Many areas in Fairfield County, Connecticut 06902 have "different" procedures when making an offer to purchase property once the "perfect home" has been identified by the buyer and their Realtor. Here is a brief explanation of the process.
TYPICAL HOME PURCHASE PROCEDURE
Stamford, Connecticut
Step 1:
In negotiating the purchase of your new home, the initial step will be to instruct your Realtor to make an Offer of Purchase. This offer is in writing and accompanied by a check (1% of the purchase price) to show “good faith”. The offer should include:
Ø The amount you are willing to pay for the property
Ø Desired closing date
Ø Any contingencies, including obtaining a mortgage, building, pest, radon and asbestos inspections (well and septic systems if appropriate)
Ø Any personal property specifically included or excluded (appliances, curtains, etc)
If the offer is not acceptable to the seller, further negotiations are necessary to reach terms agreeable to both Buyer and Seller.
Step 2:
When the buyer and seller agree on terms:
Ø The Buyer applies for financing and arranges for all necessary inspections with the assistance of the Realtor prior to contracts being signed
Ø The Seller arranges with his/her attorney for the drawing of the Contracts of Sale, based on the agreed terms and the contracts are forwarded to the Buyer's attorney
Ø The 1% binder check is deposited and held until the closing
Step 3:
The Contract of Sale should include, among other things, the following:
Ø Purchase price
Ø Mortgage contingency, if any
Ø Date of Possession of Property
Ø Itemized list of Personal Property included in sale
Ø Satisfactory Inspections or agreed upon repairs (credits)
The Contract of Sale is reviewed by the buyer (and his/her attorney), and signed, usually within 10 to 15 business days following acceptance of the offer. It is exchanged with a check from the buyer to the seller’s attorney for 10% (less the 1% earnest money), of the purchase price. If 95% financing is applicable, the check would customarily be for 5% (less the earnest money). After the seller has signed the contracts, the buyer’s attorney will arrange for the title search and other preparations necessary for the closing or passing of the title.
Step 4:
Throughout the transaction, both you, as the buyer, and your Realtor will need to closely monitor the progress of your mortgage and any other contingencies to make sure that all deadlines are met, or extensions are requested as necessary.
On the day of closing you will have a “final walk-through” with your Realtor to make sure that the house is left in good “broom-clean” condition and has been thoroughly vacated.
If you are thinking of purchasing a home in Stamford, please contact me for information on my free homebuying seminars, we may be having one soon for you to attend. If you have any questions on making a purchase in Stamford, please feel free to email me at kimberlytapscott@kw.com.
Happy house hunting!
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