The residential and commercial real estate markets offer a diverse mix of properties to buyers, businesses, investors and developers. There are a number of legal and financial issues to consider when buying or selling real estate. Whether you are a buyer, borrower, seller or lender, engaging in successful transactions requires a knowledgeable and experienced Rhode Island real estate closings attorney.
Palumbo Law provides advice and counsel to a wide range of clients throughout Rhode Island, Massachusetts and Connecticut. We are well versed in real estate laws and work closely with each client through all phases of residential and commercial property transactions from contract to closing.
Rhode Island Real Estate Closings Attorney
Our founding and managing attorney, Richard Palumbo has over 30 years of experience in the real estate industry and has purchased, sold, managed and/or developed hundreds of properties. This practical understanding of real estate combined with the legal excellent of our real estate closings attorneys, paralegals and support staff is a huge benefit to our clients. Plainly stated, we understand your real estate needs because we have been in your shoes!
Our firm’s real estate practice is broad-based, which includes the following real estate related legal services: negotiation and drafting of residential and complex commercial Purchase and Sales Agreements, Option Agreements, Right of First Refusals, and Assignment Agreements; Negotiation and drafting of Loan Documents; Deed Preparation; Residential Closings; Title and Escrow Services, Real Estate Settlements, Commercial Closings and Settlements; Complete Title Services; Connecting Lenders and Borrowers of Private or Hard Money Loans; Re-Financing and Reverse Mortgages; Lease Negotiations and Drafting (simple to ultra-complex Residential, Commercial, Retail, Ground Leases and more), Easements; 1031 Tax-Free Exchanges; Mortgage Foreclosures; Buyer-Seller disputes; Landlord-Tenant disputes and Evictions of Tenant and all aspects of Real Estate Litigation.
Purchase and Sales Agreements and Closing Services
We can provide basic single family purchase and sales agreements or highly complex custom drafted purchase and sales agreements to suit the needs of our business, investor or developer clients for a wide variety of properties including but not limited to the following: Multi-family (i.e. 1-3 units) owner occupied homes for individuals; Residential Condominium units owner occupied for individuals; Single family homes for purchase, repair and resale by investors for resale to individuals; Multi-family (1-3 units) purchase, repair and resale by investors for resale to individuals; Residential Condo units purchase, repair and resale by investors for resale to individuals; Single family homes for purchase and rental by investors; Multi-family (1-3 units) for purchase and rental by investors; Residential Condo units for purchase and rental by investors; Apartment buildings for investors; Commercial Properties for purchase by investors or businesses (i.e. office condominiums, office buildings, retail condominiums, retail buildings, retail plazas, medical offices, professional offices, franchise locations, gas stations, convenience stores, super markets, banks, pharmacies, malls, hotels, motels, inns, restaurants, movie theaters, car washes etc.); Industrial Properties (i.e. trucking terminals, mills, manufacturing, wharfs, etc.) for investors and businesses; telecommunication and Cell Towers; Solar Farms Land for farming purposes and Land for development of residential, commercial, Industrial, Cell Towers, Wind Turbines, Solar Farms, etc.
Residential and Commercial Real Estate Transactions
Our team of Rhose Island real estate closing attorneys represent Buyers, Borrowers, Sellers, and Lenders. We have developed and regularly work with our highly respected network of real estate professionals including Realtors, brokers, insurers, financial institutions, conventional lenders, private lenders and national title insurers. Our network of real estate professionals helps our clients take advantage of opportunities while effectively managing risk. Our guiding principles are to provide the highest quality real estate legal services for our clients, to always put the best interests of clients first and ensure that each transaction is handled ethically, efficiently and excellently.
Our firm is a “one stop real estate shop” for buyers, borrowers, sellers and conventional and private lenders of all types of real estate. We are uniquely suited to handle any type of real estate transaction from single family vanilla box closings to complex commercial closings. Our firm is attorney owned and operated and every real estate transaction is overseen by an experienced real estate attorney. We do not use non-attorneys to close your real estate transaction. Our firm is a member of ALTA; compliant with ALTA Best Practices and all CFPB regulations; registered with Secured Settlements and writes title insurance for most major title insurers.
Closings, Title and Escrow Services for Residential Real Estate
As property values continue to rise, buying or selling a home is the single largest financial transaction that many individuals will undertake in their lifetime. The purchase or sale of single-family and multi-family homes, condominiums and townhouses involves a host of complex legal and financing issues. For these reasons, having proper legal representation is essential.
At Palumbo Law, we understand that buying or selling a home can be an emotional and stressful process. Our team is committed to delivering quality service and ensuring each deal closes in a timely fashion. Our full time legal team handles all aspects of your residential closing. We prepare all the necessary legal documents, including loan documents, deeds and other closing documents, assist with obtaining financing, represent clients at closing, record documents, and obtain final Title Insurance policies. By handling all the details, we minimize the stress so that our clients can focus on their daily routines.
Closings, Title and Escrow Services for Commercial Real Estate
Transactions in the commercial real estate market are far more complex than in the residential market. Our experienced Rhode Island real estate closings attorneys are well versed in the legal, regulatory and financing considerations of commercial real estate transactions. Our legal team is uniquely qualified to advise clients on the purchase and sale of office buildings, apartment buildings, shopping centers and other commercial properties.
We routinely assist our commercial and developer clients with highly complex real estate legal services including but not limited to the following: Drafting and negotiating purchase and sales agreements; Assistance with due diligence items (i.e. inspections, environmental reports, surveys, engineering reports, etc.); Title Search, Title Clearing and Title Insurance with all available endorsements; Representation at the purchase closing; Land use approvals; Drafting of Home Owner Association and Condominium Documents; Representation of the developer at the sale of the units and all aspects of Complex Real Estate Litigation.
Palumbo Law works closely with buyers, borrowers, sellers, conventional and private lenders to ensure that commercial transactions proceed smoothly. We provide a powerful combination of legal knowledge and business acumen to help our clients achieve successful outcomes.
Title and Escrow Services
Palumbo Law offers comprehensive Title and Escrow Services including the following: Title Searches, Commitments and Certificates of Title; Closing, escrow and settlement services for residential and commercial property transactions and Title Insurance.
Lender Representation and Foreclosures
The firm’s practice is also dedicated to providing lenders with legal representation in connection with residential and commercial mortgage foreclosures. Our processes ensure that all foreclosures are handled efficiently so that our lender clients can mitigate any potential losses.
Our firm has a well established network of private lenders that are available to provide private or hard money loans for all types of investment and commercial properties. Our network of private lenders offer a wide variety of private loan products for REOs, Short Sales, Estate Sales, Distressed Properties, Single Family (Non-Owner Occupied), rental properties (i.e. mixed use properties, multi-families and apartment complexes), fix and flips and construction and development and commercial properties (i.e. office buildings, retail properties and more). Our private lenders can lend from $10,000 to $10,000,000 throughout Rhode Island and Massachusetts. Our private lenders can close in 14 days. Many of our private lenders’ loan products offer the following features: 10-20% down payment, 12-48 month terms, no pre-payment penalties and no income or credit verification.
Our experienced condominium law attorneys work with condominium and homeowner associations in Rhode Island on a wide range of issues. We leverage our knowledge and skill to design creative solutions to property management questions, easement issues, tax matters, insurance coverage, and other legal matters including the following: formation of condominium associations; transition of control from the developer to the unit owners; assisting the board of directors of the association; drafting condominium association declarations, bylaws, amendments, etc.; rule enforcement; collections of past due condominium fees (never a fee to the association); loans for the condominium association; FHA certification and recertification; resale certificates; dispute resolution and litigation; insurance adjusting of large losses and litigation for denial or delay of an insurance claim.
Does Connecticut Require An Attorney For Real Estate?
No, Connecticut does not legally require using an attorney when buying or selling real estate. Real estate transactions can be completed by any parties involved without representation.
However, real estate laws can be complex, and the help of a knowledgeable real estate attorney is highly recommended to protect your interests. An attorney can review contracts, negotiate terms, ensure proper documentation is filed, and assist with the closing process.
While attorney fees add to costs, legal advice and support can prevent costly problems down the line. For major transactions like home buying/selling, most Connecticut residents choose to work with a real estate lawyer even if not legally mandatory.
How Long Does It Take To Close On A House In CT?
The typical timeframe to close on a house purchase in Connecticut is 30-60 days from the date the purchase agreement is signed. However, the precise closing period can vary based on factors like:
- Financing Type – Cash offers can close faster than mortgages requiring appraisal/underwriting.
- Title Issues – Any complications with title documents or lien releases may cause delays.
- Inspections – Time is needed to complete property inspections and resolve any found issues.
- Seller Issues – If the sellers need time to find/close on a new home, it may extend the closing date.
- Escalation Clauses – These give the seller time to consider other offers before finalizing.
- Closing Logistics – Finalizing documentation and coordinating schedules can take some time.
Communicating promptly and following up on all action items helps keep the buying process moving efficiently. But even without complications, 30-45 days is common in Connecticut given all the steps involved.
Contact Our Rhode Island Real Estate Closing Attorneys
Palumbo Law, our objective is to provide each client with a superior level of personal service that is also cost effective. Regardless of the type of property or the nature of the transaction, we have the skills and resources that a necessary to close the deal. In the event of a dispute, we prefer to reach negotiated settlements, but we are fully prepared to litigate any matter in court.
Our experienced real estate closings litigators have successfully litigated the following types of real estate cases: Judicial Mortgage Foreclosures, Buyer-Seller disputes, Landlord-Tenant disputes, Evictions of Tenant, Adverse Possession, Partitions, Tax Sale Defense, Tax Sale Petition to Foreclose the Right of Redemption, Easement Litigation, Mechanic Liens and all aspects of Real Estate Litigation.
Our legal team has a well earned reputation for efficient and ethical legal services. Call our office today to set up a consultation or complete the contact form on our website.