The contract contains detailed information about the seller and buyer of real estate; the description of the property; the purchase price and the serious money of the contract; the type of funding; Conditions of ownership, etc. The contract is very detailed because it is signed without the services of a broker. This document has the force of law and is very useful in case of disputes between the parties. The West Virginia residential property purchase agreement („Real Estate Purchase Agreement”) is used when an offer to purchase real estate is made. The agreement initiates the negotiation process by indicating the buyer`s offer to purchase the property. When entering into the contract, the parties must complete the following sections: 3. Describe the property. Provide the general address and full legal description of the property. A complete description is essential because it provides a way to continuously describe the property. You can get a full description from the county recorder office where the property is located. West Virginia Sale and Purchase Agreement Kit includes wv purchase agreement, WV Real Estate Disclosures and Supplemental Real Estate Forms. Disclosure of Lead-Based Paints (42 U.S. Code § 4852d) – For residential properties built in 1978 or before, the agreement is required to indicate the potential for adverse effects of lead-resistant paint.
A contract to buy and sell residential real estate in West Virginia is a contract used by a potential buyer when withdrawing an offer to purchase a home. In the contract, the buyer specifies the proposed purchase amount as well as the conditions that the seller must meet to complete the transaction. There will be a certain period of time during which the buyer`s offer is valid. During this period, the Seller has the option of accepting the terms or resuming the negotiation process by submitting a counter-offer. The contract becomes final as soon as both parties agree on a final sale price and the various other provisions set out in the contract. This document is completed when individuals want to buy or sell real estate without a broker. The contract is used in the state of West Virginia. 9. Determine if your state has requirements for a specific language in home purchase agreements. Check your state requirements for specific language clauses or information that should be included in the purchase agreement.