West Virginia Further Assurances
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FAQ
West Virginia Code §11-22-1, provides for exemptions to paying the Transfer Tax Fee. Deeds must specifically state the reason for exemption, otherwise, the Transfer Tax Fee will be charged. Every Deed recorded requires a completed Sales Listing Form to be attached. The Sales Listing Form can be found here.
Implied warranty: Merchantability; usage of trade. (1) Unless excluded or modified (section 2-316), a warranty that the goods shall be merchantable is implied in a contract for their sale if the seller is a merchant with respect to goods of that kind.
§37-6-30. Landlord to deliver premises; duty to maintain premises in fit and habitable condition.
Declaration of consideration or value. The declaration states the property's value or the payment, called consideration, made for the property. The current owner, new owner, or another responsible party must sign the declaration. The West Virginia Code suggests language for a declaration of consideration or value.
A covenant of further assurances is the related promise that the grantor will do whatever is necessary to remove a defect associated with title, such as an encumbrance, if it arises, and if the problem is not fixed, damages will be awarded. The express promise of doing whatever is necessary is a huge promise.
This warranty may be excluded or modified by specific language in the contract to that effect, or ?by circumstances which give the buyer reason to know that the person selling does not claim title in himself or that he is purporting to sell only such right or title as he or a third person may have.? Com. Code §2312(2).
"A warranty is 'implied' where, from the circumstances sur- rounding the parties at the time of the sale or from the nature of the thing sold, the law assumes it to be just that the buyer should be protected, in addition to the contract of sale, by a further im- plied contract or guaranty on the part of the vendor, and ...
An implied warranty is a guarantee that is not written down or explicitly spoken. Article 2 of the Uniform Commercial Code ("UCC") governs the sale of goods. An implied warranty is automatically presumed regarding the sale of goods or real property, which prevents a risk from transferring to the buyer.
