A Connecticut residential purchase agreement is a legally binding contract between a buyer and a seller that facilitates the sale of residential property. This document outlines essential details such as the purchase price, closing date, and specific conditions that must be met for the transaction to proceed.
Both parties must agree to the conditions stipulated in the agreement, which typically include deadlines for mortgage approval, down payments, and property inspections. Additionally, the contract may specify whether personal property is included in the sale and ensure that all required state disclosures are made.
State Laws
- Fair Housing Notice: Prospective buyers of residential properties with two or more units must receive and sign a notice about housing discrimination and fair housing laws, which must be attached to the purchase agreement. [1]
- Guide for Property Owners Selling Their Homes: The Connecticut Association of Realtors provides assistance and information for sellers navigating the property transaction process.
Realtor Version
Purchase and Sale Agreement
This version of the Eastern Connecticut Association of Realtors establishes the terms and conditions for the purchase and sale of residential property.
Required Seller Disclosures
Lead-Based Paint Disclosure
For homes built before 1978, sellers must provide buyers with a lead paint disclosure form and an EPA-approved pamphlet detailing the hazards of lead paint (42 U.S. Code § 4852d).
Do Sellers in Connecticut Have to Disclose Property Defects?
Yes, sellers in Connecticut must disclose property defects. This requirement ensures that buyers are informed about the property’s condition before finalizing the transaction, protecting them from undisclosed issues.
In contrast, some states follow “caveat emptor” (let the buyer beware), where buyers are responsible for inspecting the property for defects. This means if buyers do not conduct proper inspections, they may not have legal recourse to reverse the transaction.
