Selling Your Home With Alan Barry & Associates
At Alan Barry & Associates, we are committed to protecting your legal rights and guiding you through the myriad of steps in the sale process. The following reviews the overall process and aims at communicating matters we think are of importance.
In The Beginning
When our office receives a copy of the Offer to Purchase from your realtor, we will prepare Contract of Sale for your home. The proposed Contracts will be sent in triplicate to the buyer's attorney.
Upon the return of the Contract of Sale, executed by the buyers, we will contact you to schedule and appointment to review the contracts and obtain other information that may be necessary. Please bring to this appointment any information you may have regarding this sale. Any questions you may have regarding the transaction may be reviewed at that time as well.
Our Closing Coordinator, Cathy Silver, will be monitoring the progress of you file through its completion. It is important that you communicate with our closing coordinator or me regarding all matters that concern you.
In 1995, the Connecticut Legislature adopted the Uniform Property Condition Disclosure Act (Public Act No. 95-311), which requires the seller of residential property to provide a condition disclosure to the prospective purchaser prior to the execution of any binder, contract to purchase, option, or lease containing a purchase option. The delivery of this information to the buyer is your personal obligation. These provisions apply to the transfer of residential real property of four dwelling units, or less, made with or without the assistance of a licensed real estate broker. The seller will be required to credit the purchaser with the sum of $300.00, at closing, if the seller fails to furnish this report as required by this act. Usually, your listing real estate broker will assist you on completing the Disclosure Report, and delivering it to the prospective buyer. If you are working without a realtor, please contact this office for assistance.
Also, please note that Connecticut law requires the owner of any dwelling, in which children under the age of 6 reside, to abate or manage material containing toxic levels of lead.
Dealing With Your Mortgage Lender
Once the Contract of Sale has been fully executed by both the buyers and you, we will contact the lending institution or institutions, which claim an interest in your real estate by mortgage or other lien. We will obtain documents from them, the effect of which will be to release the mortgage or lien that that lending institution has against your property; and we will also receive statements from the lending institution indicating the exact payoff figure for the anticipated date of closing. The Closing Coordinator will review these payoff figures with you in advance of the closing so that any discrepancies may be addressed prior to the disbursements from the closing proceeds.
Additionally, in the period in between the time when the Contract of Sale is fully executed and the date of closing, the Closing Coordinator will be preparing the other necessary documents for the sale. Specifically, the Closing Coordinator will prepare the deed whereby you convey your interest in the property, the necessary conveyance tax statements and forms required by Federal and State agencies. The Closing Coordinator will also prepare a detailed itemization, of those items to be disbursed at the time of closing so that a net proceeds from the sale figure can be arrived upon in advance of the closing itself. We are aware of how important this information is to you, and we will attempt to generate the bottom line figures for you as soon in advance of the closing as possible.
The closing of this transaction will take place at our office or if required, at the buyer's lending institution. The closing coordinator will notify your immediately upon confirmation of the actual closing date, time, and place, further advising you of any and all other pre-closing requirements.
At the closing, your attorney from Alan Barry & Associates will be present to discuss any last minute issues, review and oversee the execution of all relevant closing documents, and insure proper disbursement of closing expenses and proceeds, along with presenting you with a complete closing package. In this package you will find copies of all documents from your transaction, including any and all bank papers, closing statements and an accounting of all disbursements.
After your closing, the releases of your original mortgage(s) will be recorded on the land records, and the releases will be mailed directly back to you by the Town Clerk's office. We will permanently maintain your file our records.
Legal Fees & Costs
Our fees are among the most competitive you will find, particularly when you consider the personal service and expertise we provide. Call, fax or e-mail us for our current fees. The typical activities that our time in real estate matters include telephone conferences between ourselves and you and other parties involved in the transaction, office conferences, correspondence and communication sent and/or received and reviewed or drafting or documents, legal and other research, general information and advice and travel.
We look forward to working with you and encourage you to contact us at any time with your questions, comments or concerns.