parties involved in these transactions, it makes sense that the laws governing them are relatively complicated. If you’re considering buying or selling property, you may have quite a few questions about real estate law yourself. Here is a helpful guide to you get started.

FAQ About Real Estate Law

Do I Need an Attorney to Facilitate the Transaction?

Some states do not require buyers or sellers to consult with real estate law attorneys, but this is not the case in Connecticut. In Connecticut, buyers must hire a lawyer to verify the title is valid and the property does not have any outstanding liens.

Do I Have to Attend the Closing?

Generally, all parties should attend the closing of the sale; however, it is relatively common for sellers to send a proxy. They simply pre-sign the closing documents and give a power of attorney to the party standing in on their behalf.

Can I Sell 1 Property & Then Buy Another on the Same Day?

Selling one property and using the funds to buy another property later that same day is possible, but it requires some complicated financial footwork. It also requires additional agreements. For example, you may need to draft a use and occupancy agreement, which promises the party that purchases your home you will move out by a certain date.

How Much Will the Sale Cost?

Real estate brokers can charge up to 6% of the purchase price for their services when handling residential properties; however, this rate is negotiable. Additionally, sellers must pay a conveyance tax of 0.5% to the state as well as a tax of up to 0.25% to the town. Attorney fees are another expense and can vary depending on the circumstances.

If you want to buy or sell property in Connecticut, turn to the real estate law team at D’Agosto & Howe. Based in Shelton, this full-service firm is led by two seasoned lawyers — Nicholas A. D’Agosto and Steven G. Howe — who have over four decades of combined experience practicing law. Because they truly value every client, they pledge the same accessibility, openness, and direct communication to everyone. When you ask them a question, you can expect to receive a response by the following day. And, you can turn to them for more than just your real estate needs. Their areas of practice include personal injury law, criminal defense, estate planning, bankruptcy, and Social Security disability. To request a consultation, visit their website or call (203) 712-0210.