A Connecticut purchase agreement for residential property has been fully executed between the seller and buyer. Under Connecticut law and standard practice, which of the following is NOT a required or legally mandated element that must be addressed before or at closing for a valid residential property transfer?
Correct Answer
C) Seller's written approval of the buyer's choice of mortgage lender
Connecticut law does not require the seller to approve or consent to the buyer's choice of mortgage lender. The buyer has the independent right to select any lender of their choosing. Seller approval of the buyer's lender is not a legally mandated element of a Connecticut residential property transfer under any provision of CGS Chapter 392 or related statutes.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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.
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