Connecticut Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is a Connecticut Real Estate Contract?

A Connecticut real estate contract, also called a Connecticut purchase and sale agreement, is a written contract entered into by a person selling a property and a person who wishes to buy the property.

The contract will cover essential issues like the purchase price, deadlines for inspections and financing, a closing date, and any disclosures that the seller is required to make about the property.

Common Connecticut Real Estate Contracts

There are three versions of a Connecticut real estate contract you may see depending on where in Connecticut you live and which Connecticut Association of Realtors your broker belongs to. The three versions include:

  • Eastern Connecticut Association of Realtors Purchase and Sale Agreement
  • Greater New Haven Association of Realtors Purchase and Sale Agreement
  • SMART MLS Standard Form Real Estate Contract

All of these contracts are legally binding real estate contracts that can be used when buying or selling a residential property.

4 Essential Elements of a Connecticut Real Estate Contract

All contracts are required to have certain essential elements to make the agreement legally binding by law. In Connecticut, the 4 essential elements of a real estate contract are:

  1. The contract must be legal
  2. The parties entering the contract must be legally competent
  3. There must be an offer, acceptance of the offer, and consideration
  4. There must be consent to willingly and knowingly enter the contract

Can a Seller Back Out of a Real Estate Contract in Connecticut?

In Connecticut, there are only two circumstances in which a seller can back out of a real estate contract: the buyer does not meet the contingencies in the contract or the buyer breaches the contract. Some examples of situations where a buyer can terminate the contract include:

  • The buyer cannot get approved for financing
  • The buyer violates a “time is of the essence” provision
  • The contract involves fraud or misrepresentation

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in Connecticut?

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