For Buyers
Buy Real Estate in Stowe Vermont With Confidence
Know Your Rights & Responsibilities
It is importance that you stay well informed of the details of your real estate contracts, not only the purchase and sales contract, but also the contract outlining the relationship between you and the sales agent(s) with whom you work. Real estate contracts can be complex and confusing, and they are legally binding documents. It is important that you know what you are responsible for before signing any contract. Not being familiar with your contracts could cost you hundreds, or even thousands of dollars.
Define What You are Looking For
Unless you put some thought into criteria for your ideal property, there will not be any focus to your search. Lack of focus often leads to frustration. Things to consider when making a list of criteria include: - Number of Bedrooms
- Number of Bathrooms
- Total acreage and or square feet
- Garage
- Importance of Views
- Proximity to Amenities and Neighbors
- Setting
- Accessability of Driveway
Determine What You Can Afford
Before spending time looking at properties it is best to figure out the price range with which you are comfortable. Sometimes our desires must be tempered by our means. If you are going to be getting a loan for your purchase meet with your lender or mortgage broker for help determining the amount you can borrow. The loan for which you can qualify plus the funds you have available for a down payment less one percent of that total is a rough guide of the high end of the price range for which your are suited.
Conduct A Property Search With a Realtor
The residents of the town of Stowe have decided not to allow real estate brokers to place for sale signs. This zoning regulation makes the area look nice, but does make it difficult to know what properties are for sale. By coming in to our office we can show you everything available in the Multiple Listing Service data base for our area. After narrowing the list down, we can make appointments to show you your chosen properties. Bear in mind that properties are often occupied and up to twenty four hours notice may be needed before a property can be shown.
Make an Offer
Getting to the Closing
"Closing" is a term used for the process of paying the seller, taking actual ownership of the property by a transfer of title, and getting the keys if a structure is on the property. Many things must be done after the execution of a purchase and sales contract and prior to closing. While there is not prescribed timeframe for achieving these tasks (inspections, attorney's work, financing issues, etc), the parties usually agree on a closing date six to twelve weeks after the contract is signed.
Closing the Deal
In Vermont it is most common for the purchaser's attorney to conduct the closing, usually at the attorney's office. Vermot attorney's often handle the "closing" of the loan as well. "Closing" the loan is the process by which an attorney or loan officer explains the loan documents to you and oversees your execution of the documents, which the lender requires before releasing the loan proceeds. The deed evidences a transfer of ownership from the seller to the purhcaser and is recorded by your attorney in the town's land records. In Vermont title is usually transferred by a Warranty Deed, the particulars of which can be explained by your attorney.
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