Chapter Two: The Perilous Paperwork
This issue has occurred several times. We represented Ryan and Blake in purchasing a new home. They viewed the house on April 20, but at that time, the listing agent had not uploaded the property disclosure report to MLS. Consequently, the buyer’s agent emailed the listing agent requesting the property disclosure but received no response. Despite this, Ryan and Blake liked the home and decided to proceed with an offer. The parties signed the contract on April 23 without any property disclosures provided.
Two days later, Ryan and Blake’s agents forwarded the property disclosures to my office, which were dated April 1. In the days leading up to closing, while exchanging numbers with the seller’s attorney, I mentioned that the disclosures were not provided on time and that my clients were expecting a $500.00 credit due to this oversight. There was some back-and-forth because the sellers claimed they had signed the disclosures on April 1 and handed them to their agent, but they were not provided to the buyer.
Under Connecticut law, a buyer must receive the property disclosures before making an offer unless they are exempt. If the buyer does not receive them before making an offer, they are entitled to a $500.00 credit.
Unfortunately for the listing agent, the seller made the agent pay for it, claiming it was the agent’s fault.
How Did we Resolve This?
Our clients lucked out because we are well-versed in the law related to this. We fight for oir clients to ensure they get what they are entitled to. However, no matter how knowledgeable we are, we can’t address issues like this unless you, as your clients’ agents, inform us.
How to Avoid This?
This agent cost his client $500.00, so always ensure the property disclosure report is included with your listing, or at least make sure the buyer has it before they submit an offer.
The statute is very clear: the buyer receives the credit if they do not have the property disclosure report prior to making an offer. I make sure to pay close attention to this and always ask for the credit.
Don’t let a simple oversight impact your real estate transactions! If you’re a real estate agent, ensure you are providing the necessary property disclosure reports in a timely manner to protect your clients—and your reputation. If you’re a buyer or a buyer’s agent, always verify that all required disclosures are received before making an offer. Remember, knowing your rights can lead to significant savings and a smoother buying process. Need expert advice or assistance with your real estate transactions? Contact us today—we’re here to help ensure you’re fully informed and fairly treated every step of the way
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