A real estate disclosure is a report prepared by the seller that provides the prospective buyer with information about the property. It is one of the most important documents in the entire transaction and contains details about the structure and land on which it rests. Every state has different laws governing these disclosures, and in Connecticut, sellers can face a financial penalty for failing to submit one. Here, Jewett City’s Stuart R. Norman Jr. explains what sellers should know about the state’s disclosure requirements.

Disclosure Obligations

Connecticut’s residential property condition disclosure report is comprised of 38 questions. These questions ask about everything from structural elements like roofing to property features like trees and flooding. Sellers must complete this report before signing the purchase contract, regardless if a broker or agent is involved in the transaction. After the seller answers all questions to the best of his or her knowledge and signs the report, the buyer must review it and sign the bottom to confirm the receipt.

Potential Penalties

In the state of Connecticut, sellers who fail to submit a completed disclosure report must pay a $300 fine to the buyer upon closing. This may seem like a minor penalty, but it is always better to fill out the disclosure report than violate the law and take the financial hit. Such transparency puts potential buyers at ease, which means the seller will likely receive more offers sooner, even if the form details a few defects throughout the property.

If you want to sell a property in Connecticut, turn to Stuart R. Norman Jr. for expert guidance every step of the way. Based in Jewett City, this real estate attorney has been representing buyers and sellers during complicated financial transactions for over four decades. By limiting his scope of practice to just a few areas — which include elder law and estate planning — he can provide comprehensive counsel to every client. To request an initial consultation with this real estate lawyer, visit his website or call (860) 376-0069.