How Does Real Estate Work In Vermont?

At some point, just about everyone will be involved in the purchase or sale of real estate. The process can be an exciting experience! However because real estate can represent the most costly investment most of us make, this decision should also be very diligent and serious. It’s important to understand how the process of real estate works, and it can be different in every state. In an effort to give everyone as much real estate information as possible, here’s how it works in Vermont!

 Vermont Consumers have a choice in Buying and Selling Real Estate

Vermont law allows for different types of brokerage services to be provided to Buyers and Sellers by Realtors®. You have the right to decide whether you want to be represented in a real estate transaction as a Client of a Realtor® or as an unrepresented Customer.

Right Now You Are A Customer

Vermont law requires that all Real Estate Brokerage Firms and their agents meet certain basic standards when dealing with a Buyer or Seller. All Realtors® you deal with must observe the following practices whether you are a Client or a Customer of the Realtor®:

They must disclose all material facts pertaining to the property that are known by the Realtor®;

They must treat both the Buyer and Seller fairly and not knowingly distribute inaccurate information about the property;

They must account for all money and property received from or on behalf of the Buyer or Seller;

They must comply with all state and federal laws related to Real Estate Brokerage activity.

A Real Estate Firm may not act as an agent for both a Seller Client and a Buyer Client in the same transaction, except as a limited agent with the informed, written consent of all parties. An unrepresented Buyer may, however, deal with the Real Estate Firm representing the Seller as a Customer or obtain his/her own representation.

If the Real Estate Firm is representing the Seller, a Buyer Customer should not offer to disclose information that he/she would not want conveyed to the Seller. If the Real Estate Firm is representing the Buyer, the Seller Customer should not offer or disclose information that he/she would not want conveyed to the Buyer. Unless you enter into a written agreement for agency representation, you are a CUSTOMER—not a CLIENT.

You May Become A Client

If you want a Realtor® to represent you, you will need to enter into a written Listing Agreement as a Seller or a written Buyer Representation Agreement. Once you sign an agreement, you become a Client. As a Client, the Real Estate Firm will provide you with the following services in addition to the basic obligations listed above:

They will perform the terms of a written listing agreement or buyer representation agreement with reasonable skill and care to promote your best interests;

For Seller Clients, this means the Real Estate Firm will put the Seller’s interests first and negotiate for the best price and terms for the Seller.

For Buyer Clients, this means the Real Estate Firm will put the Buyer’s interests first and negotiate for the best price and terms for the Buyer.

They must maintain the confidentiality of client information, including bargaining information.

All Realtors® are required to ask for A Consumer Disclosure to be signed by a prospective Buyer or Seller prior to a Realtor® showing a property or listing a property.

This information comes from the Vermont Real Estate Commission.

If you have a question or a general real estate topic you would like to discuss, just send us an email or give us a call. Woodstock@engelvoelkers.com  (802)259-3005 (office) or (802)236-5431 (mobile).