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TYPICAL HOME PURCHASE PROCEDURE
FAIRFIELD COUNTY, CONNECTICUT
STEP 1:
Before viewing properties, sign a Buyer Representation Agreement with your real estate sales executive. This is in compliance with Connecticut Statute 20-3286a(a)(2).
STEP 2:
In negotiating the purchase of your new home, the initial step will be to instruct your real estate agent to make an Offer to Purchase. This Offer is in writing and accompanied by a check (1% of the purchase price) to show “good faith”. The Offer should include:
• The amount you are willing to pay
• Closing and occupancy dates
• Any contingencies, including obtaining of mortgage, building and pest inspections
• Any personal property specifically included or excluded
If the Offer is not acceptable to the seller, further negotiations are necessary to reach terms agreeable to both buyer and seller.
STEP 3:
When buyer and seller agree on terms:
• The buyer immediately applies for financing and directs his realtor to arrange for building and pest inspections;
• The seller arranges with his/her attorney for the drawing of the Contracts of Sale, based on agreed terms.
STEP 4:
The Contract of Sale should include, among other things, the following:
• Purchase Price
• Mortgage Contingency, if any
• Quality of Title to be conveyed
• Date of Possession
• Itemized list of personal property included in sale
• Satisfactory building and pest inspection (if desired)
The Contract of Sale is reviewed by the buyer (and his/her attorney), and signed, usually within 10 to 15 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 accepted, then the check would be for 5% less the earnest money). After the seller has also signed the contracts, the buyer’s attorney arranges the title search and other preparations necessary for the closing or passing of title.
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