This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
West Virginia Contract to Sell Commercial Property with Commercial Building - Seller Financing Secured by Mortgage and Security Agreement
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Multi-State
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US-01504BG
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Word
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How to fill out Contract To Sell Commercial Property With Commercial Building - Seller Financing Secured By Mortgage And Security Agreement?
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FAQ
As a type of specialty home financing, a land contract is similar to a mortgage. However, rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
The majority of installment contracts include a forfeiture clause, which allows a seller, upon buyer's default, to end the contract, regain possession of the property, and keep all payments made by buyer.
To be enforceable, a land sale contract must satisfy the Statute of Frauds, which generally requires that these contracts be in writing and signed by the parties. Note that this writing is apart from the instrument under which the actual transfer takes place, which is known as the ?deed.?
A major drawback of a contract for deed for buyers is that the seller retains the legal title to the property until the payment plan is completed. On one hand, this means that they're responsible for things like property taxes. On the other hand, the buyer lacks security and rights to their home.
? Within ten business days after the contract has been signed and acknowledged by both the vendor and the vendee, the vendor shall cause the contract or a memorandum of the contract to be recorded in the office of the clerk of the county commission in the county in which the property is located.