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If you do not have a real estate purchase agreement, you and the other party to the contract do not have a clear understanding of your rights, the potential risks and the economic impact of these potential risks. Without an agreement, it will be much more difficult to negotiate the extent of each party`s liability and enforce your legal rights. Closing: Closing is the last step in a real estate transaction between the buyer and seller. All agreements are concluded, money is exchanged, documents are signed and exchanged, and title to the property passes to the buyer. A real estate purchase agreement does not really transfer ownership of a house, building or land. Instead, it provides a framework for each party`s rights and obligations before the legal transfer of ownership can take place. The expiry date of the contract is specified in the text. Below is a general overview of the home buying process: West Virginia is a “Caveat Emptor” state, which means sellers are not required to disclose material defects to potential buyers. Therefore, the buyer is responsible for reviewing the condition of the property prior to purchase. However, West Virginia law mentions that a licensed real estate agent cannot mislead or lie to the buyer to influence the sale. (§ 30-40-19) Escrow: Escrow is a neutral third party responsible for holding funds during the purchase transaction.
Serious money deposits are usually deposited in escly. Escrow offers protection to both parties as long as contractual risks are still open. For example, a buyer could deposit their serious money deposit in esc escrance until a home inspection is complete, and make sure that if there are problems with the inspection and the buyer decides not to go ahead with the contract, he or she will receive the serious money deposit from the party to the trust. Serious Money Deposit: A serious money deposit is a deposit that shows the good faith of the buyer and his commitment to proceed with the purchase of the property. In exchange for a serious cash deposit from the buyer, the seller withdraws ownership from the market. At the end of the purchase, the serious cash deposit will be credited to the purchase price. If the contract is terminated in accordance with the terms of the contract, the serious deposit is usually returned to the buyer. 9. Determine if your state has requirements for a specific language in home purchase agreements. Check your state requirements for specific language clauses or information that must be included in the purchase agreement. West Virginia Sale and Purchase Agreement Kit includes wv purchase agreement, WV Real Estate Disclosures and Supplemental Real Estate Forms. 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.
Consider this document as a roadmap for the period between the signing of the contract and the closing of the sale. .