Providing seller, buyer and lender representation in residential and commercial real estate transactions throughout Connecticut and Massachusetts, including contract drafting and negotiation, loan document preparation and review, title and lien searches, settlement agent and closing services, title insurance and escrow.
RESIDENTIAL REAL ESTATE CLOSINGS FAQ
Is a broker needed?
What is a “Multiple Listing Service”?
What is title insurance and is it necessary?
What does buying property “AS IS” mean?
What is a Hubbard Clause in a contract?
COMMERCIAL REAL ESTATE CLOSINGS FAQ
What is a “Phase 1” environmental site assessment and do I need one?
Phase 1 Environmental Site Assessment, or Phase 1 ESA, is a report ordered in real estate transactions to provide disclosure on possible or existing environmental contaminants on a property site or its surroundings.
The vast majority of lenders require environmental due diligence before approving commercial loans. Even if a “recognized environmental condition” (REC), “historical recognized environmental condition” (HREC), or “controlled recognized environmental condition” (CREC) is identified by the Phase I ESA, you can still close the deal and avoid federal clean-up liability through a legal defense known as the “bona fide prospective purchaser.” But without completing a Phase I ESA prior to closing on the property, you effectively forfeit this and all other “innocent landowner” legal defenses against a recognized environmental condition liability. All property buyers who wish to avoid liability for environmental contaminants already existing on or near the property in question, are required to conduct a Phase 1 Environmental Site Assessment to be eligible for CERCLA liability protection