Prior to showing you homes, the Realty Three associate with whom you are working will help Pre-qualify you to determine the correct price range of properties to view.
A Written Offer to Purchase the property you have selected will be prepared with the agent to be accompanied by:
- Initial Deposit Check (earnest money): usually $1000. This check will be held in an escrow account in accordance with Connecticut law until transfer of title (closing).
- Pertinent Addenda: Inspections usually at buyer's expense, within a specific period from acceptance, i.e., Home Inspections (engineering report), Pest, Radon, Septic, etc.
- Dates for second deposit, mortgage commitment (approval) and transfer of title.
Mortgage Application should be made immediately upon contract. Fees of $200-$300 to cover credit check, appraisal, etc., are normal. Additional closing costs will be estimated at time of mortgage application.
- The process will take approximately 5-6 weeks.
- There is documentation required.
- The lender will assign an attorney for your transaction to protect the lender's interest. You may be offered this attorney's services for you personally at a reduced rate but keep in mind the primary allegiance is to the lender.
Mortgage Commitment (Approval) - a copy of this letter must be sent to the listing agency.
- If you have chosen not to use the lender's attorney, you should have made contact with your own Attorney to perform a Title Search.
- As customs vary, be sure your attorney explains the closing process and necessary documents, certified checks, etc., that you will need at the Closing.
- Evidence of a pre-paid homeowners' insurance policy will be required at Closing.
Please feel free to contact Realty Three associate with any questions you have regarding further aspects of the home purchase process in our area!
Serving Hartford, New Haven and Middlesex Counties
© Realty 3 - Carroll & Agostini. All rights reserved.