Selling or Refinancing Your Home?
Whenever you sell real estate in Connecticut you must pay a town conveyance tax of $2.50 per each $1,000 value of property being sold (in a limited numbers of towns it equals $5.00 per $1,000.00!!); as well as, a state conveyance tax calculated at $5.00 per $1,000.00 of sales price. Both of these taxes must be paid upon recording the transfer deeds.
When you refinance your property you may be able to obtain a substantial reduction in your title insurance fee thus reducing your closing costs.
In addition, have you checked the title on your property lately? We are finding that many people mistakenly believe that both spouses’ names are correctly listed on the deed or that the title is in survivorship when in fact that is not the case.
When you refinance your property, federal law requires there be a 3 day recession period commencing on the day of your closing. This means your old mortgage or bills will not be paid until 3 business days have elapsed from the day of your closing. Any money you may be receiving won’t be available until that date either.
Our title searchers are finding that many people are not recording the mortgage release after the bank sends it to them. Remember, when your mortgage is paid off, you want the lender to return to you your promissory note marked “Paid in full” and mortgage release which then must be recorded on the town land records.
THE ABOVE ARTICLE IS FOR GENERAL INFORMATION ONLY. IT SHOULD NOT BE RELIED UPON AS LEGAL ADVICE, AND CANNOT REPLACE CONSULTATION WITH A PRACTICING ATTORNEY !