The contract is usually attached to other documents, including an insurance policy, inspection forms, financing plan, etc. The parties agree on the necessary documents before signing the contract. Use our real estate purchase agreement to describe an offer to purchase a property and the terms of the sale. West Virginia Sale and Purchase Agreement Kit includes wv purchase agreement, WV Real Estate Disclosures and Supplemental Real Estate Forms. Contracts for the purchase of a residential property usually contain promises and provisions that guarantee the condition, safety and/or value of a property. In most states, sellers are required to provide a purchase agreement as well as documents guaranteeing the condition of the property. However, West Virginia law establishes the buyer`s responsibility to determine if there are any problems with the property. This is called: Disclosure by the Seller of Material Defects (§36-12-4) – The purchase contract must specify a part intended to mention all known material defects that the property presents to an interested buyer. The buyer is responsible for resolving any of the problems mentioned and either accepting the property as is, or requesting the repair of a defect by the seller before the sale. This agreement can be used for any purchase or sale of a residential property as long as the construction of the house is completed before the closing date of the contract. Buyer`s Warning (§30-40-19) – The State of West Virginia is categorized as a “Caveat Emptor,” which effectively translates to “let the buyer take care.” The term refers to the protection afforded to the seller of the property after a transaction has taken place and the property has changed hands. The law does not allow a seller to be misleading when disclosing problems they are aware of, but it does place the onus on the buyer to inspect the home before buying more.
You must use this Agreement if you (a) are a potential buyer or seller of residential property, (b) wish to define the statutory rights of each party to the sale, and (c) set forth the respective obligations of each party prior to the transfer of ownership. U.S. Legal Forms, Inc. provides Real Estate Contracts and West Virginia Contract Forms for all of your real estate contract forms, including purchase agreements, shares, owner-tenant forms, and others. Many free forms are not valid. We provide lawyers and you with the correct valid form. .