The Vermont purchase and sale agreement is a legal document parties use to outline the terms and conditions under which the seller agrees to sell and the buyer agrees to buy a certain item.
Although the document itself doesn’t transfer any legal rights between the parties, it provides all the details related to the sale and purchase, which prevents potential misunderstandings and disputes between the parties.
Vermont Purchase and Sale Agreement Form
The purchase and sale agreement is often used to set the preconditions that must be met before the seller and buyer can even start the process of transferring ownership of a certain property.
This document includes information about the parties, a description of the item, the purchase price, details about the financing, contingencies, and other relevant terms and conditions.
The Vermont purchase agreement is also known as:
Other Names for Vermont Purchase and Sale Agreement Form
Vermont purchase and sale agreement
Vermont sale and purchase agreement
Vermont sale and purchase contract
Vermont purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Vermont.
Purchase Agreement Vermont Laws & Requirements
Vermont is one of the “caveat emptor” or “buyer beware” states. This means that the seller is not obliged to disclose any property defects to the buyer.
Therefore, the buyer should do their due diligence and inspect the property themselves or hire a professional to make sure the property doesn’t have any defects that might affect the buyer's decision to buy the property.
However, there are some exceptions to the buyer beware principle, as presented below.
Purchase Agreement Required Disclosures in Vermont
Here, you can find the list of disclosures that must be included in the Vermont purchase agreement template:
Lead-Based Paint Disclosure: Every seller is required by 42 U.S. Code § 4852d to disclose information about the lead-based paint hazard to the buyer. This is mandatory for every property built before 1978 or for properties with a known lead-based paint hazard.
Agent Property Disclosure: If the real estate agent sells the property, they must inform the buyer about the property's condition and any defects. (§ 2296(4))
Common Types of Purchase Agreements in Vermont
This section provides all the types of purchase agreement forms used in Vermont:
Variety of Purchase Agreement
Residential real estate purchase agreement. Used for determining the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Parties use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. You can use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Vermont.
Purchase Agreement in Vermont FAQ
Yes, a purchase agreement is a legally binding document in Vermont. It becomes legally binding after both the seller and the buyer sign it.
Yes, a Vermont sales agreement needs to state the purchase price. This is due to the fact that the purchase price is the main obligation of the buyer, and the sales agreement won’t have an effect without it.
No, purchase and sales agreements in Vermont don’t need to be notarized since the document doesn’t transfer any legal rights between the parties.
Yes, a seller can back out of the purchase agreement in Vermont after compensating the buyer. The only situation where the seller can back out without compensating the buyer is if the buyer fails to meet the contingencies set out in the purchase agreement.