The procedure to purchase a home in Greenwich is slightly different than the rest of Connecticut. Here’s a look at what you can expect:
Once you find a house you want to purchase, you will tell your REALTOR® the amount you want to offer. Your agent will contact the listing agent and submit a verbal offer. Your agent will negotiate the price, closing date, inclusions and exclusions and any contingencies such as mortgage.
When the offer is accepted, the seller’s agent prepares a document called the “Confirmation of Accepted Offer” which puts in writing the agreed upon terms and conditions of the sale.
At this time, you will need to hire a Connecticut real estate attorney for legal representation.
While the seller’s attorney prepares the contract of sale, you will arrange for a basic inspection of the home you are purchasing.
The inspector will review of the interior and exterior of the home and make sure that the home’s systems such as heating, cooling, plumbing and electrical are in working order.
The inspector will also look at the roof, foundation, pests and can also include well, septic, environmental such as asbestos, lead paint, buried oil tanks, pool, radon in the air.
Any problems discovered during inspections are resolved through further negotiations, estimates and details are included in the sales contract
- Financing arranged
- Contract signing
- Buyer signs the sales contract (prepared and reviewed by both attorneys in advance) and returns with a deposit (typically 10%)
- Receive fully executed contract and provide a copy to your lender to trigger the lender to order the appraisal
- Obtain insurance
- Utilities transfer
- After Seller notifies all utility companies of upcoming closing date, buyer calls to setup account (attorneys handle the water company, if applicable)
- Request a list of service providers from Sellers