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A sales contract is a legally binding document between a buyer and seller. The document includes the details of the exchange, the terms of sale, clear product or service descriptions and more. A good sales contract should leave no doubt in either party's mind about their rights and obligations during a transaction.

Land contracts (aka ?land installment contracts? or ?contracts for deed?) are agreements in which a homebuyer makes regular payments to the seller but the deed does not transfer at the outset; instead, the seller retains full ownership of the property until the final payment.

Oral contracts are spoken agreements. Agreements that are not in writing may sometimes be binding. There are certain limitations on the enforceability of oral employment contracts that do not exist for written employment contracts.

The West Virginia residential purchase and sale agreement relays the terms and conditions of a residential real estate transaction between a buyer and a seller. The contract must provide the property's legal description, purchase price, closing date, closing cost, and any personal property included in the sale.

In West Virginia, it is the responsibility of the seller to file the land contract with the County Clerk's Office where the property is located. This is to ensure that the contract is recorded and made public.

(1) ?Land installment contract? or ?contract? means an executory agreement which by its terms is not required to be fully performed by one or more of the parties to the agreement within one year of the date of the agreement and under which the vendor agrees to convey title in real property located in this state to the ...