During the negotiation of a Vermont residential purchase agreement, the buyer's agent requests that the seller complete a Vermont Residential Real Estate Disclosure form before the offer is finalized. The seller's agent says the disclosure is only required after an offer is accepted. Which statement correctly describes Vermont's disclosure requirement under 27 V.S.A. § 1154?
Correct Answer
A) The seller must provide the disclosure form to the buyer before the buyer makes an offer, and the buyer must acknowledge receipt in writing
Under 27 V.S.A. § 1154, Vermont sellers of residential property are required to provide the completed disclosure form to the buyer before the buyer makes an offer. The buyer must acknowledge receipt in writing. This pre-offer timing is a distinctive feature of Vermont's disclosure law designed to ensure buyers have material information before committing to a purchase.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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