Connecticut Senate Bill SB01010

Connecticut 2019 Regular Session

• Introduced: 3/7/19
• Refer: 3/7/19
• Report Pass: 3/29/19
• Refer: 4/11/19
• Report Pass: 4/17/19
• Engrossed: 5/30/19
• Report Pass: 6/1/19

Caption

An Act Concerning The Disclosure Of Dams And Similar Structures By Owners Of Real Property.

Impact

The bill's enactment will have significant implications for property transactions involving real estate with dams. It establishes a clearer protocol for safety communication between sellers and buyers, potentially preventing safety hazards that may arise if buyers are unaware of the risks associated with such structures. Furthermore, real estate professionals will need to adapt their practices to accommodate these new disclosure requirements, which may impact how properties with dams are marketed and sold. By placing an emphasis on safety and hazard classification, the bill ultimately aims to enhance public awareness and encourage safer property transactions.

Summary

Substitute Bill No. 1010 relates to the disclosure requirements for real property owners regarding the presence of dams and similar structures on their premises. This legislation mandates that sellers of real property must inform prospective buyers about any existing dam or similar structure at least fifteen days before a purchase and sale agreement is signed. Additionally, the bill requires sellers to disclose whether these structures are classified as high hazard or significant hazard and to provide the results of the most recent inspections of these structures if available. The aim is to increase transparency and ensure that potential buyers are well-informed about the safety and compliance of such features on the property being sold.

Sentiment

Overall, the sentiment around Substitute Bill No. 1010 appears to be largely supportive among stakeholders concerned with real estate safety and consumer protection. Advocates argue that proper disclosure is essential for protecting buyers and that increased transparency can help prevent accidents related to dam failures. While some may express concerns about the added burden on sellers and real estate agents to comply with the new regulations, the prevailing opinion seems to highlight the importance of safety and informed decision-making in real estate transactions.

Contention

A notable point of contention regarding the bill involves the potential implications for sellers and real estate agents. Critics may argue that the mandated disclosures could complicate the sales process and deter potential buyers if they perceive the presence of a dam as a liability. Furthermore, there could be concerns about the costs associated with required inspections and the possibility of diminished property values for those with existing dams. Despite these concerns, the push for enhanced safety through mandatory disclosures underscores a commitment to protecting public interests.