phone (860) 415-8199

Village & Shoreline Properties - 77 main street Stonington, CT 06378

"Distinctive Service With a Personal Touch...
Coast to Coast & Beyond!

 

Making an Offer 

When you are ready to make an offer, your Village & Shoreline Properties agent will write an offer that includes details that are acceptable to you.  The process, including all components and contingencies of the offer, will be clearly explained to you.  Your agent will discuss the various options you have with each component, as well as the ramifications of your choices.  It is important to note that all decisions are yours to make and your agent cannot be responsible if things do not work out the way you had hoped.  Your attorney can provide you and your agent with additional protective language for insertion into your offer if you desire.

Customary Contingencies

  • Initial and additional deposits
  • Mortgage Contingency
  • Insurance Contingency
  • Inspection Contingency
  • Seller-funded rebates for points, repairs, closing costs, additional buyer agent fees
  • Hubbard Clauses, in cases where the offer to purchase is subject to the contract and sale of the buyer's current home
  • Hold-Over or Rent-Back Contingencies, in cases where an offer is subject to the buyer occupying the home prior to closing or the seller occupying the home after closing
  • Closing date

Presentation of Offer

Connecticut law requires that all offers, including verbal offers, are presented until closing.  There are a variety of ways to reassure you that your offer was presented and depending on the market environment, you may have different options that your agent will discuss with you.  If there are no other offers, the process is usually straight forward.  But if there are multiple offers, your agent will discuss the process with you, outlining your options and the ramifications of your choices.

Contract Extensions

All performance dates require evidence of written satisfactory completion.  If your agent has not received notification, a written extension may be requested by either party.  The objective is to ensure that any/all extension requests are signed by all parties prior to the pertinent expiration dates.  Failure to do so may result in someone incurring a financial penalty or loss of rights.

 

 

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