Are you considering selling a house in Connecticut and wondering if you need an attorney to handle the transaction? In this blog post, we’ll answer this crucial question and discuss the benefits of working with an attorney when selling property in Connecticut. Do You Need an Attorney to Sell a House in Connecticut? The short

If you are looking to buy or sell a property in Shelton, Connecticut, you might have noticed that the real estate market is booming. According to the latest data from Zillow, the median home value in Shelton has increased by 15.6% in the past year and is expected to rise by another 9.8% in the next year. The average price per square foot is $213, which is higher than the New Haven Metro average of $175. The median price of homes currently listed in Shelton is $399,900, while the median price of homes that sold is $375,000. What does this mean for you as a

Capital Contribution to HOA Closing Costs Paid to Condo Association Today, I had a closing with a client in a condominium in New Milford. The particular condominium association (or home owners association, commonly called “HOA”) had a condition to buying a property there: he had to make a “capital contribution” to the association accounts in the amount of two months of HOA fees. This left my client wondering: “Why do I have to a capital contribution to the condo association?” FHA Guidelines for Condo Associations The answer here is regulation by the Federal Housing Authority, or “FHA”. In order for potential buyers to be able

chfa downpayment assistance

CHFA Mortgage Assistance for Connecticut Home Buyers The Connecticut Housing Finance Authority, or CHFA, provides mortgage assistance programs to homebuyers in Connecticut. To receive CHFA mortgage assistance, you must be a first-time homebuyer or buying a home in a revitalization zone and qualify for CHFA assistance based on income. CHFA offers both low interest rate loans as well as downpayment assistance. CHFA mortgages can be used to purchase single family homes, condos, multi-family homes, and even some mobile homes. The current CHFA interest rate is 3.5% for government insured mortgage loans and 3.75% for non-insured mortgage loans. CHFA First-Time Homebuyer Mortgages Under the CHFA, first-time homebuyers and

(Note: this article was originally published on November 2, 2016, and the rates may have changed since then.) What is a real estate conveyance tax? A real estate conveyance tax is a tax paid by the “Transferor” in a real estate transaction, typically this is a Seller. However, there are some clever Sellers that put the burden of paying the conveyance tax on the Buyer in the real estate purchase and sale contract. The conveyance tax is paid BOTH to the State of Connecticut as well as to the municipality in which the property is located. The real estate conveyance tax MUST be paid to the