Updated July 09, 2022
A Connecticut residential purchase and sale agreement is a written contract between a person selling a property (seller) and the person intent on purchasing said property (buyer). The price of the property will be negotiated by the two parties as will certain terms and conditions of their arrangement and the potential transaction. Once both parties sign the document, the contract becomes legally binding and cannot be terminated unless 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 state of the property including any known defects. The seller is not required to make further inspections to discover issues that they had no previous knowledge of, they need only disclose problems of which they are currently aware.
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Other Versions (3)
Eastern Connecticut Assoc. of Realtors
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Greater New Haven Assoc. of Realtors
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Disclosures (2)
Lead-Based Paint Disclosure – Dwellings constructed prior to 1978 may contain lead-based paint, therefore, it is mandatory for sellers to provide this disclosure form to a potential buyer of a property built before this year.
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Residential Property Condition Report
(§ 20-327b) – The Connecticut Department of Consumer Protection obliges sellers of a residential property to complete this disclosure form and present it to any potential buyer PRIOR to any binder or contract.
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Commercial Property
Commercial Purchase Agreement – A binding agreement between a buyer and a seller for commercial real estate transactions.
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