Legal News You Can Use: Tips for First-Time Homebuyers

Posted on July 28, 2022 by Suisman Shapiro

It’s common for first-time homebuyers to make mistakes. However, with the real estate market so competitive right now, you can’t afford to learn on the job. If you’re interested in buying a home in the future, you should start preparing today.

Keep your credit score high

Your credit score will be extremely important at all steps in the home buying process. Even if you get preapproved for a mortgage, the mortgage lender could still deny approval before you close on your house. That means that you need to get your credit score up and keep it up.

If you already have great credit, try not to mess it up during the home buying process by opening or closing lines of credit. Making a large purchase on a credit card could also damage your credit score because it will lower your available credit. Until you close on your house, try to keep your credit as stable as possible.

Shop for a mortgage first

First-time homebuyers often think that they should shop for a home before they apply for a mortgage. However, doing business in this order will probably lead to disappointment considering how competitive the real estate market is right now. Not only should you apply for a mortgage ahead of time, but you should also apply for a few different mortgages so that you can compare interest rates and closing costs.

Maintain steady employment

Changing jobs during the home buying process can complicate things since most mortgage lenders want to see at least two years of steady employment history. Even if changing jobs ultimately benefits you, it could result in a gap in your income history. If you’re involved in this type of a real estate transaction, it’s best to wait until the deal is closed before changing jobs.

Consider hiring a real estate agent

Many first-time homebuyers make the mistake of thinking that they can do everything themselves. However, not hiring a real estate agent could end up costing you. A real estate agent may help you to get the best deal on a house by negotiating on your behalf.

Attorneys at Suisman Shapiro can answer your questions on the legal aspects of house purchase. Visit their website or call 800-499-0145 — lines are open 24 hours a day.

This is a sponsored post by Suisman Shapiro Attorneys-at-Law of New London located at 75 State Street, New London, CT 06320

Legal New You Can Use: Should an Investment Home be Your First Home in CT?

Posted on April 18, 2022 by Suisman Shapiro

Because housing has become so expensive, making your first home purchase an investment home may be a good idea. Continue reading for an overview of the pros and cons to help you make your decision.

Pro: Leverage to buy the home you want

Many people who are looking to buy their first home usually can’t afford the one they truly want. Rather than put down a lot of money on a home that you’re settling for, you could purchase an investment property and use that to help afford your dream home. You could refinance or sell the investment property, or you could use its monthly income to help afford the home you want.

Pro: Flexibility

When you choose an investment home as your first property, it makes it easier for you to have the freedom to move. You don’t want to spend all of your money on a home you live in only to find out years later you want to live somewhere else.

Pro: Tax benefits

One of the top reasons people become real estate investors is because of the generous tax benefits. Landlords who don’t take advantage of those tax benefits for rental real estate transactions lose thousands of dollars a year. After the first year of owning a rental property, you can begin deducting depreciation.

Interest, reasonable costs of repair, insurance premiums and use of personal property are also tax-deductible. Examples of reasonable costs of repair include fixing leaking pipes and broken windows. Improvements to the property that aren’t essential typically don’t qualify for a deduction. Use of personal property is furnishing a rental property with appliances and furniture.

Con: Managing the property

A downside of rental properties is you may have to manage them. There are some ways around this, though. You could hire a property manager, or you could choose a different type of real estate investment like REIGs. When you invest in an REIG, the company takes a percentage of your returns in exchange for managing the property for you.

The sooner you begin building wealth, the better off you could be. Thus, making your first home purchase an investment home could be the right choice for you.

Attorneys at Suisman Shapiro can answer your questions on the legal aspects of house purchase. Visit their website or call 800-499-0145 — lines are open 24 hours a day.

This is a sponsored post by Suisman Shapiro Attorneys-at-Law of New London located at 75 State Street, New London, CT 06320

Suisman Shapiro Atty. Kyle Zrenda Now a Member of Mohegan Gaming Disputes, Mashantucket Pequot Tribal Courts

Posted on August 19, 2021 by Admin

Attorney Kyle Zrenda of Suisman Shapiro Attorneys at Law.

NEW LONDON/OLD LYME — Attorney Kyle J. Zrenda of Suisman Shapiro Attorneys-At-Law was sworn in Aug. 11 as a member of the bar of the Mohegan Gaming Disputes Court. Atty. Zrenda is a resident of Old Lyme, Conn.

As a sovereign Indian Nation, cases related to the gaming enterprise of the Mohegan Tribe of Indians of Connecticut, including claims for personal injuries that occurred at the Mohegan Sun resort and casino, often need to be brought in the Mohegan Gaming Disputes Court.

Atty. Zrenda is also admitted to the Mashantucket Pequot Tribal Court, which is the tribal court for cases arising from personal injuries that occurred at Foxwoods.

Commenting on his recent admission to Mohegan Gaming Disputes Court, Attorney Zrenda said, “I am excited for the opportunity this new license presents to expand Suisman Shapiro’s tribal law practice and to protect the interests of those working at and visiting the Mohegan Sun.”

Editor’s Note: If you have been injured at either of Connecticut’s resort-casinos, contact Suisman Shapiro for a free consultation to help you navigate the complex legal issues involved with claims arising from injuries that occur on tribal lands.

Legal News You Can Use: Liability of Social Hosts, Dram Shops in Connecticut

Posted on August 4, 2021 by Suisman Shapiro

When a person provides alcoholic beverages to guests in his or her home, that person may face legal consequences for an intoxicated guest’s actions. Specifically, if an intoxicated guest causes an injury to him or herself or to another person in a car accident, the social host who served the guest alcohol could be held responsible.

Social host liability

Social host liability is based on the idea that the host has an obligation to the public to serve alcohol safely. In Connecticut, social host liability also extends to serving guests, who are under the legal drinking age of 21.

There is a public concern that due to their inexperience, younger people cannot manage the effects of alcohol responsibly and there is an interest in keeping the roads safe from drunk drivers.

In Connecticut, the social host may be subject to jail time or a fine for violations.

Dram shop liability

In addition to social host liability, Connecticut also recognizes dram shop liability. Under the Dram Shop Act, an alcohol seller may be responsible if he or she sells alcohol to a person who is intoxicated.

If that person causes injuries to another person or property in a drunk-driving accident, the seller may be liable. The seller may also have to pay significant damages. Dram shop claims must be made within one year of the alcohol sale.

Drunk-driving accidents can cause serious injuries including cuts, bruises, broken bones, traumatic injuries and even death.

An experienced attorney can help identify the responsible parties, can pursue compensation on the injured person’s behalf and can provide guidance about other appropriate next steps.

Attorneys at Suisman Shapiro can discuss the divorce process with you and answer your questions on the subject. Visit their website or call 800-499-0145 — lines are open 24 hours a day.

This is a sponsored post by Suisman Shapiro Attorneys-at-Law.

Legal News You Can Use: Basic Information About QDROs

Posted on June 15, 2021 by Suisman Shapiro

When a couple is going through a divorce, they often know that they will need to divide their property and there may be decisions to make regarding child custody. However, they may not be aware of the requirements of a Qualified Domestic Relations Order (QDRO) and its role in the divorce.

Retirement plan benefits

A QDRO is a domestic relations order that creates or recognizes an alternate payee’s right to receive all or some of a participant’s benefits under a retirement plan. It is completed after the divorce is final.

The alternate payee must be a spouse, former spouse, child or other dependent of the plan’s participant. The QDRO may be included with the divorce decree, a property settlement or it can be issued as a separate order.

The QDRO must contain the name and mailing address of the participant and payee, the name of each plan the order applies to, the amount to be paid to the payee and the number of payments or time period for the payments.

The administrators of the retirement plan that provides benefits affected by the order have specific responsibilities. They act as plan fiduciaries, meaning that they act in the interest of the plan participant and the beneficiaries. They are required to provide notice to participants and alternate payees when they receive the order and information about how they determine the status of an order.

It is very important that QDROs are completed accurately and they can be very complex.

An experienced attorney can answer questions about the QDRO process, provide representation for divorce matters and help parties make informed decisions.