Contracts
Vermont's 'real estate purchase agreement amendment' modifying the original contract requires:
AOnly the buyer's signature
BSignatures of all parties bound by the original contract✓ Correct
CVREC approval if the price changes
DRecording in the town land records
Explanation
Any amendment to a Vermont purchase contract requires the signatures of all parties bound by the contract — both buyer and seller — to be enforceable as a modification of the original agreement.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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