Introduced by Representatives Perry of Richford, Bostic of St. Johnsbury, Branagan of Georgia, Gervais of Enosburg, Howrigan of Fairfield, Keenan of St. Albans City, Larson of Burlington, McAllister of Highgate and Rodgers of Glover
Subject: Property; contract for deed; remedies
Statement of purpose: This bill proposes to establish that, unless the parties agree otherwise, under a contract for deed, the seller rather than the purchaser is responsible for paying taxes, complying with permit conditions, making improvements, and satisfying any other obligation associated with being titleholder to the property.
AN ACT RELATING TO CONTRACTS FOR DEEDS
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 27 V.S.A. § 310 is added to read:
§ 310. ACTION ON CONTRACT FOR DEED; REMEDIES
(a) Unless otherwise specified in the contract pursuant to subsection (b) of this section, when a seller and a purchaser have entered into a contract for the sale or real property in which the seller retains title and the purchaser has use and occupancy of the property while making payments to the seller which are applied to the purchase price, the seller shall remain responsible for paying taxes, complying with permit conditions, making improvements, and satisfying any other obligation associated with being titleholder to the property.
(b) Notwithstanding subsection (a) of this section, the seller and the buyer may specify in the contract particular obligations for which the purchaser shall assume responsibility upon taking possession of the property.
The Vermont General Assembly
115 State Street