A Connecticut property disclosure statement is used by real estate owners to identify and disclose to buyers any issues concerning their property prior to sale. The form reveals information about the property’s structure, foundation, sewage lines, insulation, heating system, water supply, and other key features of the subject real estate. Prospective buyers must review and sign this disclosure before executing a purchase contract. However, the disclosure is not a substitute for a professional inspection, and buyers are advised to have the property examined by an expert before committing to the purchase.
Owners are obligated to issue this disclosure to buyers if the property contains one (1) to four (4) residential dwelling units. Failure by the owner to furnish such disclosure will require them to pay a $500 credit to the buyer at closing.
Laws – § 20-327b