Kevin, a licensed salesperson in Connecticut, is working with a buyer who wants to submit an offer on a Stamford property. Before presenting the offer, Kevin has a first substantive conversation with the seller's listing agent about the property's condition and the seller's motivation. Under Connecticut law, what must Kevin do at this point?
Correct Answer
A) Deliver the state-approved agency disclosure form to the listing agent and the seller
Under CGS § 20-325c, Connecticut licensees must provide the state-approved written agency disclosure form at the first substantive contact with a buyer or seller who is not already represented. A 'first substantive contact' includes any discussion about a specific property, including conversations about condition or seller motivation. Kevin must ensure the disclosure is delivered at or before this point in the transaction to comply with Connecticut agency disclosure law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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