REGION – Although Vermont does not provide as many statutory buyer protections as states that mandate attorney review periods or extensive warranty requirements, it does maintain a strong regulatory framework that emphasizes honesty, fair dealing, and accountability in real estate transactions.
Did you know that even when a seller calls for “final and best,” they are not legally bound to accept any offer? They can reject all offers, or still negotiate further. However, they must do so without misrepresentation or unfair dealing.
Here are terms that may help understand phrases that are considered best practices during negotiations.
“Final and best” defined in practice
In Vermont real estate practice, when a seller (through their agent) asks for “final and best” offers, it means all interested buyers must submit their strongest offer (best price and terms) by a set deadline. The seller intends to evaluate all offers at once after that deadline, rather than negotiating back and forth. Once communicated, buyers are expected to treat their submission as their highest and final position.
It’s a customary negotiation strategy recognized under contract law and Vermont’s real estate licensing rules about fair dealing and honest communication.
Communication requirements
The request for “final and best” should be clearly communicated in writing, typically by the listing agent to buyer agents. A specific deadline must be included. All buyers must be treated consistently to comply with Vermont Real Estate Commission rules on fair and honest negotiations.
Other terms with the same meaning
Different phrases can be used interchangeably with “final and best”:
“Highest and best”– very common nationwide, same meaning; “final offer” – signals no further countering expected; “best and final” – just a variation in word order; “last and best” – sometimes used; “no further negotiations” – sometimes spelled out more directly.
While multiple offers can be an exciting opportunity for sellers, it can also be a stressful and confusing process for sellers and buyers alike. Your trusted Vermont Realtor is a resource and your partner to help you to and through your transaction, from beginning to end. Never be afraid to ask lots of questions. Every real estate transaction is unique.
Written by Suzanne Garvey, owner/broker of Mary W. Davis Realtor & Associates.