A purchase and sale contract in Connecticut is a written contract between a person who sells a property (seller) and the person who wants to buy that property (buyer). The price of the property is negotiated by both parties, as well as certain terms of their agreement and the potential transaction. As soon as both parties sign the document, the contract becomes legally binding and can only be terminated if both parties agree. While it is in the buyer`s best interest to inspect the property and ensure that it is in good condition, the seller must, by law, disclose the current condition of the property, including all known defects. The seller is not required to carry out further inspections to detect problems of which he had no prior knowledge, but must only disclose problems that he is currently aware of. Disclosure statement of residential real estate. In Connecticut, sellers of residential property are encouraged to complete this disclosure form and present to any potential buyer. (No. 20-327b) The Connecticut sales contract describes the completion of a residential real estate transaction. Both parties, the buyer and the seller, must de-register the terms of sale and then transcribe the data in the form to ensure a valid record of the exchange. This data includes the description of the property, the purchase price, the financing method and other critical aspects of the sale.
The seller is required to provide all information imposed by the state in order to obtain an effective contract. (The Connecticut Realtor`s Association provides a guide for homeowners who sell their homes, which contain valuable information for those interested.) Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. In some states, sellers are required to provide additional documentation to ensure the status of the accommodation. While other states require the seller to reveal a certain type of problem on the ground, such as. B a material error. In Connecticut, in addition to the sales contract, you must complete the following documents: Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – Necessary in all U.S. states, this disclosure imposed by the Confederation requires that the seller of a residential property manufactured before 1978 provide the buyer with all the information about lead color risks that can be found in the premises with an EPO-approved brochure. The Connecticut Residential Purchase Contract (“Residential Purchase Contract”) outlines the terms of a potential buyer`s offer to purchase residential real estate.