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

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