Maria is selling her single-family home in Hartford and has accepted a written purchase agreement from a buyer. Under Connecticut law, when must the seller provide the buyer with the written Property Condition Disclosure Report?
Correct Answer
A) Before the purchase contract is signed by the buyer
Under CGS § 20-327b, the Connecticut Residential Property Condition Disclosure Act requires the seller to deliver the written Property Condition Disclosure Report to the buyer before the purchase contract is signed. The purpose is to ensure the buyer has full knowledge of the property's condition before becoming contractually bound.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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