OLR Bill Analysis
AN ACT CONCERNING DISCLOSURE OF SMOKE DETECTORS AND CARBON MONOXIDE DETECTORS ON THE RESIDENTIAL PROPERTY CONDITION DISCLOSURE REPORT.
This bill requires the consumer protection commissioner to update, by January 1, 2013, the regulations prescribing what must be disclosed on forms describing the condition of a residential property offered for sale. The bill requires disclosure of (1) whether there are smoke detectors and carbon monoxide detectors located in a dwelling on the premises, (2) the number of each type of detector, (3) whether there have been any problems with such detectors, and (4) an explanation of any such problems.
EFFECTIVE DATE: October 1, 2012
Property Condition Reports
By law, a person who offers residential property with one to four units for sale, exchange, or lease with the option to buy must provide this report to a potential buyer before the transaction is executed. A copy of the report must be attached to any written offer, binder, or contract to purchase. By law, the report must include, among other things, information on municipal water or sewer assessments, the presence of leased equipment on the premises, and whether the property is located in a historic or village district or on the National Register of Historic Places.
The seller's representations are limited to his or her actual knowledge and the report does not create any new express or implied warranties. If a seller fails to provide the report, he or she must give the buyer a $ 300 credit on the purchase price.
Insurance and Real Estate Committee