KMS Partners LLC, is an exclusive partnership within the
Coldwell Banker Westport-Riverside real estate office.

Typical Buying Process in Fairfield County

STEP 1: In negotiating the purchase of your new home, KMS Partners @ Coldwell Banker will submit an Offer to Purchase. The offer will be presented in writing, with buyers’ signature, and accompanied by a deposit check, signed disclosures and a mortgage pre-approval, if applicable. The deposit check is written for 1 % of the purchase price, intended to show “good faith”. The offer should include the following terms:

  • The amount you are willing to pay
  • Closing and occupancy dates
  • Any contingencies, Including mortgage, appraisal and building inspections
  • Any personal property specifically included or excluded
  • Any additional items

As soon as both buyer and seller agree on a sale price and terms, the binder is signed by the seller and the 1% deposit check is deposited and held in escrow by agent’s broker.

STEP 2: After the buyer and seller agree on terms:

  • The buyer immediately arranges for building, pest, septic, well, radon or any other agreed upon inspections.
  • In addition, the buyer makes the necessary arrangements for financing, if applicable.
  • The seller contacts his or her attorney for the drafting of the Contract of Sale. The contract will include all agreed upon terms.
  • Buyer retains counsel as well.
  • In Connecticut, the banks will generally only release funds to an attorney. It is customary to be represented by Connecticut counsel.

STEP 3: The Contract of Sale is prepared by the seller’s attorney and forwarded to buyer’s attorney. The Contract should include, among other items, the following:

  • Purchase Price
  • Mortgage Contingency Date, if applicable
  • Satisfactory Building and Pest Inspections
  • Quality of Title to be Conveyed
  • Date of Possession

STEP 4: Prior to closing, a final “walk through” inspection of the home is completed by the buyer and KMS Partners. The actual closing is a formal process where all parties sign the necessary paperwork and Title is transferred from the seller to the buyer. The buyer receives the house keys and deeds are then filed in the local records office.

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© 2017 KMS Partners LLC is a real estate agent team with Coldwell Banker and licensed in the state of Connecticut · Last modified: 16 July 2013 · Log in · IDX · Real Estate Web: darrylo