If you plan on buying or selling a home in Connecticut, it’s wise to familiarize yourself with the state’s disclosure requirements. In the Constitution State, real estate law mandates that sellers must complete a residential property condition disclosure report and give it to the buyer prior to entering into any kind of contract. Here’s what you should keep in mind when it comes to this document.

What Should the Report Contain?

The seller is obligated to disclose details regarding both existing problems and potential issues about the property. The official disclosure report is comprised of 38 questions that address everything from the home’s foundation and structural integrity to its utilities and appliances. This report also addresses the premises, including environmental factors that might pose serious health hazards. 

What if the Seller Fails to Provide a Report? 

Under real estate law, sellers who fail to submit a completed disclosure report face a $500 penalty. This fine must be paid to the buyer at closing, assuming the buyer is comfortable proceeding with the transaction without the document. There may also be serious penalties if the seller completes the form but does not do so accurately. Lying on a disclosure report or failing to include known defects, could end with the seller facing a lawsuit on the grounds of fraud or breach of contract. 

To protect your financial interests during a major transaction, turn to the real estate law team at D’Agosto & Howe LLC. Located in Fairfield County, CT, this firm is led by two seasoned lawyers who have more than 40 years of experience between them. Their areas of practice include family law, criminal defense, personal injury law, Social Security disability, bankruptcy law, and estate planning. To view a full list of all the services they provide, visit their website. To schedule an initial consultation with a real estate law attorney on their team, call (203) 712-0210.