West Virginia Contract for the Sale and Purchase of Real Estate - No Broker - Commercial Lot or Land

• Category: Real Estate - Contracts - Land or Lots
• State: Multi-State
• Control #: US-00472C
• Format: Word; Rich Text

Description

This form is a Contract for the Sale and Purchase of Commercial Real Estate. The form requires information such as: property condition, earnest money, taxes pro ration and utilities. The form provides that the seller has agreed to sell and the buyer will purchase the property described in the form. This contract also contains a contingency for purchase based upon the sale of another property owned by the buyer.

The West Virginia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land is a legal document that outlines the terms and conditions for the sale and purchase of a commercial lot or land in the state of West Virginia. This contract is used when the buyer and seller do not involve a broker in the transaction. There may be different types of this contract depending on the specific details and provisions included. However, the main purpose of the contract remains the same — to establish a written agreement between the buyer and seller for the purchase of a commercial lot or land without the involvement of a real estate broker. Key components of the West Virginia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land typically include: 1. Parties: The contract identifies the buyer and seller involved in the transaction. It includes their legal names, addresses, and contact information. 2. Property details: The contract includes a detailed description of the commercial lot or land being sold. It typically includes the legal description, address, and any additional details that define the property, such as size, boundaries, and zoning. 3. Purchase price: The contract specifies the agreed-upon purchase price for the commercial lot or land. It may also outline any contingencies, such as financing or inspections, that may affect the final price. 4. Earnest money: The contract may require the buyer to submit an earnest money deposit to demonstrate their serious intent to purchase the property. The amount and conditions for the earnest money deposit are usually outlined in the contract. 5. Financing terms: If the buyer intends to obtain financing for the purchase, the contract may include details about the type of financing, the amount, and any specific conditions or contingencies related to the financing approval. 6. Due diligence period: The contract may include a provision for a due diligence period, during which the buyer can conduct inspections, surveys, environmental assessments, and other investigations to ensure the property meets their requirements. This period allows the buyer to back out of the contract or negotiate any necessary repairs or adjustments. 7. Closing and possession: The contract establishes a closing date when the transfer of ownership and possession of the commercial lot or land will occur. It may outline the responsibilities of the parties involved in the closing process, including any prorations, closing costs, or title requirements. 8. Disclosures: The contract may require the seller to disclose any known defects or issues with the property. Additionally, it may include other required disclosures, such as lead-based paint disclosures or property condition reports. 9. Default and remedies: The contract usually includes provisions that outline the consequences of default by either party. It may specify the remedies available to the non-defaulting party, such as retaining earnest money or pursuing legal action. It is essential for both the buyer and seller to carefully read, understand, and agree to the terms and conditions outlined in the West Virginia Contract for the Sale and Purchase of Real Estate NowNo Broke— - Commercial Lot or Land. Consulting with a real estate attorney or professional is recommended to ensure all legal requirements and obligations are met effectively.