If you are resolved to buy, sell or lease real estate in 2026 (or if you are at least thinking about it), here is my top ten New Year’s countdown of things to consider:
10. The early bird gets the property. Consult with a real estate broker and legal counsel early on in the process. Experienced professionals know the lay of the land and can work with you on spotting issues and forming a strategy early on that can give you an advantage and make sure that you are informed.
9. The truth is your friend. If you are thinking of selling your home, do an honest and fair assessment of the property and be proactive about what you may want to repair ahead of time and whether there are issues that warrant price considerations or a non-recurring credit at closing.
8. No autographs please. When leasing property, especially for a business that is not yet established, personal guarantees are typically required by the landlord. Take this into consideration and consult with counsel on ways to avoid or limit this if possible.
7. Show me the money. Pre-approvals from reputable lending institutions are important to obtain ahead of starting your home buying search. Work with professionals to shop around and provide the necessary financial information to get these pre-approvals to show that you are strong and serious buyers.
6. The war of the roses. Real estate should not be contentious if at all possible. Work with your professionals to make sure the lines of communication are open and that any issues or disagreements are identified and negotiated ahead of time for a smooth closing.
5. We are never ever going to buy this property … like ever. Contingencies like inspection contingencies, radon, underground oil tank, environmental and mortgage contingencies are key to discuss and calendar for when issues arise where it becomes clear that you need to move on to the next deal.
4. Sharing is caring. Are there shared property rights considerations? For example, is it a condominium with shared rights and obligations. A shared driveway situation with easements or a lot within a homeowner’s association? It is important to identify and discuss these shared rights situations and the short-term and long-term considerations.
3. Location, location, location. Whether leasing, selling or buying property the location drives most everything and determines who really has the leverage in discussions and negotiations. It is important to also become educated about surrounding areas to see what may be on the horizon for future development.
2. Can you keep a secret? In some of the most desirable neighborhoods, properties exchange hands off market and nowadays in record time. Make sure you have the right professionals based on the location you are considering to learn about and possibly take advantage of these secret opportunities.
1. Party like it’s 1999! Celebrate your first home or lease closing if it comes about in the New Year and best of luck!
Attorney Louizos has over 28 years’ experience handling real estate matters and has proudly represented clients ranging from first time property owners to some of the largest real estate transactions in Connecticut. He may be reached at jlouizos@wrkk.com.
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