The Connecticut Department of Consumer Protection has finished revisions to the Residential Property Condition Disclosure Form as per Public Act 12-122 which was enacted in 2012.
The new disclosure form contains added provisions for the following:
- Community and association fees if applicable;
- The presence of or removal of underground storage tanks (namely oil);
- Suggestion that prospective buyer should seek building permit and certificate of occupancy information;
- Suggestion that property should be inspected;
- Information regarding prior or pending litigation, governmental or administrative actions, orders or liens relating to hazardous substances;
- Added information regarding smoke and carbon monoxide detectors;
- Increased credit to Buyer from Seller from $300 to $500 for failure to provide the form.
Prospective Sellers can download a copy of the form by following he link below:
Residential Property Condition Disclosure Form
Residential Property Condition Disclosure Report
In Connecticut, the seller of a residential property must provide the buyer or their agent a Property Condition Disclosure Report. This is pursuant to Connecticut General Statute § 20-327b, which applies to the sale of 1 to 4 family residential property, including sale of units in a condominium or common interest community. A copy of the Disclosure Report, signed by seller and buyer, must be attached to the purchase contract. A copy of the Property Condition Disclosure Report form can be found on the here:
Residential Property Condition Disclosure Report
Some transactions are exempt, and sellers do not have to provide a Property Condition Disclosure in the following situations (list not exhaustive):
- sale of newly constructed residential real property to which statutory warranties apply;
- sales by executors, administrators, trustees or conservators;
- sales by the state or Federal government or government agency; and
- sales of property acquired by deed in lieu of foreclosure or by a judgment of foreclosure.
Failure of the seller to provide a Property Condition Disclosure Report results in a $500 credit to the buyer as a matter of law.
Dual Agency Real Estate Transaction
Can One Real Estate Agent Represent the Buyer & Seller?
Recently, a potential client came into our office for representation in a commercial real estate transaction. He had contacted a real estate agent who told him the perfect property was already listed with his real estate agency, and negotiations on the real estate property had begun. That would make that real estate agent both the listing and selling agent on that transaction. The potential client had a question: Can one real estate agent represent the Buyer and the Seller on the same transaction?
Usually, the listing agent works for the seller and owes a duty of loyalty and confidentiality to the seller. Similarly, the selling agent works for the buyer and owes a duty of loyalty and confidentiality to that buyer. In a dual agency real estate transaction, the seller and buyer have the same agent, or both agents work for the same broker, creating a conflict of interest.
However, in Connecticut that conflict of interest is not a complete bar against dual agency. Dual agency is permitted in Connecticut, pursuant to C.G.S. § 2-325g. The statute says that Dual Agency is allowable as long as all parties are informed, and both the Buyer and the Seller waive the conflict of interest in a Dual Agency Consent Agreement. Yes, one real estate agent CAN represent both the seller and buyer in the same transaction.
In Dual Agency real estate transactions, it becomes even more important for clients to retain the assistance of a real estate attorney as soon as possible. First, the buyer or seller will want somebody to review the Consent Agreement. Secondly, they will need more protection since the agent is not solely looking out for their best interest.
If you are buying or selling a home, condo, apartment or place of business, contact The Law Office of Eugene Glouzgal. We charge very competitive flat fees on closings and our client oriented approach alleviates the stress involved in real estate transactions. Contact us today by phone at 203-794-6691 or by e-mail at Glouzgal@CTAttorney.us.
Role of the Seller’s Attorney in a Real Estate Closing
If you are looking to sell your home, you may or may not want to hire a real estate agent, but you will definitely want to hire a real estate attorney. While the marketing of your home to potential buyers is something you might be able to handle yourself, the services of a sellers closing attorney are essential to a legally compliant real estate sale. However, many sellers ask themselves: What does a sellers closing attorney do?
A sellers closing attorney offers an array of services to their clients that legally legitimize the sale and make it binding, while at the same time protecting the liability and financial interests of their client. A sellers closing attorney provides the following services:
- Reviews listing agreement with real estate agent/broker (if hired early enough);
- Drafts contract of sale;
- Negotiates contract terms with buyers closing attorney;
- Prepares closing documents such as disclosures and power of attorney;
- Obtains payoff statements from current mortgage companies;
- Attends the closing with, or on behalf of, the client;
- Handles cash flow in escrow, receiving purchase funds and paying off existing mortgages; and
- Secure and record releases for mortgages paid at closing.
A sellers closing attorney can save a seller of real estate property a lot of stress and worry. Selling a home or business location? Make sure you are legally compliant and your liabilities are limited by contact The Law Office of Eugene Glouzgall, LLC to handle your real estate closing matters. We charge flat rate fees on closings, and we offer FREE consultations, so you can make sure we are the right attorney for you.
Whether you are selling or purchasing a home or business location, you will need a real estate attorney to handle your closing. You may ask yourself: How do I pick a real estate attorney?
There are plenty of real estate attorney’s out there, but how do you pick just one? You should consider two things, cost and trust.
The first factor to consider is cost. You should pick a real estate attorney that you can afford. If a real estate attorney is charging above average fees, ask them why they think their representation is worth the extra money. Similarly, if a real estate attorney is charging below average fees, ask them why. In either situation, the answers might surprise you, and either way, it’ll tell you a little more about the attorney and how they handle difficult questions.
The second factor to consider is the level of trust you have in the real estate attorney. After all, this person is going to be handling hundreds of thousands of dollars on your behalf. They will be organizing and coordinating all of the paperwork regarding the sale or purchase of the real estate. They will be drafting the sales and purchase contract in an effort to protect your interests in the sale or purchase. Finally, they will be your primary point of contact for resolving any issues that arise of the sale of purchase. In essence, your real estate attorney will be the glue holding the entire deal together. You need to be able to trust them to be thorough, diligent, with good attention to detail, and most of all, honest.
You need to make sure that your attorney is right for you. That is why The Law Office of Eugene Glouzgal offers free consultations with no obligation to all our clients. Contact us today for a FREE CONSULTATION WITH NO OBLIGATION by email at Glouzgal@CTAttorney.us or by phone at 203-794-6691.