West Virginia Option For the Sale and Purchase of Real Estate - Commercial Lot or Land

State:
Multi-State
Control #:
US-00582B
Format:
Word; 
Rich Text
Instant download

Description

This form is for an option to purchase residential real estate - Commercial lot or land. It contains provisons for the payment of option money and other terms of the transaction.
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  • Preview Option For the Sale and Purchase of Real Estate - Commercial Lot or Land
  • Preview Option For the Sale and Purchase of Real Estate - Commercial Lot or Land
  • Preview Option For the Sale and Purchase of Real Estate - Commercial Lot or Land
  • Preview Option For the Sale and Purchase of Real Estate - Commercial Lot or Land
  • Preview Option For the Sale and Purchase of Real Estate - Commercial Lot or Land

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FAQ

The West Virginia (WV) state sales tax rate is currently 6%. Depending on local municipalities, the total tax rate can be as high as 7%. Amazon.com owns and operates a customer service center in West Virginia.

Persons who are 65 years of age or older, or permanently and totally disabled, are entitled to an exemption from property taxes on the first $20,000 of assessed value on their owner- occupied residence.

The fee for obtaining a Business Registration Certificate is $30.00. A separate certificate is required for each fixed business location from which property or services are offered for sale or lease or at which customer accounts may be opened, closed, or serviced. The Business Registration fee cannot be prorated.

Remote seller means a person selling tangible personal property and/or services for delivery in West Virginia who does not have a physical presence in West Virginia and who has not voluntarily agreed to collect West Virginia sales and use taxes.

Buyer Beware (§30-40-19) The state of West Virginia falls under the category of a Caveat Emptor which effectively translates to let the buyer beware. The term refers to the protection granted to the seller of the property after a transaction has taken place and the property has changed hands.

By Lee Breslouer March 7, 2022. If you buy products exclusively to resale in the state of West Virginia, you can avoid paying sales tax on your purchases by presenting a West Virginia resale certificate at checkout.

West Virginia collects a 5% state sales tax rate on the purchase of all vehicles. In addition to taxes, car purchases in West Virginia may be subject to other fees like registration, title, and plate fees.

The general rule is that the transaction is sourced to the location where the purchaser receives the tangible personal property purchased or makes first use of the service purchased. The hierarchy of sourcing rules is found in West Virginia Code § 11-15B-15(a).

No Seller Disclosure Regulations in West Virginia Under the doctrine of caveat emptor ("let the buyer beware"), judges ordinarily refuse to compensate buyers for home defects found after the purchase unless the seller did something to actively prevent the buyer from inspecting the property to find all of the defects.

West Virginia Death DisclosureWest Virginia does not have a law requiring disclosure of death on a property. The state does not consider death to be a material fact requiring disclosure.

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West Virginia Option For the Sale and Purchase of Real Estate - Commercial Lot or Land