Greenwich Real Estate Terms Explained
Buying or selling a home in Greenwich can feel like learning a new language. Between attorney review, earnest money, and contingencies, it is easy to miss details that affect your wallet and your timeline. You want a smooth closing and clear answers. This guide breaks down the key Greenwich real estate terms and local norms so you can make confident decisions from offer to keys. Let’s dive in.
Greenwich is an attorney-driven market with high-value properties and varied home types, from historic estates to coastal homes. That means contracts, deposits, inspections, title, and possession logistics are handled with extra care. When you know how each step works locally, you can negotiate better, set realistic timelines, and avoid costly delays.
Attorney review is the period when your attorney reviews and negotiates the Purchase and Sale agreement and related documents. In Connecticut, buyers and sellers usually retain counsel early. There is no automatic cooling-off statute; instead, this is a contractual phase to finalize terms and resolve issues.
In Greenwich, attorneys commonly negotiate contingencies, closing dates, post-closing occupancy, representations about property condition, and who pays which closing costs. Each side typically pays their own attorney fees. Strong communication between your attorney and agent keeps the deal on track.
A binder or earnest money deposit shows good faith and is applied to the purchase price at closing unless forfeited under the contract. For higher-priced Greenwich homes, deposits are often substantial. Funds are held in escrow, typically in a listing attorney’s IOLTA account, a buyer’s attorney escrow, or a licensed broker escrow account.
Your contract should name the escrow holder, detail when the deposit is due, and spell out how it can be released or forfeited. Always confirm that your funds are held in an IOLTA or insured escrow account for protection.
Contingencies are clauses that let you cancel or renegotiate if a condition is not met by a deadline. Common Greenwich contingencies include:
Sellers prefer fewer or shorter contingencies. Use them to manage risk, and be precise about deadlines and notice requirements so you do not lose rights or weaken your offer competitiveness.
A lender-ordered appraisal confirms value relative to the loan. Valuing unique Greenwich properties can be challenging because comparable sales may be limited. If the appraisal comes in lower than the contract price, you can renegotiate, bring additional cash, challenge the appraisal with more comparables, or rely on an appraisal contingency if included. Cash buyers avoid the lender appraisal requirement but should still understand value for insurance and tax considerations.
A title search confirms ownership and uncovers liens, easements, or other encumbrances. Title insurance protects against covered defects that were not known at closing. In Greenwich, title work is typically handled by attorneys or title companies that issue commitments.
Two policies are common: a lender’s policy, usually required by lenders, and an owner’s policy, which is optional but recommended to protect your equity. The contract should state who pays for which policy. Any title defects, like unpaid mortgages or tax liens, must be cleared before closing.
Real estate transfers in Connecticut are subject to state-level conveyance or transfer taxes, and you will also see local recording charges. Who pays which items can vary by local custom and negotiation. Your closing attorney should verify the current rules, forms, and fees and confirm how they affect your closing costs early in the process.
Post-closing possession means one party remains in or takes possession after closing. In Greenwich, short seller rent-backs and early occupancy are possible when carefully documented in the contract. A written agreement should define dates, daily or weekly rent, security deposit, insurance, utilities, access, indemnity, and condition at move-out.
Possession is controlled by the deed and contract, not by oral promises. Make sure any occupancy arrangements are in writing and signed.
Greenwich timelines vary by property and contract, but here is what you can expect:
Who pays what depends on the contract and local custom. Buyers often cover inspections, appraisal, lender fees, loan-related title insurance, their attorney, and recording fees related to the mortgage. Sellers typically pay broker commissions, any mortgage or lien payoffs, and certain transfer or recording costs as negotiated. Taxes, HOA dues, and utilities are commonly prorated.
Each Greenwich transaction is unique. Experienced guidance can help you set smart contingency windows, structure deposits, address title items, and plan for taxes and possession. If you want a clear path from offer to closing, connect with a local expert who understands attorney-driven deals and high-value properties.
For tailored advice on your next move in Greenwich or across Fairfield County, reach out to Angela Alfano. You will get attentive, boutique service backed by two decades of local experience and a proven negotiation record.
Whether you are selling one of the mid-size single-family homes in Fairfield County or a luxurious acreage estate, Angela has garnered a reputation for being personable, friendly, and willing to go above and beyond to ensure her clients get the possible outcomes. Her goal is always to exceed client expectations.