Article Structure
The Connecticut Real Estate Purchase and Sales Agreement is a crucial document in the home buying and selling process, designed to ensure that both parties—buyers and sellers—understand their rights and obligations. This legally binding agreement outlines essential elements such as the purchase price, property description, and the terms of sale, ensuring clarity from the outset. It specifies what is included in the sale, from the physical structure to fixtures and improvements, helping to prevent misunderstandings later on. The form also incorporates provisions for deposits, financing contingencies, and inspections, allowing buyers to secure financing and assess the property’s condition before finalizing the sale. Additionally, it addresses the condition of the property at the time of sale and includes clauses about lead-based paint, property maintenance, and marketable title, which are vital for protecting the interests of both parties. By following the guidelines laid out in this agreement, buyers and sellers can navigate the complexities of real estate transactions with greater confidence and security.
Documents used along the form
When engaging in a real estate transaction in Connecticut, several important documents accompany the Real Estate Purchase and Sales Agreement. Each document serves a specific purpose and plays a vital role in ensuring a smooth transaction process. Below is a list of commonly used forms and documents that you may encounter.
- Property Condition Disclosure: This document provides a detailed account of the property's condition, including any known defects or issues. Sellers are required to disclose certain information to buyers, ensuring transparency in the transaction.
- Operating Agreement: To establish a solid foundation for your LLC, refer to our comprehensive Operating Agreement resources to understand the essential procedures and management structure needed for compliance.
- Lead-Based Paint Disclosure: For homes built before 1978, this form informs buyers about the potential presence of lead-based paint. It is essential for protecting buyers, particularly families with young children.
- Financing Contingency Addendum: This addendum outlines the terms under which the buyer's obligation to purchase the property is contingent upon securing financing. It specifies the type of financing, interest rates, and deadlines for obtaining a mortgage commitment.
- Inspection Contingency Addendum: This document allows buyers to have the property inspected within a specified timeframe. If any issues are found, buyers can negotiate repairs or withdraw from the agreement without penalty.
- Dual Agency Consent Form: If the real estate agent represents both the buyer and seller, this form is necessary. It ensures that both parties are aware of and consent to the dual agency relationship.
- Closing Disclosure: This document provides a detailed account of the final terms of the mortgage, including closing costs, loan terms, and other financial details. It must be provided to the buyer at least three days before closing.
- Title Insurance Policy: This policy protects the buyer from any claims against the property’s title. It ensures that the buyer has clear ownership and safeguards against potential legal issues that may arise after the purchase.
Understanding these documents can greatly enhance your confidence throughout the real estate transaction process. It is always advisable to consult with a qualified attorney or real estate professional to address any questions or concerns you may have regarding these forms.
Preview - Connecticut Real Estate Form
REAL ESTATE
PU RCH ASE A N D SALES AGREEM EN T
NOTICE: This is a legal and binding Agreement for the purchase and sale of property. It is appropriate for most BUT NOT ALL such transactions. If this Form does not appear to either Buyer or Seller to be appropriate for a particular transaction you are urged to discuss the purchase or sale with an attorney BEFORE YOU SIGN. Most, but not all, provisions of this Agreement are subject to negotiation prior to execution.
1.THIS Agreement to buy and sell real property is made between:
SELLER: ___________________________________________________________________________________________________
(Names of Sellers) hereinafter called Seller
ADDRESS: __________________________________________________________________________________________________
(Address of Sellers)Town/CityStateZip
BUYER: ____________________________________________________________________________________________________
(Names of Buyers) hereinafter called Buyer
ADDRESS: __________________________________________________________________________________________________
(Address of Buyers) |
Town/City |
State |
Zip |
Seller agrees to sell and Buyer agrees to buy for the purchase price and upon the terms and conditions stated herein the real property with all buildings and other improvements thereon and all appurtenances thereto, in the same condition as they were on the date of Buyer’s signature, reasonable wear and tear excepted.
2.REAL PROPERTY TO BE PURCHASED:
a)Street Address _____________________________________________________________________________________________
b)City/Town __________________________________________________________ Connecticut, Zip _________________________
c)Described as: ______________________________________________________________________________________________
3.INCLUDED IN SALE PRICE: The Real Property shall include all items permanently attached to the property on the date Buyer signed this Agreement. Included in this sale as part of the Real Property are the buildings, structures and improvements now thereon, and the fixtures belonging to the Seller and used in connection therewith, including, if any, all blinds, window shades, screens, doors, door and window hardware, wood and gas stoves, storm windows, landscaping, awnings, shutters, electrical and lighting fixtures, door mirrors, pumps, mailboxes, plumbing fixtures, cabinetry, door and cabinet hardware, pool houses and other outbuildings, mantles, flagpoles, alarm system and codes, swimming pool and swimming pool pumps and equipment (if any), garbage disposal, automatic garage openers, central air conditioning equipment, and
ADDITIONAL PERSONAL PROPERTY, if any, to be included:
_________________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________________
4. PURCHASE PRICE $ __________________, payable as follows: |
|
a) By initial Deposit submitted herewith receipt of which is hereby acknowledged…………… |
$_____________________ |
b) By additional Deposit due upon Seller’s Acceptance: …………………………………… |
$_____________________ |
c) By Proceeds of: Financing as specified in paragraph 6 below……………………………… |
$_____________________ |
d) By ___________________________________________________________ |
$_____________________ |
e) Balance to be paid by certified check or bank check at Closing…………………………..… |
$_____________________ |
TOTAL PRICE TO BE PAID (Must equal “Purchase Price”)………………… |
0 |
$_____________________ |
|
Buyer: __________ |
Seller: _____________ |
BUYER AND SELLER MUST INITIAL EACH PAGE |
Page 1 of __________ |
COPYRIGHT 2012 GREATER NEW HAVEN ASSOCIATION OF REALTORS, INC. – ALL RIGHTS RESERVED. |
|
THIS FORM WAS REVIEWED BY LEGAL COUNSEL OF THE GREATER NEW HAVEN ASSOCIATION OF REALTORS, INC. |
REVISED 5/23/2012 |
5.DEPOSITS: The Deposit(s) specified above shall be made at the stated times. All Deposits shall be made by check, payable to the Listing Broker and shall be deposited as required under Connecticut General Statutes Section
6.FINANCING CONTINGENCY:
a) Amount $_______________ |
b) Maximum Initial Interest Rate __________% |
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c) Term: ____________ years |
d) Commitment Date: _________________________ |
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e) Type: Conventional Fixed |
Variable |
FHA |
VA |
CHFA |
Other___________________________ |
Buyer’s obligation is contingent upon Buyer obtaining financing as specified in this paragraph. Buyer agrees to apply for such financing immediately and diligently pursues a written mortgage commitment on or before the Commitment Date.
f)If Buyer is unable to obtain a written commitment and notifies Seller in writing by 5:00 PM on or before said Commitment Date, this Agreement shall be null and void and any Deposits shall be immediately returned to Buyer. Otherwise, the Financing Contingency shall be deemed satisfied and this Agreement shall continue in full force and effect.
7.CONDITION OF PREMISES: Buyer represents that Buyer has examined the Real Property and is satisfied with the physical condition subject to the Inspection Contingency if applicable. Neither Seller nor any representative of the Seller or Buyer has made any representation or promise other than those expressly stated herein which Buyer has relied upon in making this Agreement.
8.INSPECTION CONTINGENCY: Broker Recommends
(a)Inspections shall be completed and results reported to Seller on or before 5:00 P.M. on: _________________________.
(b)Seller agrees to permit Buyer’s designees to inspect the Real Property during the period from Seller’s acceptance until the date set forth in (a) above. If Buyer is not satisfied with the physical condition of the Real Property and so notifies Seller in writing prior to the time and date specified in (a) above, then Buyer may, at Buyer’s option, terminate this Agreement. Buyer may give Seller the option to correct the conditions that are unsatisfactory to the Buyer. Should Buyer elect to terminate this Agreement or Seller is unwilling to correct any unsatisfactory conditions, the Buyer shall notify Seller on or before 5:00 P.M. on: ________________________ of Buyer’s election to terminate this Agreement, and if Terminated this Agreement shall be null and void and any Deposit monies paid hereunder shall be returned immediately to Buyer and neither Buyer nor Seller shall have any claims against each other under the terms of this Agreement. If Buyer fails to notify Seller as provided herein, this contingency shall be deemed satisfied and this Agreement shall continue in full force and effect.
(c)If initialed below, Buyer does NOT choose to have any inspections performed and WAIVES any rights to object to any defects in the Real Property that would have been disclosed by a full and complete inspection.
Initials __________
9.
__________ (Initial) Buyers waive the opportunity to conduct a risk assessment or inspection for the presence of
and/or
Buyer: __________ |
Seller: _____________ |
BUYER AND SELLER MUST INITIAL EACH PAGE |
Page 2 of __________ |
COPYRIGHT 2012 GREATER NEW HAVEN ASSOCIATION OF REALTORS, INC. – ALL RIGHTS RESERVED. |
|
THIS FORM WAS REVIEWED BY LEGAL COUNSEL OF THE GREATER NEW HAVEN ASSOCIATION OF REALTORS, INC. |
REVISED 5/23/2012 |
10.PROPERTY MAINTENANCE, OCCUPANCY, POSSESSION:
(a) PROPERTY MAINTENANCE.
Seller agrees to maintain Real Property with all buildings, landscaping and other improvements thereon, all appurtenances thereto, and any personal property included in the sale in the same condition, reasonable wear and tear excepted, as it was on the date of this Agreement.
(b) OCCUPANCY, POSSESSION: CLOSING DATE: _________________________
Unless otherwise stated herein, Buyer shall receive exclusive possession and occupancy with keys on Closing Date. The Real Property shall be maintained by Seller until time of Closing and shall be transferred in broom clean condition, free of debris. Buyer shall have the right to a walk through inspection of the Property within 48 hours prior to the Closing Date. Closing shall be held at an office to be determined by Buyer’s attorney in the county where the Real Property is located or at such place as designated by Buyer’s mortgage lender.
11.WARRANTY DEED: Seller agrees to convey fee simple title of the Real Property to Buyer by a good and sufficient Warranty Deed subject only to any and all provisions of any ordinance, municipal regulation, public or private law, restrictions and easements as appear of record, if any, provided they do not affect marketability of title, current real estate taxes, water and sewer charges, and current water and sewer assessment balance, if any; except in those cases where a fiduciary’s Deed or other form of court ordered deed may be required to pass title. Seller warrants that Seller has no notice of any outstanding violations from any town, city or State agency relating to the Real Property.
12.MARKETABLE TITLE: Title to be conveyed by Seller shall be marketable as determined by the Standards of Title of the Connecticut Bar Association now in force. Seller further agrees to execute such documents as may be reasonably required by Buyer’s title insurance company or by Buyer’s mortgage lender. Should Seller be unable to convey Marketable Title as defined herein, Buyer may accept such Title as Seller can convey or may reject the Unmarketable Title, receive back all Deposit money, and declare this Agreement null and void. Upon such rejection and repayment to Buyer of all sums paid on account hereof, this Agreement shall terminate and the Parties hereto shall be released from all further claims against each other.
13.ADJUSTMENTS: Real Estate Taxes will be adjusted as of the Closing Date by the Uniform Fiscal Year basis except in the Towns of Meriden or Wallingford where taxes will be adjusted by the Assessment Year Method. All other adjustments, including Association fees, fuel oil, water and sewer usage, interest on sewer or water assessments, utilities, rent, if any, and issues regarding funds at closing and unavailability of releases at closing and like matters shall be adjusted pro rata as of the Closing Date in accordance with the Residential Real Estate Closing Customs, New Haven County, as adopted by the New Haven County Bar Association, now in force. Rent security deposits, if any, shall be credited to Buyer by Seller on the Closing Date and shall include any interest accrued to the tenant.
14.BUYER’S DEFAULT: If Buyer fails to comply with any Terms of this Agreement by the time set forth for compliance and Seller is not in default, Seller shall be entitled to all initial and additional Deposit funds provided for in section 4, whether or not Buyer has paid the same, as liquidated damages and both parties shall be relieved of further liability under this Agreement. If legal action is brought to enforce any provision of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees.
15.RISK OF LOSS, DAMAGE: All risk of loss or damage to said Real Property by fire, theft or other casualty until delivery of Deed shall be upon the Seller. In the event of loss or damage independently appraised at more than $10,000.00, Buyer shall have the option to receive any insurance payment on account of said damage and take Title, or rescind this Agreement and receive back all Deposit money paid. In such case, all rights and obligations of the parties under this Agreement shall terminate.
16.COMMON INTEREST COMMUNITY: If the property is a unit in a condominium or other common interest community, Seller will deliver the resale documents in accordance with Connecticut General Statutes Section
17.LISTING BROKER___________________________________________________________ PH#_________________________
Dual Agent – If the Listing Agent is acting as a Dual Agent, a CONSENT FOR DUAL AGENCY FORM SHALL BE ATTACHED to this Agreement.
COOPERATING BROKER_______________________________________PH#__________________ Buyer Agent Sub Agent
Buyer: __________ |
Seller: _____________ |
BUYER AND SELLER MUST INITIAL EACH PAGE |
Page 3 of __________ |
COPYRIGHT 2012 GREATER NEW HAVEN ASSOCIATION OF REALTORS, INC. – ALL RIGHTS RESERVED. |
|
THIS FORM WAS REVIEWED BY LEGAL COUNSEL OF THE GREATER NEW HAVEN ASSOCIATION OF REALTORS, INC. |
REVISED 5/23/2012 |
18.PROPERTY CONDITION REPORT: Seller and Buyer acknowledge that if a written residential property condition report is required by statute (CT Gen. Stat.
19.EQUAL HOUSING RIGHTS: Buyer acknowledges the right to be shown any property within Buyer’s stated price range in any area specified by Buyer which is available to Agent for Showing. This Agreement is Subject to Connecticut General Statutes prohibiting discrimination in commercial and residential real estate transactions (Connecticut General Statutes Title 46a, Chapter 814c).
20.NO ASSIGNMENT, BINDING EFFECT: This Agreement may not be assigned by either party without the written consent of the other, but shall be binding upon the heirs, executors, administrators and successors of the parties hereto.
21.ADDENDUM: The following attached Addenda and/or Riders are part of this Agreement:
Seller’s Property Condition Disclosure |
Agency Disclosure |
Title X Lead Based Paint Hazards Disclosure |
Dual Agency Consent
Other____________________________________________________________________________________________________
22.ADDITIONAL TERMS AND CONDITIONS: _________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________
23.FAX TRANSMISSION/ELECTRONIC MAIL: The parties acknowledge that this Agreement and any addenda or modification
and/or any notices due hereunder may be transmitted between them by facsimile machine/electronic mail and the parties intend that a faxed document or an electronic mail document containing either the original and/or copies of the parties’ signatures shall be binding and of full effect.
24.COMPLETE AGREEMENT: This Agreement contains the entire agreement between Buyer and Seller concerning this transaction and supersedes any and all previous written or oral agreements concerning the Property. Any extensions or modifications of this Agreement shall be in writing signed by the parties.
25.NOTICE: Any notice required or permitted under the Terms of this Agreement by Buyer or Seller shall be in writing addressed to the Party concerned using the address stated in Paragraph 1 of this Agreement or to such party’s attorney or to the party’s Listing Broker or Cooperating Broker designated in paragraph 17.
26. APPLICABILITY: Buyer and Seller agree and understand that although this form has been made available by the Greater New Haven Association of REALTORS, Inc. the Association assumes no responsibility for its content in relation to the transaction between the parties and is not a party to this Agreement. This Agreement or parts of it may not be suitable for all transactions or conditions. The parties should determine its applicability.
27.BUYER AND SELLER acknowledges receipt of a copy of this Agreement upon their signing same.
28.TIME TO ACCEPT: Seller shall have until ________________________________________________________ to accept this
Agreement. |
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(Date & Eastern Standard Time) |
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29. SIGNATURES: |
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______________________________________________ | ___________ |
_____________________________________________ | _____________ |
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Buyer’s Signature |
Date |
Seller’s Signature |
Date |
_____________________________________________________ | ____________ |
_____________________________________________________ | _______________ |
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Buyer’s Signature |
Date |
Seller’s Signature |
Date |
_____________________________________________________ | ____________ |
_____________________________________________________ | _______________ |
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Buyer’s Signature |
Date |
Seller’s Signature |
Date |
Buyer: __________ |
Seller: _____________ |
BUYER AND SELLER MUST INITIAL EACH PAGE |
Page 4 of __________ |
COPYRIGHT 2012 GREATER NEW HAVEN ASSOCIATION OF REALTORS, INC. – ALL RIGHTS RESERVED. |
|
THIS FORM WAS REVIEWED BY LEGAL COUNSEL OF THE GREATER NEW HAVEN ASSOCIATION OF REALTORS, INC. |
REVISED 5/23/2012 |
Common Questions
What is the Connecticut Real Estate Purchase and Sales Agreement?
The Connecticut Real Estate Purchase and Sales Agreement is a legally binding document that outlines the terms and conditions for buying and selling real property in Connecticut. It is designed to protect both the buyer and seller during the transaction process, ensuring that all parties are clear on their rights and obligations. This agreement is suitable for most transactions, but not all, so it's important to review it carefully and consult an attorney if needed.
What should I do if I find the form does not fit my transaction?
If you feel that the Connecticut Real Estate Purchase and Sales Agreement does not adequately address your specific transaction needs, it is highly recommended that you consult with a qualified attorney. They can provide guidance tailored to your situation and help negotiate any necessary changes to the agreement before you sign.
What items are included in the sale price of the property?
The sale price includes all items that are permanently attached to the property at the time the buyer signs the agreement. This typically encompasses buildings, structures, fixtures, and improvements. Specific items like appliances, landscaping, and lighting fixtures are also included unless explicitly crossed out and initialed by both parties.
What happens if I can't secure financing?
If the buyer is unable to obtain financing as outlined in the agreement, they must notify the seller in writing by a specified date. If this notification is made, the agreement becomes null and void, and any deposits made will be returned to the buyer. It’s crucial to act promptly to avoid complications.
What is the inspection contingency?
The inspection contingency allows the buyer to have the property inspected within a specified timeframe. If the buyer finds issues during the inspection, they can notify the seller and either request repairs or terminate the agreement. If the buyer fails to notify the seller within the specified time, the contingency is considered satisfied, and the agreement remains in effect.
What are the seller's responsibilities before closing?
The seller is responsible for maintaining the property in good condition until the closing date. This includes keeping the property clean and free of debris. Additionally, the seller must provide the buyer with exclusive possession of the property on the closing date, along with all keys and necessary documentation.
What is a warranty deed?
A warranty deed is a legal document that guarantees the seller has the right to sell the property and that the title is free from any claims or encumbrances, except those disclosed in the agreement. The seller agrees to convey the property to the buyer using this deed, ensuring that the buyer receives clear and marketable title.
How are real estate taxes handled in the agreement?
Real estate taxes are typically adjusted as of the closing date. This means that any taxes owed will be prorated between the buyer and seller based on the closing date. Other adjustments, like utility payments or association fees, will also be calculated and settled at closing to ensure fairness for both parties.
What should I do if I have concerns about lead-based paint?
If the property was built before 1978, federal law requires that the buyer be given the opportunity to inspect for lead-based paint hazards. The buyer can conduct this inspection at their own expense within a specified timeframe. If lead-based paint is found, the buyer must notify the seller, and the parties can negotiate how to address the issue. If an agreement cannot be reached, either party may terminate the agreement.
What is the significance of the "complete agreement" clause?
The "complete agreement" clause indicates that the document represents the entire understanding between the buyer and seller regarding the transaction. It supersedes any previous agreements or discussions. Any changes or extensions to the agreement must be made in writing and signed by both parties to be valid.
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Guide to Filling Out Connecticut Real Estate
Filling out the Connecticut Real Estate form is a crucial step in the process of buying or selling property. This form outlines the agreement between the buyer and seller and includes important details about the transaction. To ensure accuracy and completeness, follow these steps carefully.
- Identify the Parties: Write the names and addresses of the Seller and Buyer in the designated spaces at the beginning of the form.
- Describe the Property: Fill in the street address, city or town, and zip code of the property being sold. Provide a brief description of the property.
- List Included Items: Specify any items included in the sale, such as fixtures and appliances. Cross out and initial any items not included.
- State the Purchase Price: Enter the total purchase price and break it down into deposits and other payments as outlined in the form.
- Detail the Financing: Fill in the financing details, including the amount, interest rate, term, and type of financing.
- Examine Property Condition: Confirm that the Buyer has inspected the property and is satisfied with its condition.
- Inspection Contingency: Specify the inspection date and any agreements regarding inspections. Initial if the Buyer waives the right to an inspection.
- Lead-Based Paint Disclosure: If applicable, provide details regarding the lead-based paint inspection period and any findings.
- Maintenance and Possession: Indicate the Seller's obligations regarding property maintenance and the closing date for possession.
- Signatures: Ensure all parties sign and date the form in the designated areas. Each page must be initialed by both Buyer and Seller.
Dos and Don'ts
When filling out the Connecticut Real Estate form, there are some important dos and don'ts to keep in mind. Following these guidelines can help ensure a smoother process.
- Do read the entire form carefully before signing.
- Do provide accurate names and addresses for both the buyer and seller.
- Do ensure that all details about the property are correct, including the street address and condition.
- Do make sure all deposits are documented and submitted on time.
- Do consult an attorney if you have any questions or concerns about the agreement.
- Don't leave any sections blank; fill out all required fields completely.
- Don't ignore the financing contingency; make sure you understand your obligations.
- Don't sign the form without understanding all terms and conditions.
- Don't forget to initial each page as required.
- Don't assume the form is suitable for every transaction; confirm its applicability for your situation.