Connecticut Purchase Contract and Receipt - Residential
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How to fill out Purchase Contract And Receipt - Residential?
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FAQ
Unlike some states, Connecticut is not a buyer beware state as it relates to residential property. This means that the rule of Caveat Emptor does not apply to homes and residential property.
Disclosure Law in Connecticut for Home SalesConnecticut General Statutes § 20-327b requires that residential sellers make certain disclosures to a potential buyer. The statute applies regardless of whether a licensed salesperson or broker is involved in the transaction.
In Connecticut, a seller can get out of a real estate contract if the buyer's contingencies are not metthese include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale.
The Uniform Property Condition Disclosure Act (Connecticut General Statutes Section 20-327b) requires the seller of residential property to provide this disclosure to the prospective purchaser prior to the prospective purchaser's execution of any binder, contract to purchase, option or lease containing a purchase
The exclusive right-to-represent contract is the most common buyer representation agreement and best protects the agent.
Buyers. Connecticut law requires a real estate agent to enter into a written Buyer Representation Agreement with a buyer before showing properties to a buyer.
For in-house sales, where only one brokerage firm is involved, the brokerage firm can represent both the buyer and seller as a dual agent, provided that this consent is obtained. The forms provide guidance as to what type of disclosures cannot be made in a dual agency relationship.
The law exempts landlords from providing written disclosure to prospective tenants if the presence of mold was remediated according to the mold remediation guidelines (Cal. Health & Safety Code § 26147).
Connecticut has a law that requires agents and buyers to sign an agreement in order to show a home that is not listed by the agent's brokerage. Agents who do not have buyers sign a representation agreement are breaking the law!
Sub-agency is illegal in Connecticut. A dual agent is required to act in the best interests of both the seller and the buyer. Dual agency consent can be obtained at the time an agency agreement is signed. A designated agent only represents one party and is not a dual agent.
