Contracts
A Vermont buyer who is ready to close but the seller's title is still encumbered by a mortgage that was not paid off at closing would have which remedy?
AAccept the property with the mortgage and pay it later
BRefuse to close and sue the seller for breach of contract since the seller cannot deliver clear title as promised✓ Correct
CClose and accept the encumbered title as-is
DFile a complaint with the VREC against the closing attorney
Explanation
A seller's contractual obligation in Vermont is to convey marketable title at closing, free from encumbrances (unless specifically excepted). If the seller cannot deliver clear title due to an unpaid mortgage, the buyer may refuse to close and sue for breach of contract, or exercise other available remedies.
Related Vermont Contracts Questions
- Vermont's 'environmental contingency' in a commercial purchase contract allows the buyer to:
- In Vermont, a buyer's 'right of first refusal' in a lease option agreement gives the buyer the right to:
- Vermont's 'walk-through provision' in a purchase agreement typically gives the buyer the right to:
- Vermont's 'seller's remedies for buyer's default' may include:
- Vermont's 'pre-purchase disclosure' for new condominium units sold from a public offering statement requires:
- Vermont's 'fixtures vs. personal property' dispute in a real estate contract is most effectively avoided by:
- Vermont's 'home sale contingency' allows a buyer to:
- Vermont's doctrine of equitable conversion holds that once a purchase contract is signed:
Practice More Vermont Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Vermont Quiz →