Property Disclosures
One of the main purposes of a property disclosure statement is that it allows the buyer to learn as much as they can about the property and the seller’s experience in it. Among the information in the disclosure is:
• Information on updates and/or renovations done by the sellers.
• The disclosure of any hazards and any defects or malfunctions with major systems or appliances.
• The disclosure of any material facts. Note: Disclosures by no means take the place of a house inspection. A professional inspection may reveal defects the seller is not aware of in the home. A potential buyer should always do a full property inspection before moving forward with a purchase.
Types of Property Disclosure:
• Property Condition Disclosure: The Uniform Property Condition Disclosure Act (Connecticut General Statutes Section 20-327b) requires the seller of residential property to provide this disclosure to the prospective purchaser prior to the prospective purchaser’s execution of any binder, contract to purchase, option or lease containing a purchase option. These provisions apply to the transfer of residential real property of four dwelling units or less made with or without the assistance of a licensed broker or salesperson. The seller will be required to credit the purchaser with the sum of $500 or the amount set forth in section 20- 327c of the Connecticut General Statutes if said section prescribes a different amount, at closing if the seller fails to furnish this report as required by said act.
• Lead Disclosure: The seller of any residential property built prior to 1978 is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller’s possession and notify the buyer of any known lead-based paint hazards.
