Resources for buying and selling
General information about buying/selling real estate in Vermont
The Vermont Real Estate Commission requires that you be given a written disclosure about the buying and selling process. We will go over that form with you when we first meet in our office. In brief, it lets you know whom Heritage Associates is working for and what options exist for buyer representation.
Other information you should know:
Vermont real property taxes are subject to a statewide formula (enacted as Act 60 in 1997 and then altered by Act 68 in 2003). Most areas have experienced significant tax increases over the past 7 years and it is very difficult to estimate exactly what to expect for property tax rates in each town.
In Vermont, the buyer pays to the state a property transfer tax of 1.25% of the purchase price of all property other than the buyer’s principal residence. Principal residence property is taxed at the rate of one-half of one percent of the price up to $100,000 and 1.25% of the price over $100,000.
The Vermont land gains tax requires sellers, if they have owned the property for less than six years, to pay a tax on their profit on the land portion of the sale.
Another tax for sellers if the seller is a non-resident of Vermont and is receiving a gain on the sale: at closing 2.5% of the purchase price will be withheld by the state to satisfy possible gains taxes owed for that calendar year.
Vermont’s land use law – Act 250 – governs certain types of development. It’s also responsible for prohibiting billboards in our beautiful state!
List of Resources in the area: |
