Updated April 15, 2024
A Connecticut commercial real estate purchase and sale agreement is a legal contract binding a seller of commercial property and a buyer. The agreement allows the seller to detail certain conditions of the transaction, such as sale price, inclusions, financing, deposits, deadlines and termination options, and other important contingencies. The buyer will look over the document with their agent and/or attorney (legal counsel is advised due to the complex nature of commercial real estate law) and may negotiate with the seller on certain terms of the agreement. The document must be signed by all parties and, after signatures are inscribed, the seller must allow the potential buyer to inspect the premises before committing to the property transaction.
Disclosures
Disclosure of Representation – Real estate broker who represents a seller or buyer in any real estate transaction must disclose the identity of his/her client to any party to the transaction who is NOT represented by another real estate broker.[1]
Broker Subagency – Real estate broker cannot make a unilateral offer of subagency for the sale or purchase of real property without written consent from the person they represent, containing a disclosure statement that the law imposes vicarious liability on the principal for the acts of the subagent.[2]
Residential Property
Connecticut Residential Purchase Agreement – A legally binding document that sets forth the terms and conditions of a residential real estate sale.
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