A Vermont residential purchase agreement facilitates a property transaction between a buyer and seller. This legally binding contract begins with the buyer’s offer to purchase, detailing the purchase price and any other conditions they deem necessary. The seller then has a designated period to respond, during which they may propose adjustments through a counteroffer.
Once both parties concur on all terms and sign the document, the agreement formalizes the commitment to convey property ownership to the buyer. The parties can refer to this document for essential details, such as closing costs, the closing date, and any required deposits, ensuring clarity and adherence to the transaction’s terms.
State Laws
- Buyer Beware: Sellers don’t have to disclose material defects with a property in most cases. They should disclose defects if they will affect the buyer’s safety and health. Please note that if a licensed broker oversees the sale, they must ensure the buyer receives a property condition report [1] .
- Smoke Detector Certificate: Sellers must fill out a smoke detector certificate and issue it to the buyer to confirm that the residence contains smoke detectors in compliance with legal requirements [2] .
Realtor Version
Purchase and Sale Contract
Vermont Realtors provides this purchase agreement for realtors to use for residential sales or purchases,
Required Seller Disclosures
Lead-Based Paint Disclosure
42 U.S. Code § 4852d states that sellers must issue a lead disclosure statement warning of the presence of lead and the associated risks of exposure if a home for sale was built before 1978.
Vermont Lead Law Disclosure and EMP Verification
Use Vermont's state-specific form in addition the federal one.
Vermont Lead Law Disclosure for a Single Family Home
Use this form when an owner living in a single family home constructed before 1978 is up for sale and subject to a court order, administrative order, or an assurance of discontinuance and the terms haven't been fully executed.
Vermont Lead Law Disclosure for a Lead-Free Property
Use this form when a property built before 1978 passes an inspection by a licensed lead risk assessor or inspector and follows all established regulations.
Seller's Property Information Report
This form reveals the property's condition. It's only required if a licensed agent makes the sale, but a property owner who isn't a licensed agent can still benefit from using it.
Smoke Detector Certificate
This form reassures the buyer that the residential property for sale has updated smoke detectors that comply with legal requirements.
Testing Drinking Water from Private Water Supplies
Sellers must issue a disclosure warning buyers that they should test drinking water if the property being sold has a private water supply.
Home Energy Information Disclosure
Sellers must distribute this pamphlet to buyers so that buyers are aware of the option to enroll in Vermont's Home Energy program.
Do Sellers in Vermont Have to Disclose Property Defects?
No. Sellers in Vermont don’t have to disclose material property defects. During property transactions, the buyer must seek inspections and conduct due diligence to confirm or deny the presence of serious issues or unaddressed repairs on the property.
Without performing due diligence, the buyer won’t have legal recourse if they discover defects later. Even though sellers don’t have to divulge material defects, they must not blatantly conceal issues or make false representations.
