Contracts
Consideration in a Vermont real estate contract refers to:
AThe real estate agent's commission
BSomething of value exchanged between the parties✓ Correct
CThe closing attorney's fee
DThe earnest money held in escrow only
Explanation
Consideration is something of value exchanged by each party — typically the purchase price from the buyer and the transfer of property from the seller — and is a required element for a valid contract.
Related Vermont Contracts Questions
- Vermont's doctrine of equitable conversion holds that once a purchase contract is signed:
- A Vermont real estate purchase contract that contains a time-is-of-the-essence clause means:
- Vermont's 'due diligence' period in a real estate contract typically allows the buyer to:
- An earnest money deposit in a Vermont real estate transaction is held in the broker's trust account and is:
- A Vermont real estate listing agreement that sets no expiration date:
- Vermont's Seller's Property Disclosure form requires sellers of residential property to disclose:
- Under Vermont law, a real estate purchase and sale agreement must be:
- For a real estate contract to satisfy Vermont's Statute of Frauds, it must be:
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