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How much should you risk when purchasing a home?
Enough of a risk to endanger your right to ownership or cost you money defending it.
There are many title issues that could cause you to lose your property or your mortgage investments. Even the most careful search of public records may not disclose the most dangerous threat: hidden risks. These issues may not be uncovered until years later.
Without title insurance from a reputable and financially secure company, your title could be worthless.
With the proper insurance, your rights will be defended in court.
In the State of Connecticut, as with the majority of U.S. jurisdictions, an implied duty of good faith and fair dealing is inferred in all contracts regarding each party’s performance and the enforcement of the contract provisions. Restatement (Second), Contracts § 205 (1979). Good faith performance or enforcement of a contract emphasizes faithfulness to an agreed common purpose and consistency with the justified expectations of the other party. E.A. Farnsworth, Contracts (1982) § 7.17, 526-28.
People purchase properties for various reasons. Some people need a first home, or a new home. Some want a vacation house. Others live part time in different places. Think of the so-called “snow birds” for an example of this, where they live summers in the north and winters in the south. No matter the intended use of the property, purchasers can find loans. But depending on the intended use, the requirements of lenders may vary.
Cooperative associations are not common in Connecticut, and the difference between condominiums and cooperatives escapes many. Both are forms of living in a community, be it in apartment-style buildings, townhouse-style buildings, or some other form of construction. Both can offer very similar benefits and privileges. But the legal set-up of the associations and land which lay behind these developments is significantly different.
Many people have noticed signs on lawns indicating that a house is For Sale By Owner (FSBO). At Grassette & Associates, our real estate attorneys assist clients in handling the legal issues in FSBO situations that might otherwise force them to hire a realtor. Anyone who sells a house may put up an FSBO sign. Helping people buy or sell a home without the need for a realtor allows them to save money by avoiding the commissions and fees that realtors charge. In addition, many situations involving residential real estate call for the assistance of a lawyer.
Real Estate Facts in 500 Words or Less. A Ten-part Series Geared Toward Understanding Some of the Complexities of Connecticut Residential Real Estate in a Flash.
Part 1: SURPRISE; YOUR BINDER ISN’T BINDING!
The Truth About the Non-Binding Nature of Binders in Connecticut.