Vermont Real Estate Purchase Agreement

The Vermont residential real estate purchase agreement (“residential real estate purchase contract”) is a contract that is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property. Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties agree on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.

Do Sellers in Vermont Have to Disclose Property Defects?

Vermont does not require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

While landlords in Vermont are not required to disclose material defects, if the seller actively concealed latent defects or otherwise made material misrepresentations amounting to fraud, then they may be liable for damages or reversal of the real estate transaction.

Required Seller Disclosures in Vermont

• Seller Agent Property Disclosure. Should the seller of the home commission a broker to sell the property, the broker must be held to the additional duty of disclosing any material defect associated with the property. This can refer to issues pertaining to the structure itself, heating, water or electrical-based systems, the title, or environmental concerns.
• Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.

Frequently Asked Questions

How Do You Write a Real Estate Contract in Vermont? To write a real estate contract in Vermont, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Vermont? You can get out of a real estate contract in Vermont during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in Vermont? In Vermont, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Vermont? In Vermont, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Vermont? To fill out a real estate contract in Vermont, first, download our customizable Vermont real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »