West Virginia Master Development Agreement
Description
How to fill out Master Development Agreement?
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FAQ
A West Virginia land contract documents the terms binding the parties in the purchase of vacant land. Whether for residential or commercial lot transactions, the parties can utilize this document to record information surrounding the transaction and any additional conditions they wish to include.
In addition, the seller must record the land installment contract within 20 days of its execution. 13 If a seller fails to comply, the buyer may rescind the contract and recover actual damages plus attorney fees and costs.
Each Buyer and Seller should have a fully signed copy of the contract. The original signed contract should be filed (or ?recorded?) in the official county land records. These are in the office of the Clerk of the County Commission in the county where the real estate is located.
Introduction. An installment contract (also called a land contract or articles of agreement for warranty deed or contract for deed) is an agreement between a real estate seller and buyer, under which the buyer agrees to pay to the seller the purchase price plus interest in installments over a set period of time.
If the seller does not file the land contract in Ohio County Recorder's office within 20 days, the seller must do so for their protection. As described above, when entering a land contract, Ohio has specific requirements you must meet. Make sure you research these requirements and the property you are considering.
