Establish a Buyer Agency Relationship with a Real Estate Broker

One of the first steps in starting your home search is to establish a buyer broker agency relationship with a reputable brokerage. Connecticut law prohibits a real estate broker or salesperson from representing or negotiating on behalf of a buyer unless a buyer signs a written agreement to allow the broker or salesperson to act on the buyer’s behalf. This term is limited to specific locations in Connecticut and must be for duration; typically it is 3-6 months.

Westport CT Buyer Broker Annette Coplit

The broker’s duties are to:

Your buyer broker will assist you in coordinating all inspections, appraisals, and act as a liaison between you and all related parties (i.e. listing broker, mortgage representative, attorney, appraiser, inspector, etc.).

There is usually no cost to you for the & buyer broker service, the seller is required to pay your buyer brokers co-broke fee, which is normally a % of the sales price or a flat fee depending on the term that is negotiated with the seller by the sellers agent and is offered to the buyer broker as a co-broke fee.

Obtain Pre-Qualification from a Bank

Before you begin your home search it is necessary to obtain a pre-qualification from a bank. Your Buyer Broker can provide you with a list of bank representatives that have established a proven track record of successful transactions. It is necessary to determine type and terms of financing in the initial phases of your home search. A pre-qualification will be required with an offer to purchase that will include terms such as down payment, mortgage amount, and type of financing must be presented accurately in your offer. A copy of your pre-qualification letter must be included with your offer to purchase. This process can take up to several days to complete. When multiple buyers are bidding on the same home a mortgage pre-approval can be the deciding factor in whose offer is accepted. There are many mortgage programs available including special first time home purchase programs.

Locate your Home and Negotiate Terms

Your buyer broker will narrow down your home search by price, location, and other specific criteria. If you are looking to purchase in Connecticut communities that are not familiar to you, your realtor will provide you with the information on local real estate values, property taxes, schools, recreational facilities, and such. You will begin previewing properties until you locate one that is suitable to you. At which point a written offer to purchase must be presented. You will be required to make an earnest deposit along with this offer, in Connecticut it is a minimum of $500.Typically the first deposit is $500 and a second deposit may be required to show good faith. This depends on your initial down payment and financing terms. The listing brokerage or sellers attorney holds this money in an escrow account until closing. Your realtor can advise you on the position of your offer based on recent market data of similar property listings that are active, on deposit, and recently sold. Your buyer broker will present this offer to the selling broker, who will convey these terms to the seller. The seller can accept, counter, or reject your offer.

Contract Acceptance

Once a mutual agreement of price, terms, and closing date is reached a purchase contract will be drawn either by your realtor utilizing a standard Board of REALTORS® contact or one will be drawn up by either parties attorney. A copy of this contract will be submitted to your bank to finalize your mortgage application. As part of the sales contract you will agree to obtain financing within a specified time period, this period may be extended with the seller’s permission in the event that the bank needs additional time to obtain the mortgage commitment. You will have to gather up all necessary paperwork that will be required by your lender to obtain this mortgage commitment. An appraisal will be ordered by the bank to ensure that your homes sales price meets current market values based on comparable properties recently sold.

Conducting a Home Inspection

It is your option to have your home inspected by a licensed home inspector who can inspect all mechanical systems (i.e. electrical, plumbing, structural) of the home as well as all appliances, cosmetic issues, pest Infestations in particular termite and bark beetle, and in some cases radon {for more info on radon go to and download your Home Buyers and Sellers Guide to Radon. An inspection can also pick up on potential environmental issues such as asbestos and underground oil tanks which can be costly to remove. Your agent can give you a list of reputable inspectors. If the inspections reveal issues with the home, the contract terms can be renegotiated if an Inspection addendum is made part of the sales contract and all dates and terms are adhered to. In the event that a mutual agreement is not reached the opportunity to get out of the contract may be an option at this point.

Closing Your Property

After receiving mortgage commitment your lender will require you to obtain homeowners Insurance, which usually is a prepaid 12 month policy. You will be required to show proof of this prior to or at closing. The attorneys will schedule a time to close your property. Adjustments will be made for misc. items such as taxes and heating oil. Your attorney or lender will notify you of the amount that you will be required to bring to closing via a certified or bank check once they receive your funds package from the bank. A final walk through is usually scheduled within 24 hours of closing. The purpose of this is to make sure the property will be conveyed to you as stated in the sales contract. At closing you will have to sign and initial a package of closing documents that will be explained to you in great detail by your attorney. Then, you will receive title and keys to your new property!

Congratulations! If you have any questions, Annette is here to help at 203-903-9488.

Fairfield County CT Buyer Broker Annette Coplit

“As a realtor, I make sure that I am involved in all phases of my client’s transaction.”

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