Where can I get information on the school systems in Connecticut?

What is the average time to commute to and from work in Connecticut?

I understand Connecticut is an agency (Buyer Broker) state. What does this mean to me as a buyer when it is time to select a Realtor?

What major airports can I access from Connecticut?

After I have found the house I want to purchase, what are the typical steps involved in writing an offer?

What is the state income tax in Connecticut?

If I want to go online to check out houses currently on the market, do I have to go to all the different Realtor Web sites to see every house that is listed?

What is the typical deposit I can expect to put down on a house upon contract signing?

What are the most common inspections I should consider having performed as part of my offer on a house?

 

Where can I get information on the school systems in Connecticut?
Connecticut has one of the finest school systems in the nation. For detailed information on a particular town's schools, go to www.state.ct.us. Or, if you prefer, e-mail us at corporate1@prudentialct.com and we will send you a school report.
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What is the average time to commute to and from work in Connecticut?
With its compact borders, Connecticut is an ideal state for driving, whether for leisure or for commuting. Obviously, there are several variables to consider with regard to individual commuting times. Your Prudential Connecticut Realty Sales Agent and/or Relocation Counselor will be able to give you more specific time frames. The relocation section in this Web site has typical commuting times for a number of Connecticut towns.
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I understand Connecticut is an agency (Buyer Broker) state. What does this mean to me as a buyer when it is time to select a Realtor?
A buyer's agent is a real estate broker or sales agent who acts in a fiduciary capacity for the prospective buyer. The buyer's agent owes the buyer undivided fiduciary obligations. The buyer's agent must put the buyer's interest first and negotiate for the best terms and conditions for the buyer.
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What major airports can I access from Connecticut?
Bradley International - Windsor Locks, CT
John F. Kennedy International - Jamaica, NY
LaGuardia Airport - Flushing, NY
T.F. Green Airport - Providence, R.I.
Westchester Airport - Westchester County, NY
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After I have found the house I want to purchase, what are the typical steps involved in writing an offer?
With the exception of Fairfield County, you and your Realtor will write the contract and the following steps typically will apply:
Step 1 Sales contract is signed by buyer and submitted with earnest money of typically $500 to $1,000.
Step 2 The seller accepts and signs the sales contract. Listing broker deposits earnest money in an escrow account until closing.
Step 3 If buyer has chosen to have contingencies specifying building and termite inspections to be written into the contract, these inspections are done at the buyer’s expense within agreed-upon days of signing the contract.
Step 4 Within 10 days of contract acceptance, additional monies are due which will total 10 percent of the purchase price, or an amount mutually agreed upon between buyer and seller.
Step 5 Buyer submits mortgage application to lending institution or to mortgage broker.
Step 6 Lender simultaneously orders credit report and an appraisal of the property.
Step 7 Lender approves buyer’s credit and property as collateral for the loan.
Step 8 Lender, having verified buyer’s employment, funds and appraisal, approves loan mortgage application and forwards documentation to its designated attorney.
Step 9 Upon acceptance of mortgage, the survey and title search are ordered by the purchaser’s attorney.
Step 10 Buyer exercises right of pre-conveyance inspection of property one or two days before closing to ensure compliance with all contract terms. Buyer and seller notify utilities of change of ownership effective as of closing date.
Step 11 Closing held at office of attorney or lender.

In Fairfield County, you and your Realtor will prepare an offer to purchase (binder) and the following steps typically will apply:
STEP 1 In negotiating the purchase of your new home, the initial step is to instruct your real estate agent to prepare an Offer to Purchase to present to the seller. This offer is in writing and is accompanied by a check (1% of the purchase price) to show “good faith.” The offer should include:
- The amount you are willing to pay.
- Closing and occupancy dates.
- Any contingencies, including obtaining of mortgage.
If the offer is not acceptable to the seller, further negotiations are necessary to reach terms agreeable to both buyer and seller.
STEP 2 When the buyer and seller agree on terms:
- The buyer immediately applies for financing and directs his/her real estate agent to arrange for building and pest inspections.
- The seller arranges for his/her attorney to draw up the Contract of Sale, based on the agreed-upon terms.
Step 3 The Contract of Sale should include the following:
- Purchase price
- Mortgage contingency (if any)
- Quality of title to be conveyed
- Date of possession
- Itemized list of personal property (appliances, fixtures, etc.) included in sale
- Satisfactory building and pest inspections (if desired)
The Contract of Sale is reviewed by the buyer (and his/her attorney) and signed, usually within 10 to 15 days following acceptance of the offer. It is exchanged with a check from the buyer to the seller’s attorney for 10 percent of the purchase price, less the 1 percent earnest money. (If 95 percent financing were accepted, the check would be for 5 percent of the purchase price, less the earnest money.) After the seller has also signed the contracts, the buyer’s attorney arranges the title search and other preparations necessary for the closing or passing of title.
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What is the state income tax in Connecticut?
The state's income tax is 4.5 percent. Connecticut also has a sales tax of 6 percent.
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If I want to go online to check out houses that are currently on the market, do I have to go to all the different Realtor Web sites to see every house that is listed?
No. Recent changes in multiple listing arrangements give all real estate companies the option of making all listings available on their respective Web sites. Prudential Connecticut Realty is a member of every MLS system in Connecticut and provides consumers access to every listing on the market in Connecticut. Consumers can also visit Realtor.com. However, the information available is not as current as the information available on individual Realtor's Web sites.
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What is the typical deposit I can expect to put down on a house upon contract signing?
Ten percent of the purchase price of the house is typical. However, it is negotiable, as are all terms of the contract.
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What are the most common inspections I should consider having as part of my offer on a house?
The house inspection: An evaluation of the property to determine if there are any specific problems that could change its value. The inspection also helps you decide on those items you wish to ask the seller to repair. The buyer typically pays for the inspection.
Termite and Pest Inspection: If termites are found, you must have proof that the house has been treated and that any termite damage has been repaired. This is usually the seller's responsibility.
Water Potability: This test determines whether your water meets Connecticut standards for potable drinking water.
Water Chemical Analysis: This test determines whether there are chemicals in private well water that might be harmful to drink or might give the water an off-color or taste.
Radon Gas: These tests determine whether there are levels or radon gas in the home or water that exceed levels recommended by the Federal Department of Health and Human Services.
Lead-Based Paint/Lead-Based Paint Hazards: Every buyer of a home built prior to 1978 has the right to perform tests to determine the presence of lead-based paint or lead-based paint hazards.
Sub-Surface Sewage Disposal: Residences are connected to their own private sub-surface sewage disposal system. The care and use of private, sub-surface sewage disposal systems is much different than the use of public sewers. The Connecticut Health Department has several brochures containing information on sub-surface sewage disposal.
Well Water Recovery Test: This test determines how much water the well produces each minute. A relatively low gallons per minute rating does not necessarily indicate a bad well provided the well has sufficient storage capacity.
Underground Oil Tanks: Leaking underground oil tanks present liability issues for buyers and sellers. Connecticut law imposes responsibility on any land owner whose underground oil tank leaks for cleanup costs and damage to other properties as a result of a spill. Some towns have special ordinances regarding underground oil tanks. It is important for a purchaser to know if the property has an underground oil tank and to speak with the local Fire Marshal, the State Department of Environmental Protection, or building inspector concerning underground oil tanks.
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