How Connecticut Closings Work in Greenwich

Are you getting ready to close on a home in Greenwich? The last mile of a real estate deal can feel complex, especially with high-value properties, coastal considerations, and multiple professionals at the table. You want a smooth, predictable process and no surprises on timing, money, or documents. This guide walks you through how Connecticut closings work in Greenwich, what to expect at each step, and how to avoid common pitfalls so you can reach the finish line with confidence. Let’s dive in.

The closing timeline in Connecticut

Most Greenwich closings finish in about 30 to 60 days after you sign the Purchase and Sale Agreement. Cash deals can be faster, while complex title issues or certain loans can add time. The biggest variables tend to be mortgage underwriting, appraisal scheduling, and inspection repairs.

Here is the sequence you can expect:

• Offer accepted and contract signed.
• Earnest money deposit placed into escrow as the contract specifies.
• Attorney review and any contract changes.
• Buyer due diligence for inspections and mortgage approval.
• Title search, title insurance ordered, and any issues cleared.
• Final underwriting and a clear to close from your lender.
• Closing Disclosure delivered at least 3 business days before closing for financed buyers.
• Final walkthrough.
• Signing and funding, followed by recording at the Town Clerk.

Who does what in Greenwich closings

Greenwich follows Connecticut customs that rely on attorneys. It is common for both buyer and seller to hire counsel to review and modify the contract, handle title and escrow, and prepare closing documents. Your attorney and the closing attorney or title company coordinate with your lender, inspectors, and the municipal offices to clear the way to closing.

The core team includes:

• You and the other party.
• Real estate agents on both sides.
• Buyer and seller attorneys.
• Lender and appraiser, if there is a loan.
• Title company or closing attorney.
• Inspectors and, when needed, municipal contacts such as the Assessor and Tax Collector.

In Connecticut, the contract states who holds the earnest money. It is often an attorney escrow or the listing broker’s escrow, depending on local custom and your agreement.

Contingencies and due diligence

Most Greenwich contracts include common protections that help you verify property condition and financing. You will see attorney review, financing, inspection, appraisal, and title contingencies. Some buyers also include a sale contingency if they need to sell another home first.

Plan for inspections that fit Greenwich’s housing stock:

• General home inspection for structure and systems.
• Radon test, since levels can vary across Connecticut.
• Septic inspection for homes not on town sewer.
• Well water testing for private wells.
• Oil tank search or inspection because many homes use oil heat.
• Mold, asbestos, and lead-based paint considerations, especially in older homes. Federal lead rules apply to homes built before 1978.
• Coastal and flood zone review for properties near tidal areas. Confirm FEMA flood zone and whether flood insurance is required.
• Boundary and survey review to confirm lot lines, easements, and rights of way.

Title, escrow, and insurance

Your closing attorney or title company will run a full title search to check for mortgages, liens, judgments, unpaid taxes, easements, or chain-of-title gaps. If issues appear, your attorney will work with the other side to cure the defects before closing. Title insurance is standard: your lender will require a lender’s policy, and an owner’s policy is recommended to protect your equity.

Escrow handling is spelled out in the contract. Earnest money is held in a trust account and applied to your closing funds or returned according to the contingency outcomes in your agreement.

The documents you will sign

On closing day, you will sign the core legal and financial documents:

• Deed transferring ownership to the buyer.
• Closing Disclosure for financed transactions, provided at least 3 business days prior.
• Promissory Note and Mortgage for loans.
• Title and seller affidavits.
• State and local conveyance forms and acknowledgments.

Some transactions still use a settlement statement format in addition to the Closing Disclosure. Your attorney will explain which ones apply to your deal.

Closing costs and who pays what

Costs vary by property and loan type, but a simple rule of thumb helps you plan. Buyers often see closing costs around 2 to 5 percent of the purchase price, excluding the down payment. This can include loan fees, appraisal, title search and insurance, survey, recording, and attorney fees. Taxes and any HOA dues are typically prorated to the day of closing.

For sellers, broker commissions are often the largest cost and are negotiated in your listing agreement. Other seller-side expenses commonly include any mortgage payoffs, liens, conveyance taxes and recording fees, and your attorney’s fees. Who pays for the owner’s title policy varies by local custom and negotiation. In Greenwich’s high-end market, the absolute dollar amounts can be large, so request detailed estimates early from your attorney and lender.

Money handling and wire security

You will need a government-issued photo ID at closing. Buyers must provide certified funds or a bank wire for their closing funds. Lenders wire loan proceeds to the closing attorney once final conditions are met.

Wire fraud is a real risk in real estate. Always verify wiring instructions by calling your attorney or title company at a known phone number. Do not rely on email instructions without verbal confirmation. Treat last-minute changes with extra caution.

Day-of-closing and recording in Greenwich

Before signing, you will complete a final walkthrough to confirm the property’s condition. At the closing, you will execute all documents and the closing attorney will balance the settlement figures. After signing, the deed and mortgage are recorded with the Town Clerk. Recording usually happens the same day or within a few business days. Once recorded and funds are disbursed, you receive the keys.

After closing: your short checklist

Keep your post-closing to-dos tight and simple:

• Save all closing documents, title policy, and survey.
• Transfer utilities and update your mailing address.
• Confirm that the deed and mortgage were recorded.
• Watch for your first property tax bill from the town.
• Store warranties and manuals for future reference.

Common Greenwich pitfalls to avoid

A few patterns can delay or derail a closing. You can reduce risk with early planning and clear communication.

• Title defects discovered late. Ask your attorney to order title work early and address any issues as soon as possible.
• Underestimating closing costs. Request itemized estimates from your lender and attorney and build a buffer for high-value properties.
• Vague inspection scope. Define allowed inspections in the contract and who pays. Sellers may benefit from a pre-listing inspection to surface issues.
• Coastal and flood changes. Confirm FEMA flood zone and insurance early. Renovations near the coast or wetlands can require permits that affect timing.
• Wire fraud attempts. Verify wiring by phone and never rely on email-only instructions.

How we can help you close with confidence

When transactions are large and timelines are tight, senior-level guidance matters. With a boutique, advisory-first approach, Charles Paternina & Associates brings financial rigor and local Greenwich insight to each phase of your closing. You get a single senior point of contact who coordinates attorneys, lenders, inspectors, and the town offices while protecting your position on pricing, credits, and contingencies.

Whether you are selling a waterfront estate or buying in one of Greenwich’s villages, our role is to reduce friction, anticipate issues, and execute with discretion. If you are moving from another market, we also handle cross-market coordination so your closings line up smoothly.

Ready to talk through your plan, timeline, and next steps? Request a Private Consultation with Charles Paternina & Associates to align your closing strategy with your goals.

FAQs

What is the typical closing timeline in Greenwich, CT?

• Most residential closings take about 30 to 60 days from contract, depending on financing, inspections, and title clearance.

Do I need an attorney for a Greenwich closing?

• It is customary and strongly recommended in Connecticut for both buyers and sellers to retain counsel to review contracts and manage closing documents.

Who holds the earnest money in Connecticut?

• The Purchase and Sale Agreement specifies the escrow holder, often an attorney or the listing broker’s escrow account.

What inspections are common for Greenwich homes?

• General home inspection, radon, septic or well as applicable, oil tank review, and possible mold, asbestos, or lead-based paint checks, plus flood and survey review near the coast.

How are closing costs typically split in Greenwich?

• Buyers usually cover loan-related fees, title work, and recording fees, while sellers cover broker commissions, payoffs, and conveyance costs; many items are negotiable.

How does flood insurance affect a Greenwich closing?

• If a property lies in a FEMA flood zone that requires insurance, your lender may require a policy before closing, which can affect timing and cost.