The Vermont purchase agreement represents the terms of sale involving the transfer of real estate for a predetermined consideration amount. Most often, the purchase of residential properties are secured with a loan from a financial institution; for this reason, the agreement should generally only be presented once the buyer has met pre-qualification requirements. All parties should thoroughly inspect each of the provisions before the acceptance and endorsement of the document.
Buyer Beware (§ 20-4-1800:4.5)- The state of Vermont does not designate a ruling by law as to whether a seller must fully inform a buyer of a defect connected to a property. It is in the best interest of both parties, to disclose problems to avoid future issues that could arise, especially if the sale is conditional to a standard inspection. For transactions involving a real estate professional assisting with the purchase, all known issues are obligated to be disclosed.
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – If the home being sold was constructed prior to 1979, an occupying individual could be vulnerable to coming in contact with lead-composed paint. Federal regulation specifies that the risks associated with the hazardous substance must be reported within the purchase agreement.
Seller Agent Property Disclosure (§ 20-4-1800:4.5) – 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.
Vermont Realtors Purchase and Sale Contract – Adobe PDF