A West Virginia Real Estate Purchase Agreement is a document that states the order of actions to make a real property purchase. The transaction involves not only real estate, but buildings, improvements, appurtenances, and fixtures. Usually, the contract includes a list of items that have to be included in the sale and excluded. This document also provides information about parties, contains a property description, its purchase price, including an earnest money deposit amount.
The deposit must be applied to the purchase price at the transaction closing. Specify in the agreement that the transaction closing may be extended and enter the number of days for the extension. It can be necessary if the purchaser's lender requires additional documentation or information. Specify that this document may be corrected or modified only by a written agreement signed by both parties. Indicate that the terms of this contract must be governed under the laws of the state of West Virginia.
West Virginia does not provide an official Real Estate Purchase Agreement for those looking to buy real estate. Make your own West Virginia Real Estate Purchase Agreement via our online form builder or download a ready-made form through the link below.
A filled-out and notarized Lead Disclosure is required for all residences built before 1978. Additionally, according to § 55.1-703 of the state, Virginia is a "buyer beware" or "caveat emptor" state. This means that the buyer agrees to take possession of the property on an "as-is" basis. There are no guarantees made by the seller. However, sellers can complete a Disclosure Statement to inform buyers of any overall issues with the residence. While West Virginia state law does not legally require the statement, completion of the disclosure can significantly benefit the seller as it signifies their openness regarding the property they wish to sell and may give the buyer more peace of mind, therefore making a sale more likely.