Connecticut Offer to Purchase
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FAQ
Selling without a real estate agent, known as listing For Sale By Owner (FSBO), is a viable option for experienced home sellers who are willing to put in the time and effort. However, selling FSBO has risks.
Deposit ? At the time contracts are signed, the buyer is usually required to pay a deposit. The deposit is generally ten (10%) percent of the sales price, but can be less depending on the circumstances. This deposit is usually held by the seller's attorney in escrow to insure that the buyer proceeds with the purchase.
Connecticut law prohibits a broker or salesperson from representing or negotiating on behalf of a buyer unless a buyer signs a written agreement to allow the broker or salesperson to act on buyer's behalf.
Dual agency is allowed, if both parties give their informed consent. Dual agency is permitted if both the buyer and seller give their informed consent to it. One way that this consent can be obtained is by using the Dual Agency/Designated Agency Disclosure Notice and Consent Agreement.
A Buyer Representation Agreement is a legal document that formalizes your working relationship with a particular buyer's representative, detailing what services you are entitled to and what your buyer's rep expects from you in return.
Types of Buying Agency Agreements These agreements must include an expiration date, a fair housing statement, a blockbusting statement, and a signature line for both the broker and the seller.
