Sec.20-329m-7. Sale contract provisions

(a) Every contract for the sale of any subdivision, or lot, parcel or unit in any subdivision, unless specifically exempted by section 20-329b of the general statutes, shall include the following provisions:

(1) A clear statement of the exact time and date when the contract was signed by the purchaser;

(2) a clear statement of the exact time and date when the purchaser received a copy of the sales prospectus;

(3) a clear statement notifying the purchaser that if the purchaser did not receive a copy of the sales prospectus more than seventy-two hours in advance of the time the contract was signed, then the purchaser has the power to revoke the contract by communicating such revocation to the seller within seventy-two hours of the last occurring of the following events;

(A) the time the purchaser signed the contract or agreement, or

(B) the time the purchaser received the sales prospectus;

(4) the broker's residence and office address, and electronic mail address, and an affirmation that the transmittal of the revocation to any of these addresses or numbers shall be sufficient to effect the revocation.

(b) The contract or agreement may provide that the foregoing power of revocation shall not apply in the case of a purchaser who:

(1) Has received the sales prospectus and inspected the subdivision in advance of signing the contract or agreement, and

(2) acknowledges by the purchaser's signature that he has made the inspection and has read and understood the sales prospectus.

(c) The broker shall, at the time the contract or agreement is signed, deliver to the purchaser a form which may be followed by the purchaser in effecting such revocation which form shall comply with the requirements of section 20-329m-8 of the Regulations of Connecticut State Agencies. If the purchaser elects to revoke the contract or agreement within the time limits as prescribed in section 20-329h of the general statutes, the broker shall return all moneys paid by the purchaser without any deduction.

(d) the broker or salesperson shall retain the signed receipt for any sales prospectus, property report or offering statement from any purchaser for a period of seven years. The broker or salesperson, upon termination with the developer, shall turn these receipts over to the developer within thirty days and the developer shall retain them for the duration of the seven year period.

(Effective November 29, 1978; Amended September 11, 2019)