Best Real Estate Lawyers in Burlington, VT

An inspection contingency is a common clause included in a real estate contract or purchase agreement that allows the prospective buyer to conduct a comprehensive physical inspection of the property before finalizing the purchase. This clause essentially makes the final sale contingent or dependent on the outcome of this inspection. During an inspection, a licensed professional evaluates the property for any potential issues, such as structural problems, system malfunctions (plumbing, electrical, HVAC), pests, or safety hazards. If significant defects are found that were not initially disclosed or known, the buyer has the right to request that the seller make necessary repairs, reduce the selling price, or in some cases, the buyer may choose to back out of the deal without facing legal repercussions or losing their earnest money deposit. The inspection contingency provides important protection for buyers, allowing them to better understand the condition of the property and avoid costly surprises after purchase. However, it's important to note that the specifics of the inspection contingency, including what qualifies as a significant defect and the timeframe for the inspection, should be clearly outlined in the purchase agreement. We strongly recommend consulting with a real estate attorney to ensure your interests are well represented in this and other contractual matters.

The total cost can vary greatly depending on the location of the property and the type of transaction. However, as a general rule, buyers can expect to pay between 2% and 5% of the purchase price in closing costs.

While some of the individual costs can be negotiated or avoided, closing costs as a whole cannot be completely avoided. For example, some lenders offer "no-closing-cost" loans, but these generally involve higher interest rates or other trade-offs.

Both the buyer and the seller can incur closing costs, although the specific costs are often dictated by local custom and negotiation between the parties. It is also possible for the buyer to negotiate with the seller to pay for some of their closing costs.

A Warranty Deed and a Quitclaim Deed are two different types of real estate deeds commonly used in Vermont. 1. Warranty Deed: A Warranty Deed provides a guarantee of clear title and full ownership to the buyer. The seller warrants that there are no liens or encumbrances on the property and that the property is being sold with full title and ownership. This type of deed is commonly used in a traditional real estate sale where the buyer wants to ensure they receive a clear and marketable title to the property. 2. Quitclaim Deed: A Quitclaim Deed transfers ownership from one person to another without any warranties or guarantees. The seller gives up any interest they may have in the property but does not make any promises about the title or ownership of the property. This type of deed is often used in estate planning, family transactions, divorce settlements, and other non-traditional real estate transactions where the parties may not be concerned about the warranties of title. In general, a Warranty Deed is used in a traditional real estate sale where the buyer wants to ensure a clear and marketable title, while a Quitclaim Deed is used in non-traditional real estate transactions where the parties may not be concerned about the warranties of title.