By Barbara Lehrer
Real Talk
Barbara Lehrer
When you buy or sell your property, your realtor gives you lists of rules, your rights as a homeowner and a multitude of forms, regulations and laws that you need to follow. This same information is readily available online from the state at MyHomeCT.org.
You can easily clarify any concerns you have with this documentation. It basically tells you the same thing you heard through your representative, perhaps presented with a little more structure or in a different way from what you were understanding. There is so much information when you do this transaction; it is likely the biggest purchase you will ever make. It stands to reason that each rule should be clarified and punctuated so that you can proceed without worry.
A new change in the written documentation speaks of the buyer broker. This is the agent who negotiates their commission with the buyer. Another example of updated changes is knowing about first-time home buyers’ opportunities. Perhaps you have grown children who are ready to buy and yet are lacking enough for a down payment or closing cost assistance, or remodeling financing. The state sponsors certain situations with the right criteria.
Attorneys are necessary in order to close a transaction in Connecticut. You can get information on costs and duties of a real estate attorney from the state. How about an explanation on private mortgage insurance before you speak to the attorney, since he or she is the one presenting this piece of the puzzle?
There are strong and specific laws about buying, building and selling a home – and so much data. The Department of Consumer Protection has publications geared toward laws, and a place for consumer complaints. The website can steer you to research guides with various specialties. The laws and regulations of real estate will help you define potential problems before they occur.
State sales tax, or conveyance tax, as it is called, is also a part of the process. The cost comes out of the seller’s profit, so they need to know how it is calculated as they proceed. Smoke and carbon monoxide rules are also available for the seller’s information.
MyHomeCT is administered by the Connecticut Housing Finance Authority, which currently has a program in which a homeowner can apply for up to $50,000 in grant assistance for mortgage delinquencies/payment assistance. If you know a seller struggling, share this information.
As a buyer you can research new home construction contracts on the web, as well as any questions about home improvement funds where there are regulations set up to protect your investment. Even short sale purchases now have a cap at which a bank can accept an offer. Some bank-owned properties allow first time homeowners who will be owner occupied to have first crack at the buy; this gives families a better chance at buying what they can afford. Affordable loans and grants can be found on many websites, including the federal Department of Housing and Urban Development, and can help families get started.
If you are looking for energy write-offs on new home improvements, you will find all the necessary information online also. The parameters of how to go about getting the deductions and what qualifies is all laid out here.
Do your homework. Read up on this information. Then when you meet your realtor you can have an easier discussion on what is to come. This representative is used to this whole process, whereas you are doing it once. We, as agents, constantly review the changes and opportunities the sites offer in order to help the client. An educated consumer is the best consumer.
If you need more information on these issues, email Barbara.Lehrer@cbmoves.com.