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Welcome to The CT Home Blog

All about Connecticut Real Estate and Homes For Sale. Whether you are buying or selling real estate,  you have come to the right place. The CT Home Blog offers real estate tips. home buying and home selling advice,  other useful information, and we update current mortgage rates for Connecticut every Friday. There is plenty of local town demographics on our site and market statistics, too. Bookmark us, tell your friends, and come back often. We're here at TheCTrealtyBlog.com  to service your needs whenever you are ready. -Judy

 

Entries in Guest Contributor-Real Estate Attorney (22)

Wednesday
Aug242011

Communication is Key when Selling a Tenant Occupied Property

For Landlords: Selling your home when a tenant is occupying the premises.

In the last several years, many homeowners who were unsuccessful in selling their home at their desired asking price, opted to rent their home.  This was a new arena for many.    Being a landlord is not for the weak at heart.  There is a good amount of work involved but in many instances it can be a profitable venture and also there can be some substantial tax advantages when the property is eventually sold.  The property can be depreciated, but be careful there are certain holding periods and one should always speak to their accountant to make sure the timing is correct to reap the tax advantages.

When the time comes that the property owner lists the home on the real estate market, there must be good communication between the Homeowner and the Tenant regarding the Tenant vacating the premises.  If the Buyer of the property is looking for an investment property, having a property with a rock solid rental history is key.  However, if the Buyer is purchasing the home as his or her’s primary residence, the property must be vacated before the closing.  This is when the situation gets tricky.  The Seller wants to maximize on the rental income and does not want the property vacated until the Buyer has his/her mortgage commitment but that usually occurs days before the actually closing.  The Seller/Landlord must give notice as required by the lease and if there is no lease than a minimum of 30 days.    The last thing anyone wants to get involved with is an eviction proceeding.    Communication is key between the Seller and the Tenant.

Attorney Felicia B. Watson

FeliciaWatson@sbcglobal.net

 

Wednesday
Aug172011

Introducing Real Estate Attorney Guest Contributor, Felicia B.Watson

I would like to introduce veteran Real Estate Attorney Felicia B. Watson as a guest contributor on theCTrealtyBlog to update you on legal concerns as they pertain to your real estate purchase or sale.

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Usually, my Seller client does not telephone me until after he or she has received an offer to purchase.  Prior to meeting with me the Seller has already filled out his/her Residential Disclosure Form.  I would like to discuss a section that gets many people in trouble.  I have seen this particular problem arise on more than one occasion.  This is Section #17- Basement: Water/Seepage?Dampness?  Explain, amount, frequency and location.

If you have even one incident of water coming into the basement, report it.  Even if the electric was off, the sump pump not working, a leak in the roof, a 100 year flood, anything.  No harm can come if you report it.  If you don’t report it, it can come back to haunt you.  I have seen Buyers sue Sellers over one incident not being reported.  Even if you are in the right, the legal fees can be cost prohibitive forcing you to settle for several thousands of dollars.  If you report even the most minor incident, you won’t have a problem.  As Sellers, it always best to disclose, disclose, disclose!

About Felicia B. Watson

Felicia B. Watson is a highly skilled and experienced  attorney who has been practicing law for over 30 years, and specializes in Fairfield County Connecticut  Real Estate.

Felicia's law practice involves all aspects of residential real estate, commercial property, new construction and retail transactions, and she is involved in all aspects of real estate financing. She has been involved in thousands of transactions representing both Buyers and Sellers and, as she puts it, "purchasing a home is one of the monumental moments in a person's life".

Her services include contract preparation and review, lease agreements, planning and zoning concerns, building permits, wetland and conservation as well as probate issues.


In her own words, Felicia says "Real estate has been my passion for over thirty years", and it shows. Furthering her commitment to her clients, she is currently pursuing her Masters Degree in Real Estate Development at NYU. She has also served as an Assistant Attorney General, and as an Elected Official on the Planning and Zoning Commission.


Attorney Felicia B. Watson

FeliciaWatson@sbcglobal.net

 

 

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