NARPM ~ National Association of Residential Property Managers is the professional, educational and ethical leader for the residential property management industry.
IREM ~ Institute of Real Estate Management has been the source for real estate management professionals for over 75 years with local chapters in every state.
CAR ~ Connecticut Association of Realtors represents over 14,000 real estate professionals and provides valuable consumer information.
WPSIR ~ William Pitt Sotheby's International Realty is a great resource for town information, housing statistics, real estate for sale and rent.
~ Protect your family from Lead Based Paints ~ PDF http://www.ctrealtor.com/secure/pdfs/leadpdfE.pdf
~ Fire Safety Fact Sheets by NFPA
~ Sample Lease Form courtesy of Greenwich MLS.
~ U.S. Department of Housing and Urban Developement, HUD.gov Fair Housing and Equal Opportunity.
What Are Connecticut Condo Resale Certificate, Bylaws & Declarations.
Condominium Laws in the state of Connecticut were partly enacted to protect the purchaser by requiring certain disclosures. When purchase a condo the seller must furnish you with the Declaration, association bylaws, rules and regulations and a resale document. (For condominiums greater than twelve units).
The Resale Document/Certificate is a package of disclosure documents given by the seller to the buyers of common interest ownership unit. These documents must include:
Monthly common charges
Owners’ ability to lease the unit.
Unpaid charges the seller owns the association.
Any restriction on a maximum or minimum resale amount.
The owners’ right to use or occupy the unit.
Amount of reserve for capital expenditures.
Any upcoming capital spending approved greater than $1,000.
Number of unit owners who are at least sixty days delinquent in in paying common charges.
Number of Foreclosures actions brought or pending by the association.
Each association must provide the seller wit the resale documents within 10 business days of request and the name of the contact person must be on file with the town clerk. The association fee may not exceed $125 but an extra $10 may be requested for a request within 3 business days.
If the common interest community is fully built and has 12 or fewer units then the association will not have to supply resale documents. As a buyer of a condo unit 12 or fewer units you can ask for all relative documents and make it contingent to approval on the offer.
The Declaration defines how the condo complex is structured, what common areas are and what units are private ownership.
The Bylaws are the rules that contain the procedures for conduct of the affairs of the association. The bylaws are defined in the Connecticut Condominium Act (COIA) and are the set of rules that govern the community. They are recorded at the town clerk’s office in the municipality in which the complex is located.
To read more on Connecticut Condominium Laws please see links below:
Ct Consumer Protection ~ FAQs Condominiums.
Connecticut Law About Condominiums ~ CT Jud Branch.
Newsletter ~ Connecticut 12 or Less Condo Unit.
DMK Real Estate is a full service license Connecticut Real Estate Broker firm that serves lower Fairfield County. With lower overhead costs DMK Realty can fulfill buyers and sellers needs locally and on the internet at lower costs compared to the larger national brands.
Mortgage Letter’s Pre-Qualification vs. Preapproval.
Knowing how much you can afford to spend on a home before you start your home search is critical.
Your local mortgage lender will be more than happy to run through the numbers for you.
The process of analyzing your income, debt, assets and liabilities will be applied to a formula which calculates how expensive of a home you can afford to buy.
Pre-qualification is an informal discussion between borrower and lender. The lender provides an opinion of the loan amount that you can borrow based solely on what you, the borrower, tell the lender. The lender doesn't verify anything and is not bound to make the loan when you're ready to buy.
Loan preapproval is based on documented and verified information regarding your likelihood of continued employment, your income, your liabilities, and the cash you have available to close on a home purchase.
Some lenders ask that you pay your application and credit fees when you submit your application for approval but many lenders lately have begun to recognize that home buyers don’t want to put up any cash before they have actually agreed to purchase a home. Some have lenders will defer all fees until the home buyer is ready to schedule a closing, others simply ask for a small upfront fee.
More and more sellers are favoring the preapproval letters vs the pre-qualification letters and thus might make a buyers offer more favorable in a multi-bid situation.
For more information regarding home buying and selling in Fairfield County contact DMK Real Estate in Darien, CT.DMK Real Estate & Property Management is a full service license Connecticut Real Estate Broker firm that serves lower Fairfield County. With lower overhead costs DMK Realty can fulfill buyers and sellers needs locally and on the internet at lower costs compared to the larger national brands.
Renting Vs. Buying Costs, Free Calculator.
Here is a great tool from Trulia that helps you calculate the cost of renting versus buying. In lower Fairfield County we are seeing a lot of activity in new high end rental complexes and so I did a quick check to see if it is better to rent at $2600 vs buying at $500,000. Over a 5 year period better to buy but over a 3 year period better to rent.
Under advance settings on the calculator you can add property tax, home owner’s insurance, renovations, appreciation and more.
David Popoff is a license Connecticut Real Estate Broker specializing in Sustainability in lower Fairfield County, Connecticut.
DMK Property Management llc a locally owned company serving lower Fairfield County, Connecticut.
E-mail [email protected]