CONNECTICUT RESIDENTIAL REAL ESTATE SALES

Are you selling your home or investment property? There are a variety of ways to sell your Connecticut property, but you should know the rules first because a simple mistake can cost you. For example, did you know that if you fail to provide a certain written required Disclosure, a Buyer can legally terminate the contract up to the day of the closing. Imagine that! You have made all your arrangements to move, maybe even performed costly repairs that were specifically requested by the Buyer as part of your transaction, and then your worst fear is realized! On the day of the scheduled closing the Buyer either says: "we aren't going to buy your home"; or uses this technicality to negotiate a credit or lower price as almost a form of extortion. It would be nice to be permitted to keep their deposit or use it as leverage, but you can't if you haven't provided the required form and they haven't signed it. You will be at the Buyer's mercy. Don't let this happen to you. Know the requirements from a Connecticut Real Estate Attorney before it becomes a major problem. We are here to help and will not allow a technicality to cost you money or destroy your deal!  

Did you know that once you sign a contract, it can be legally enforced against you? This means that every document you sign could have extreme consequences. Some documents may not seem like contracts, but might in fact be. Once signed by you, it can be enforced against you. These preprinted forms seem normal, but can have extreme consequences in the wrong situation. What seems like a generic form can commit you to performing extremely costly repairs, without you even knowing that it has done so. Don't get caught in this most unfortunate problem. Let us review all forms before you sign and become legally obligated. If you have already signed, let us review immediately as we may still be able to assist.

Do you need help calculating how much money you will actually receive from your sale? Ask us. We can help calculate your specific deal. Don't overlook the required costs and expenses of the transaction. Did you know that, subject to a few exceptions, anytime you sell Connecticut real estate, there is a tax you must pay to the State, as well as the Connecticut Town that the property is located in?  These taxes are called the "Conveyance Taxes" and they equal a percentage of the actual sales price. In Connecticut, the Sellers are responsible for paying these Conveyance Taxes.  While, some real estate transactions are exempt from conveyance tax, those exemptions are typically limited to transfers between spouses, sales to certain non-profit entities, sales of certain properties located in an enterprise zone, and sales of properties in which the debts exceed the sale price.  They don’t typically include your standard residential real property. 

The current state conveyance tax is .0075 (.75%) of the sales price up to $800,000.00. Any amount above $800,000 up to and including $2,500,000.00 is taxed at .0125 (1.25%). Any amount above $2,500,000.00 is taxed at .0225 (2.25%).The municipal conveyance tax is 0.0025 (.25%) for most towns. However, there are 18 eligible municipalities that are permitted to impose a tax of up to 0.005 (.5%).  If your property is located in any of the following towns, please contact us for the particular Town’s tax rate: 

Bloomfield, Bridgeport, Bristol, East Hartford, Groton, New London, Hamden, Hartford, Meriden, Middletown, New Britain, New Haven, Norwalk, Norwich, Southington, Stamford, Waterbury, and Windham. Also, let us help you determine if any exceptions do apply in your specific transaction. It can save you thousands.

Not all Connecticut Real Estate Attorneys are created equally. Let us protect you, while getting you to the finish line...the closing! We do not lose sight of your ultimate desire to sell! Call us today and let us help make your sale a success!