Connecticut House Bill HB05087

Connecticut 2012 Regular Session

• Introduced: 2/15/12
• Refer: 2/15/12
• Report Pass: 3/13/12
• Refer: 3/19/12
• Report Pass: 3/26/12
• Refer: 4/4/12
• Report Pass: 4/11/12
• Engrossed: 4/19/12
• Report Pass: 4/23/12
• Chaptered: 5/29/12
• Enrolled: 5/31/12
• Passed: 6/15/12

Caption

An Act Requiring The Commissioner Of Consumer Protection To Make Changes To The Residential Property Condition Disclosure Report.

Impact

The implementation of HB 5087 will likely lead to significant changes in the state laws governing real estate transactions. Specifically, it will require sellers to accurately report any unpaid municipal assessments and provide information about historical factors that may affect property value, including previous underground storage tanks or environmental hazards. By making these disclosures mandatory, the bill seeks to reduce disputes that arise from undisclosed property conditions and ensure that buyers are aware of all pertinent information before making their purchase decisions.

Summary

House Bill 5087, also known as the Act Requiring The Commissioner Of Consumer Protection To Make Changes To The Residential Property Condition Disclosure Report, aims to enhance the transparency of real estate transactions by updating the requirements for residential property disclosures. This bill mandates that the disclosure report include comprehensive details about the property, such as municipal assessments, leased items, and environmental factors. These changes are intended to inform potential buyers about critical information related to the condition and history of the property, thus safeguarding their interests in real estate transactions.

Sentiment

The sentiment surrounding HB 5087 appears to be largely positive, primarily among consumer protection advocates and potential homebuyers. Supporters believe that the enhanced disclosure requirements will promote greater accountability among sellers and foster trust in the real estate market. However, there may be some concerns among real estate professionals regarding the additional burden this may place on sellers and the potential for increased liability if information is not accurately reported.

Contention

Notable points of contention regarding HB 5087 could arise from debates over the scope of disclosures required from sellers. Critics may argue that the bill's requirements could discourage sellers from listing their properties due to fear of legal ramifications for any perceived inaccuracies or omissions. Additionally, discussions may center around the adequacy of protections provided to buyers versus the responsibilities imposed on sellers, which could spark a broader conversation about the balance of power in real estate transactions.