Contracts and Purchase-and-Sale Agreements
Formation
Vermont's statute of frauds requires land contracts and commission agreements to be in writing and signed by the party to be charged. An offer, a counteroffer, and an acceptance make the contract. A counteroffer operates as a rejection of the original offer, so a seller who counters and then purports to "accept" the original offer has nothing. Acceptance must be communicated; silence is not acceptance. Watch for missing price, parties, or legal description - an unenforceable contract is a recurring fact pattern.
Key purchase-and-sale terms
Identify the parties, legal description, price and deposit, financing contingency (amount, rate, term, deadline), inspection and due diligence periods, appraisal, title review, closing date, prorations, risk of loss, and default remedies. "Time is of the essence" makes deadlines enforceable; without it, courts may be more forgiving. Vermont closings commonly involve attorneys, with the deposit escrowed.
Vermont-specific documents
The Vermont Property Transfer Tax return and the Act 250 Disclosure Statement accompany transfers; wastewater and potable water supply, lead-based paint, methamphetamine contamination, and shoreland or permit status disclosures may also apply. "As is" shifts risk on condition but does not excuse fraud or statutory disclosure failures.
Traps
Language that merely invites further negotiation is not acceptance; an earnest money deposit is not liquidated damages unless the contract says so; a financing contingency that expires before the loan commitment leaves the buyer exposed.
Rule of thumb
Work backward from the closing date and calendar every contingency deadline - the most common transaction failure is a contingency never removed in writing.