West Virginia Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement
What this document covers
This Contract for Sale and Purchase of Real Estate with No Broker is a legal document used specifically for the sale of residential properties in West Virginia. It is designed for situations where the buyer and seller are directly involved in the transaction without the assistance of a broker. This contract effectively outlines the terms and conditions of the sale, making it essential for ensuring both parties understand their rights and obligations.
Key components of this form
- Identification of buyer and seller
- Property description and condition acceptance
- Financing terms, including cash sales and loan assumptions
- Closing costs and prorations for taxes and fees
- Casualty loss provisions and default consequences
- Notices and contact information for both parties
Jurisdiction-specific notes
This form is specifically tailored for use in West Virginia, and it incorporates the state's unique legal requirements and terminology related to real estate transactions. It is important to consult local laws to ensure compliance with any specific regulations applicable to your sale.
When this form is needed
Use this form when you are ready to sell a residential property in West Virginia without involving a real estate broker. It is particularly useful when both the buyer and seller are familiar with the property and agree on the purchase terms. This contract is also beneficial for transactions involving new loans or cash sales and can provide protection in various scenarios, such as property damage prior to closing.
Who needs this form
- Homeowners looking to sell their residential property independently
- Buyers who wish to purchase a property without broker assistance
- Trusted parties familiar with the real estate transaction process
Completing this form step by step
- Identify and enter the names and addresses of the buyer and seller.
- Describe the property being sold, including the legal description or address.
- Select the financing terms (cash sale or loan assumption) relevant to the transaction.
- Detail the closing costs, prorations, and any necessary repairs agreed upon by both parties.
- Ensure all parties review and sign the contract before any negotiations or exchanges occur.
Is notarization required?
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
Common mistakes
- Failing to accurately describe the property or its condition.
- Not addressing how closing costs will be handled.
- Neglecting to include clauses related to default or casualty loss.
- Overlooking to obtain signatures from all parties involved.
Why use this form online
- Convenient access to a standardized legal form tailored for West Virginia.
- Edit and customize the document to fit your specific transaction needs.
- Reliable and drafted by licensed attorneys to ensure legal compliance.
Form popularity
FAQ
The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
1 Stating Basic Information in Your Contract. 2 Setting Forth the Payment Terms. 3 Disclosing Important Information to the Buyer. 4 Advising Parties About Closing Procedures.
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
Step 1: Apply For A Mortgage. Step 2: Research The Neighborhood. Step 3: Find A Property. Step 4: Ask For A Seller's Disclosure. Step 5: Make An Offer. Step 6: Hire A Lawyer And Home Inspector. Step 7: Negotiate. Step 8: Finalize Home Financing And Closing.
1 Access The Desired Real Estate Template To Record A Purchase Agreement. 2 Introduce The Agreement, Seller, Buyer, And Concerned Property. 3 Define The Basic Terms Of The Real Estate Purchase. 4 Record Any Property The Buyer Must Sell To Complete This Purchase.
The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
Who Prepares The Real Estate Purchase Agreement? Typically, the buyer's agent writes up the purchase agreement. However, unless they are legally licensed to practice law, real estate agents generally can't create their own legal contracts.
Identity of the Parties/Date of Agreement. The first topic a sales contract should address is the identity of the parties. Description of Goods and/or Services. A sales contract should also address what is being bought or sold. Payment. Delivery. Miscellaneous Provisions. Samples.
