West Virginia Residential Purchase and Sale Agreement

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A West Virginia residential purchase and sale agreement is a contract used by a potential buyer when making an offer to purchase a residence. In the contract, the buyer will indicate the proposed purchase amount along with the conditions the seller must fulfill in order to complete the transaction. There will be a specific time period in 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 agreement will become legal once both parties consent to a final sale price and the various other provisions established in the contract.

Table of Contents

Buyer Beware

West Virginia is a “caveat emptor” state which means that sellers are not obligated to disclose material defects to potential buyers. Consequently, the buyer will be responsible for investigating the condition of the property prior to the purchase. West Virginia law does mention, however, that a licensed real estate agent may not mislead or lie to the buyer in order to influence the sale. (§ 30-40-19)

Realtor Version

West Virginia Land and Home, LLC Contract of Sale

Required Disclosures

Lead-Based Paint Disclosure – For the sale of any residence constructed before 1978, the seller must indicate the existence, if any, of toxic paint by providing the buyer with a lead-based paint disclosure.

Residential Property Disclosure – Sellers can complete a property disclosure to notify buyers of the overall condition of the residence. While State law does not require the document, completion of the disclosure can significantly benefit the seller as it shows they were honest during the transaction and that they did not misrepresent the condition of the property.

Commercial Property

Commercial Purchase AgreementThis document can be used as a legal contract to buy or sell commercial property.

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