If you’re planning to buy or sell property in Connecticut, review the state’s real estate disclosure obligations first. A disclosure report is a detailed document that contains information regarding existing and potential defects. The seller must complete this form prior to presenting the buyer with a purchase contract for evaluation. A real estate lawyer will assist you with drafting this document. The primer below will introduce you to the subject and help you understand why this is a key step of the process. 

What to Know About Property Disclosure Forms

What Should the Report Contain?

Those selling residential property in Connecticut must complete the condition disclosure report form for prospective buyers to review. This report contains nearly 40 questions divided into three categories. The first category contains general information, the second addresses the property’s utility systems, and the third discusses the physical structure and any necessary repairs. Overall, the document will contain a wealth of information regarding the roofing, foundation, appliances, electrical and plumbing systems, and any environmental hazards on your property.  

What If the Seller Fails to Disclose?

When sellers fail to abide by the state’s disclosure requirements, they can face penalties. If they don’t complete the form, for example, but the transaction proceeds, they must pay the buyer $500 at closing. If they do fill out the form but it contains errors, they could end up facing a lawsuit for fraud or breach of contract. In Connecticut, buyers have three years from the date on which the omission occurred to sue for fraudulent nondisclosure. If you’re a seller, a real estate lawyer will help ensure the information included in the document is thorough and accurate, protecting you from potential conflict. Sellers are also required to disclose the existence or non-existence of smoke detectors and carbon monoxide detectors. Failure to do so can result in a credit to the buyer at closing. 

If you need a real estate lawyer, turn to Renzullo & Associates. Based in Winsted, CT, the seasoned attorneys at this law office have more than 50 years of combined experience. Individuals and businesses throughout Litchfield County rely on them for strategic counsel regarding all kinds of legal disputes, including those that arise in the course of selling or acquiring property. To learn more about the services they provide, visit their website. To schedule an initial consultation with a real estate lawyer on their team, call (860) 379-9885.