Can I sell my condo after one year ? is there a law about the time?

Asked by marisol4d1, 33442 Sun Jan 12, 2014

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Lisa Orme, Agent, Windsor, CT
Mon Jan 13, 2014
Marisol,
Yes, you can sell it pretty much anytime you want. There are certainly considerations in selling in a short time after purchase, though. There are additional costs that a seller must pay at the time of selling their home: taxes to the town and taxes to the state (conveyance taxes), attorney's fees, real estate commission (if you use a real estate agent), and you need to check with your lender about your payoff figure. Most loans nowadays do NOT have pre-payment penalties, but you should check with your lender just to be sure. Beyond all of that, in most areas, the market has not recovered sufficiently to allow you to do all of this without bringing money from your own pocket to the closing table. The other consideration is that many lenders require that you live in a property as owner-occupied for at least the first year after purchase, or the lender may have recourse regarding your interest rate (owner-occupied loans are typically at better interest rates than "investor" loans--which is what they consider any property that is not owner-occupied). If I can be of further help, please call me at 860-688-1400. I'd be glad to talk with you.
1 vote
Ted Kostzews…, , Stratford, CT
Sun Jan 12, 2014
There is no state law regarding this. And I never have heard of a condo association imposing such a rule. However, to be safe, check your association rules, especially if you are considering a sub lease at some point. One thing that will affect you is the capital gains laws. One of the requirements you must meet to qualify for the tax write off is the 2 year residency condition. However, this would only be problematic if your house sold at a profit. Good luck. If I can help, please let me know.
1 vote
Sharon Beaud…, Agent, Cromwell, CT
Mon Jan 13, 2014
Marisol4d1,

I have never heard of any restriction on when you may or may not sell your own property. You being the owner makes the decision
0 votes
mhlre, Agent, Denver, CO
Mon Jan 13, 2014
Of course you can. Anyone who says otherwise is just joshing you around.
0 votes
Stevens Kenc…, Agent, Greenwich, CT
Sun Jan 12, 2014
Of course! There are no "laws" that I know of, though there might be financing rules.
0 votes
Lisa Giller, Agent, Rocky Hill, CT
Sun Jan 12, 2014
Hi Marisol,

There is no law about the time unless you're purchased it with CHFA financing with the downpayment assistance program. I know the Cromwell area well, having helped buyers and sellers there. As a plus, I live in Rocky Hill, so I'm right up the street!

Please let me know if I can be of assistance. Feel free to call or email.

Best regards,
Lisa

Lisa Giller
Gillette Real Estate
860-221-8971
Lisa@LisaGiller.com
0 votes
Lisa Giller, Agent, Rocky Hill, CT
Sun Jan 12, 2014
Hi Marisol,

There is no law about the time unless you're purchased it with CHFA financing with the downpayment assistance program. I know the Cromwell area well, having helped buyers and sellers there. As a plus, I live in Rocky Hill, so I'm right up the street!

Please let me know if I can be of assistance. Feel free to call or email.

Best regards,
Lisa

Lisa Giller
Gillette Real Estate
860-221-8971
Lisa@LisaGiller.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Sun Jan 12, 2014
Yes, you can sell it.

Were you concerned about a "pre-payment penalty" if you paid off the mortgage too soon?
0 votes
Jill Carini, Mortgage Broker Or Lender, 06357, CT
Sun Jan 12, 2014
Yes can sell it. My question to you is why you do t think you can sell it. Pls let me know and then I may sure I am giving a complete and correct answer.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more