This is a generic form for the sale of residential real estate. Please check your state=s law regarding the sale of residential real estate to insure that no deletions or additions need to be made to the form. This form has a contingency that the Buyers= mortgage loan be approved. A possible cap is placed on the amount of closing costs that the Sellers will have to pay. Buyers represent that they have inspected and examined the property and all improvements and accept the property in its "as is" and present condition.
The West Virginia Agreement for the Sale and Purchase of Residential Real Estate is a legally binding agreement that outlines the terms and conditions for the purchase or sale of a residential property in the state of West Virginia. This agreement is designed to provide clarity, protection, and enforceability to all parties involved in the transaction. The key components of this agreement include: 1. Parties involved: The agreement clearly identifies the buyer(s) and seller(s) involved in the real estate transaction, including their legal names and contact information. 2. Property details: A detailed description of the property being bought or sold is provided, including the address, legal description, and any relevant property identifiers. 3. Purchase price and terms: The agreement outlines the agreed-upon purchase price for the property and the terms of payment, including any earnest money or down payment. It also includes any contingencies or conditions that must be met before the sale can proceed, such as financing or property inspections. 4. Seller disclosures: The agreement requires the seller to disclose any known defects or issues with the property that could affect its value or desirability. This includes information about past renovations, repairs, or any history of flooding or damage. 5. Closing and possession: The agreement establishes the closing date, which is when the transfer of ownership takes place. It also addresses possession, indicating when the buyer will take possession of the property. 6. Financing and appraisals: If the purchase is subject to financing, the agreement specifies the type of financing, such as a mortgage or loan, and includes any contingencies relating to the buyer obtaining financing or an appraisal of the property. 7. Property inspections: The agreement may include provisions for property inspections by professionals, such as a home inspector or structural engineer, to ensure that the property is in good condition and meets the buyer's expectations. There are no specific variations of the West Virginia Agreement for the Sale and Purchase of Residential Real Estate mentioned. However, it is important to note that real estate transactions in West Virginia may also require additional documents or disclosures, such as lead-based paint disclosures for properties built before 1978 or disclosure of mineral rights. Overall, the West Virginia Agreement for the Sale and Purchase of Residential Real Estate serves as a legal contract, protecting the rights and obligations of both the buyer and seller, and ensuring a smooth and transparent real estate transaction in compliance with West Virginia laws and regulations.
