In completing the agreement, the parties must complete the following sections: The contract to purchase residential real estate in West Virginia (“contract for the purchase and sale of real estate”) is used for the purchase of real estate at the time of the offer. The agreement opens the negotiation process by indicating the buyer`s offer for the acquisition of the property. U.S. Legal Forms, Inc. provides real estate contracts and contract forms for all of your real estate contract form requirements, including sales contracts, deeds, rental forms and others. Many free forms are not valid. We provide you with the correct valid form. Free previews end available. All forms are available in Word format. This contract can be used for any purchase or sale of residential real estate as long as the construction of the house is completed before the contract is concluded.
West Virginia is a “Caveat Emptor” state, which means that sellers are not required to disclose material defects to potential buyers. Therefore, the buyer is responsible for reviewing the condition of the property before the purchase. However, West Virginia law states that a licensed real estate agent must not mislead or lie to influence the sale. (No. 30-40-19) You should use this agreement if a) you are a potential buyer or seller of real estate, (b) define the legal rights of each party to the sale and (c) define the respective obligations of each party before the transfer of ownership. Imagine that this document is a roadmap for the period between the signing of the agreement and the conclusion of the sale. Contracts for the sale of residential real estate generally contain promises and provisions that guarantee the condition, security and/or value of a property. In most countries, sellers are required to submit a sales contract with documentation guaranteeing the condition of the property. However, West Virginia law determines the buyer`s liability to determine if there are any problems with the property. This is known as: The West Virginia sales contract creates written evidence of an agreement in which a buyer acquires a property from a seller for a predetermined amount of money. The seller will first establish the documents that constitute an offer of verification and acceptance to the buyer.
If the buyer agrees to the terms of sale, both parties can execute the contract solidification document. Full purchase price. Refers to the entire offer accepted without subtracting the down payment or serious money. The offer includes the purchase price and the additional conditions set by the buyer. The seller is given a deadline to respond to the offer before it expires. During this period, the seller can change the conditions by making a counter-offer to the buyer. Disclosure of factual defects by the seller (No. 36-12-4) – In the sales contract must be indicated a party mentioning all known factual defects that the property presents to an interested buyer. The buyer has a responsibility to resolve the problems indicated and either to accept the property as it is or to demand the repair of a defect by the seller before the sale. Watch out for the buyer (No. 30-40-19) – The state of West Virginia is classified as a “Caveat Emptor,” which effectively means, “Let the buyer be careful.” The term refers to the protection afforded to the seller of the property after a transaction and the change of ownership.