Contracts
A Connecticut purchase contract has a 'possession date' that is 30 days after closing. Until the buyer takes possession, who is responsible for the property?
AThe buyer, since they own it after closing
BThe seller retains possession and responsibility for the property during the post-closing period, often as a licensee of the buyer✓ Correct
CThe real estate broker who is holding the earnest money
DThe title insurance company
Explanation
When possession is delayed after closing, the seller typically remains in the property as a licensee (or under a lease-back agreement) of the buyer. The parties should agree on a rent amount, insurance requirements, and liability during the post-closing occupancy period.
Related Connecticut Contracts Questions
- A Connecticut property under contract has a clause stating 'the buyer may extend the closing date by 15 days upon written notice.' This is called a(n):
- An earnest money deposit in Connecticut is typically held by:
- A Connecticut real estate contract specifies that the seller will carry back a second mortgage for $50,000 to help the buyer with financing. This arrangement is called:
- A Connecticut purchase agreement includes a mortgage contingency. If the buyer cannot obtain financing, the buyer may:
- A buyer backs out of a Connecticut real estate contract just before closing with no legitimate contingency reason. The seller may legally:
- In Connecticut, the 'statute of limitations' for bringing a breach of written real estate contract claim is:
- Which of the following is an example of a contingency in a Connecticut purchase contract?
- The 'merger doctrine' in Connecticut real estate law provides that:
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →