Lavigne, Mark, Rogers & Bruggeman provides a full-range of residential real estate services to buyers, sellers, lenders and borrowers. We respect the value of your time and money, and we work hard to handle real estate transactions as smoothly and efficiently as possible. More importantly, we handle them right the first time. Real estate matters have to be handled right the first time or the missed little details can grow into big problems. You also benefit from the personal attention, unbeatable service, and affordable rates we can provide. Phone calls and e-mails are always returned as soon as possible and you are always kept fully informed and actively involved in your closing. We do more than draft documents and watch as you sign them. We are able to offer you the advice and counsel that comes from years of experience protecting our client’s interests in one of the largest transactions of their lives. Remember, our goal is your peace of mind!
Purchasing Your First Home?
Purchasing your first home can be very intimidating and a bit overwhelming but at Lavigne, Mark, Rogers & Bruggeman, we take every step possible to ensure that your purchase will close without incident and on time. Since service is our goal, we do everything to accommodate you. If you are working with a real estate agent, we are available to review your purchase and sale agreement before you sign it. We offer guidance throughout your financing and inspection stages of the contract. We examine the title to the prospective property and explain any encumbrances or rights you may have with respect to the property. We prepare all the closing figures and adjustments and explain everything to you at the closing, including your loan documents. With the assistance of full time, experienced real estate paralegals and the latest industry technology, we work as a team to answer your questions, be accessible, and guide you through every stage of the transaction.
Purchasing a New Home?
At Lavigne, Mark, Rogers & Bruggeman, we take every step possible to ensure that each transaction closes without incident and on time. Since service is our goal, we do everything to accommodate you. If you are working with a real estate agent, we are available to review your purchase and sale agreement before you sign it. We offer guidance throughout your financing and inspection stages of the contract. We examine the title to the prospective property and explain any encumbrances or rights you may have with respect to the property. We prepare all the closing figures and adjustments and explain everything to you at the closing, including your loan documents. With the assistance of full time, experienced real estate paralegals and the latest industry technology, we work as a team to answer your questions, be accessible, and guide you through every stage of the transaction.
Selling Your Home?
At Lavigne, Mark, Rogers & Bruggeman, we take every step possible to ensure that each transaction closes without incident and on time. Since service is our goal, we do everything to accommodate you. If you are working with a real estate agent, we are available to review your purchase and sale agreement before you sign it. We prepare all the closing figures and adjustments. We draft the deed and conveyance tax statements. We take the necessary steps to insure your mortgage will be paid off and released properly. We work hard to successfully and timely close the transaction. With the assistance of full time, experienced real estate paralegals and the latest industry technology, we work as a team to answer your questions, be accessible, and guide you through every stage of the transaction.
Selling Your Home Without a Real Estate Agent?
Help is on the Way!
If you are not working with an agent, at Lavigne, Mark, Rogers & Bruggeman, we will draft the contract for you and negotiate on your behalf. We take every step possible to ensure that each transaction closes without incident and on time. Since service is our goal, we do everything to accommodate you. We prepare all the closing figures and adjustments. We draft the deed and conveyance tax statements. We take the necessary steps to insure your mortgage will be paid off and released properly. We work hard to successfully and timely close the transaction. With the assistance of full time, experienced real estate paralegals and the latest industry technology, we work as a team to answer your questions, be accessible, and guide you through every stage of the transaction.
Refinancing Your Home?
At Lavigne, Mark, Rogers & Bruggeman, we take every step possible to ensure that each transaction closes without incident and on time. Since service is our goal, we do everything to accommodate you. We prepare all the closing figures and adjustments and explain everything to you at the closing, including your loan documents. With the assistance of full time, experienced real estate paralegals and the latest industry technology, we work as a team to answer your questions, be accessible, and guide you through every stage of the transaction.
Thinking About a Reverse Mortgage with Your Home?
At Lavigne, Mark, Rogers & Bruggeman, we take the time to explain how the reverse program works, the choices you have to make and the fees involved in this transaction. Since service is our goal, we do everything to accommodate you. We prepare all the closing figures and adjustments and explain everything to you at the closing, including your loan documents. With the assistance of full time, experienced real estate paralegals and the latest industry technology, we work as a team to answer your questions, be accessible, and guide you through every stage of the transaction.
The Real Estate Process
The Purchase and Sale Agreement
One of the first steps in buying or selling your home is the execution of a real estate Purchase and Sale Agreement. In most counties in Connecticut, a buyer and seller execute the standard Connecticut Association of Realtors contract with their real estate agents. When you do this you are signing a legally binding contract. There is no time after which you can just cancel the contract. You should always contact an attorney to review your rights and responsibilities. It is suggested to have the realtor make the contract subject to attorney review and approval. If the property is “For Sale By Owner” we will be happy to either prepare or review the terms of the proposed contract.
When signing a contract to sell your old home or purchase a new one, you should be aware of several contingencies contained in a typical real estate contract. The inability to satisfy a contingency allows one of the parties to cancel the agreement, return deposits and go their separate ways.
Home Inspection Contingency
The first contingency requires the buyer to obtain a home inspection by a certain date. Most contracts provide between 7-14 days from the full execution of the contract to complete the inspections. A buyer should inspect everything, including the structure, well, septic, radon, and any other environmental concerns. When the inspection report is issued, the buyer may request the seller perform certain repairs or give credits for certain work that may need to be completed. The seller may have up to three (3) days to respond and negotiate these issues with the buyer. If the parties agree on repairs, that agreement should be made in writing and provided to both the buyer’s and seller’s attorney. If the parties are unable to reach an agreement, either may terminate the contract, provided they are still within the contingency period. Sometimes, the seller may want to give the buyer a credit or escrow funds and let the buyer complete the work after the closing. Depending on the amount of the credit or your loan program, this may impact your closing. Please advise us immediately if you plan on receiving a credit or holding a repair escrow, as either situation must be documented.
At Lavigne, Mark, Rogers & Bruggeman, we have done business with many different home inspectors. We can refer you to an inspector who will do a thorough and professional job inspecting your new home.
Mortgage Contingency
The second contingency requires the buyer to provide proof that they qualify for their mortgage; this is called the mortgage contingency date. It is the Buyer’s responsibility to diligently pursue the mortgage under the terms set forth in the contract. This includes making formal loan application and having the lender investigate the buyer’s credit, as well as, ordering a property appraisal. This contingency is approximately four (4) weeks from the contract date. If the buyer is turned down for the mortgage and notifies the seller on or before the contingency date, then the buyer’s deposit will be returned. If the buyer misses that date and is turned down after the contingency period expires then the buyer may lose their deposit to the seller.
Common Interest Community Contingency
In the event the property is in a Common Interest Community (Condominium or Planned Unit Development), the buyer is given a statutory contingency for the review and approval of the resale package. The seller will be required to order and pay for a resale package, which generally includes a resale certificate, common charge statement, bylaws, rules and regulations, budget and waiver of any right of first refusal.
Once received by the seller, it is delivered to the buyer. The buyer has five (5) business days from the receipt of the documents to terminate the contract if they do not like the information disclosed. A buyer may cancel for any reason. It is important for the buyer to review the Bylaws and Rules and Regulations as they will govern conduct within the community. The buyer should to also provide a copy of the resale certificate to the closing attorney. This document provides crucial information about clearing the title if there is a “right of first refusal”, monthly common charges, special assessments and the budget of the community.
The Title Search
Before the Closing a title search is completed by the buyer’s attorney’s office and provided to the seller’s attorney clearing title for the new buyer. Title insurance protects the insured’s legal title to the property against a third party’s claim that they have an interest in the property.
Getting Ready for the Closing
When all contingency dates in the contract have passed, the next step is to prepare for the closing. The buyer must clear any pre-closing conditions with their lender. These conditions will be listed in the mortgage commitment. The buyer must obtain homeowner’s insurance along with a one year paid receipt at least one week prior to closing and provide a copy to Lavigne, Mark & Rogers, LLC. Once your loan is “Clear to Close” (i.e. all pre-closing conditions are satisfied) we will be able to schedule your closing date and order your loan package from the lender. Final closing numbers will be completed as soon as we receive closing instructions from the lender and confirm adjustments with the seller’s attorney. Remember, the “Good Faith Estimate” only contains the lender charges. There will be other fees, costs and adjustments between the parties that are not stated on the “Good Faith Estimate”.
The Seller’s Attorney’s Role
The lawyer’s role for a sale is to assist in dispute resolution, contract negotiation, inspection issues, clearing title for closing, ordering payoff demands, preparing the seller’s closing documents, and calculating adjustments for taxes, fuel, water, sewer, and realtor commissions.
Preparing for Your Closing
- Obtain Homeowner’s Insurance. Your lender will need to see a binder or final insurance policy approximately 1 week before closing together with one year paid receipt in order to schedule. Please provide a copy to Lavigne, Mark, Rogers & Bruggeman, LLC as soon as possible.
- Bring to closing: a Certified or cashier’s check made payable to yourself for the balance due, the original homeowner’s binder or policy with the paid receipt, photo identification and any other items required by your lender for closing.
Closing Day
Finally, when the day of closing arrives, you should schedule a walk through of the property with your real estate agent to insure that the property has been left in “broom clean” condition and that any seller required repairs have been completed. You are required to bring with you to the closing a bank or certified check made payable to yourself for the amount of money you need. Alternatively, you can have the funds sent by wire transfer directly to our settlement account. It is your responsibility to make sure the funds are received by Lavigne, Mark, Rogers & Bruggeman, LLC by the date and time of your closing. In addition, all of the parties will be required to provide proof of identification, so make sure that you bring your driver’s license or some other form of identification.
We hope to make your closing a smooth and pleasant experience.
Terms and Services that You Need to Know!
General Real Estate Law
In Connecticut, an attorney is required to represent the legal interests of the lender, the buyer and the seller. While the same attorney may represent the lender and the buyer, a separate attorney is needed to represent the seller. Some lenders may require a specific attorney to represent them, others may let you choose. It is common practice for the attorney representing the buyer/borrower to also represent the mortgage lender. Borrowers have the right to retain their own attorney, however separate representation may lead to higher cost as the lender will require the borrower to pay for the bank’s attorney fee. The use of one attorney may significantly reduce costs and since there is a single source of contact, may eliminate some of the confusion and frustration that a borrower may face during this potentially stressful time.
In addition, the buyer’s attorney will act as the title agent, examine the title to the property, and issue a title commitment and the final title policies. While there are numerous attorneys to choose from, they are not all the same. Real estate law includes both federal and state issues, with the state-level rules varying widely from jurisdiction to jurisdiction. These state and federal laws encompass everything from ownership of land and buildings to related issues such as financing, leasing, construction, taxes, environmental rules, and a multitude of others. A competent and experienced real estate attorney can protect a party’s interests in both routine and complex transactions and disputes.
Glossary of Real Estate Terms
Real estate law includes lots of jargon and legalese that can be intimidating or at least confusing, especially to first-time homebuyers. An attorney with experience in real estate law can help a buyer or seller understand the terms and concepts applicable to their real estate tranaction.
Appraisal
An appraisal is the estimate of value of real property made by a third party not involved in the transaction, usually comparing the sales price to the value of similar properties in the area. Mortgage lenders usually require an appraisal before they will make a loan.
Assessment
An assessment is a charge for improvements completed by the local government that are beneficial to adjoining property (such as sidewalks or road work). The assessment is each benefited property owner’s proportional share of the cost of the improvement.
Closing
A closing is the meeting during which ownership of the property is officially transferred from the seller to the buyer. The buyer and the seller, their attorneys, both real estate sales professionals and, sometimes, a representative of the lender typically attend the closing. The closing involves settling any open issues, balancing and verifying a settlement statement, and signing all documents necessary to complete the transaction. An attorney with experience in closing real estate transactions will advise you at closing to ensure that your rights are protected.
Deed
Usually deceptively short, a deed is an unassuming piece of paper that has a big legal impact. A deed indicates the transfer of ownership of real estate, and no real property transaction where ownership transfers is finished until the deed is delivered to the buyer. A finished deed includes the names of the buyer and seller and the property’s legal description. The deed is signed by the person transferring the property, and may make that person responsible to the buyer for other claims against or conditions on the property. A knowledgeable real estate attorney can review the deed to ensure that it is accurate and properly executed.
Home Inspection
Buying a home can be stressful and time consuming. Obtaining a home inspection can take some of the worry out of the process. An independent home inspector will give a buyer a complete picture of the condition of the property he or she is considering buying. Most houses are not perfect, and the inspector’s detailed report gives the buyer an unbiased evaluation letting him or her know what needs work now and what will probably need work in the near future. Obtaining a home inspection and reviewing the results with an experienced real estate attorney can put a home buyer in the best position to negotiate his or her purchase. The type of inspection that a buyer needs depends on many factors. Of course, every buyer should make his or her own basic inspection. A buyer should also obtain a professional whole-house inspection by a reputable person to uncover defects that may not be readily apparent. If the buyer is using an FHA or VA loan, a third, somewhat less thorough, inspection occurs at the time of the appraisal. The appraisal required by the lender is not as thorough and focuses on the value, not the condition, of the property. It does not substitute for an inspection.
Settlement Statement or HUD
The Settlement Statement or HUD -1 is a detailed breakdown of all of the financial aspects of the transaction including all closing costs, adjustments and fees. Closing costs are one of the least-understood aspects of the home purchase or sale procedure. An experienced attorney will take time to walk a buyer and/or seller through the numbers and will provide additional insight and verify that the costs are being appropriately allocated between the buyer and the seller.
Title Insurance
In Connecticut, the buyer’s attorney will also act as the title agent, examine the title to the property, and issue a title commitment and the final title policies. In order to conduct a closing or sign a title insurance policy in Connecticut, you must be a licensed attorney.
The title insurance policy that should be of concern to most individuals and homeowners is the “owner’s policy of title insurance.” An owner’s policy of title insurance guarantees that the seller of the property has good, marketable title to the property and that there are no unknown liens or encumbrances on the property. The title insurance company will defend the buyer’s interest in the property if there are defects in the title or ownership of that property. The insurance company agrees to pay the loss caused by the defect in title up to the face amount of the policy (that is, the maximum dollar amount of the coverage purchased), subject to the terms listed in the policy. The title insurance company also agrees to defend the owner or purchaser in court if someone brings a lawsuit that attacks the title to the property. As a part of its defense, the insurance company the attorney’s fees and court expenses incurred defending such a lawsuit. If you are buying real property and have a loan, your mortgage company will require you to purchase a lender’s policy of title insurance. A lender’s policy also insures against defects in the title, but it protects only the mortgage lender’s interest. There are several reasons why it is a good idea to purchase an owner’s policy. A few are listed below:
- The cost of purchasing an owner’s policy at the same time you purchase a lender’s policy saves you money. Before a title insurance policy may be issued, the title to the property is examined to find any defects in the title. To issue an owner’s policy after closing, you would have to pay to have the title search done a second time.
- The cost of an owner’s policy is minimal, compared to the protection offered. The premium for an owner’s policy is seldom more than a few hundred dollars (more than the cost of the lender policy) and is a one-time payment. That policy will offer protection against defects in title caused by:
- An encumbrance; such as a lien, or a mortgage, created after your deed or mortgage is executed, but before it is recorded.
- Forged documents; such as deeds, mortgages, satisfactions, or releases of mortgages.
- Failure of the spouse of a prior owner to join in a conveyance.
- Undisclosed or missing heirs who claim an interest in the property.
- A deed from someone legally incapable of making a deed; such as a minor, or a person of unsound mind.
- Errors in the recording or drafting of documents.
- Liens for unpaid taxes; including estate, inheritance, income or gift taxes.
- Unknown claims, not a part of any public record.
- Unprobated wills.
An owner’s policy of title insurance will protect your interest in property against any of these defects. It is a small price to pay for the protection of your large investment.
Title Search
A title searcher will complete a detailed review of the title of the property to obtain a complete picture of all deed restrictions and encumbrances of record. Such a search may include an examination of probate and foreclosure records. There may be additional fees for such detailed searches.
A real estate attorney adept in all aspects of the closing process will minimize the potential hassle involved in buying or selling your home. It is important to engage the services of an experienced closing office simply because this could be the largest purchase of your life and you want to make sure that your interests are protected. Lavigne, Mark, Rogers & Bruggeman will take all of the steps necessary to ensure a smooth and uncomplicated transaction.
REMEMBER, AT LAVIGNE MARK, ROGERS & BRUGGEMAN, OUR GOAL IS YOUR PEACE OF MIND!