On June 1, 1997, Connecticut mandated that Realtors represent either the buyer or the seller, but not both (unless dual or designated agency is disclosed and agreed to by both parties) in the same transaction. Buyers like being represented by their own Realtor because their Realtor can tell them what they think a house is worth and provide excellent guidance through the real estate process. This extra protection costs the buyer nothing because the buyer’s Realtor is still paid by the seller. In the first meeting, the buyer signs a representation agreement with their Realtor much the way a seller signs a listing agreement with their Realtor.
Greenwich Association of Realtors (GAR)
40 East Elm Street, Greenwich CT, 203.869.0240
Executive Vice President, Stacey Loh
When many other towns gave up their local boards, Greenwich did not. Greenwich has an outstanding organization devoted to local real estate. This service is funded by the over 800 active Realtors in town and is extremely helpful to homeowners and buyers. Member Realtors follow a strict code of ethics. The Association is governed by a 9-member board elected by their peers. Carolyn Anderson is Vice President of the Greenwich Association Board. You can use the Association site to search for Realtors by firm or by name. The Association is the home of the Greenwich MLS.
Greenwich Multiple Listing Service (MLS)
It is important to understand how Greenwich real estate works. Unlike New York City and many other locations, Greenwich Realtors share their listings. In Greenwich all properties, with rare exceptions, are multiple-listed with the Greenwich MLS. To buy property in Greenwich, you need select only one Realtor you like and trust. You will have access through your Realtor to the entire market.
Usually price and terms are agreed to orally, at which point the Buyer’s Realtor submits a non-binding offer to purchase to the Seller through their Realtor.
Binders (used in Connecticut but rarely in Greenwich)
Purchaser deposits 1% of the purchase price with the real estate agent or broker when a memorandum of sale or written offer to purchase is made. This 1% is subtracted from the 10% of the purchase price paid on signing of contracts. Binders are typically only good faith deposits and will be returned if contracts are not signed.
Buyers from other States are often surprised to learn that Realtors do not draw the contract of sale. Both the Buyer and the Seller must hire their own attorney.
The Buyer and the Seller, through their Realtors, negotiate the terms of the agreement. When an agreement has been reached, the Seller’s Realtor gives the agreed upon terms to the Seller’s Attorney who prepares the contract.
An individual’s home is extraordinarily valuable. The expertise of an experienced Realtor and the expertise of an attorney who specializes in Real Estate is needed to protect the Buyer and the Seller.
Because we work with and communicate continually with an attorney until closing we have kept deals that should stay together happen. So many memories race through my mind – the 1031 transactions, the home with an oil tank no one knew about until moments before the closing, the boundary disputes, and most recently the midnight excavation of St. Joseph. At the walk through prior to closing, the Buyers discovered an area of the back yard had been dug up. The attorney for the seller called me saying the Buyer wanted significant money for the repair of the yard . The attorney and I calmly negotiated a plan for the yard repair, no money was laid aside and the house closed.