West Virginia Contract for Deed Questionnaire

State:
Multi-State
Control #:
US-Q1035
Format:
Word; 
Rich Text
Instant download

Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a contract for deed matter. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

A West Virginia deed transfers title to property from one party to another. The deed should be written for the date when the consideration (money) exchanges hands with the Grantee (buyer). The form should have the Preparer's, Grantor's, Grantee's information along with the legal description of the property.

Disadvantage #1: The title does not automatically pass to the purchaser in a land contract. Disadvantage #2: The seller could be held legally responsible for inspection issues with local or state authorities. Disadvantage #3: Forfeiture of a land contract by the purchaser is a fairly common occurrence.

The seller transfers the property deed to the buyer when land contracts are paid in full. They complete the process by filing the necessary legal documents with the County Clerk and Recorder's Office in which the property is situated. The County Clerk will record the new ownership information.

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.

As a type of specialty home financing, a land contract is similar to a mortgage, but 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.

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.

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.

Recording Fees According to West Virginia Code 59-1-10, the fee to record a deed of conveyance (with or without a plat) or a deed of trust is $26 for the first five pages and $1 for each additional page.

Parties who only extend financing for the purchase of real estate under land contracts to be licensed. parties who extend financing for the purchase of real estate to be licensed. What is the most prevailing disadvantage of a land contract to the seller? the loan period.

An installment land sales contract is an agreement to buy land over time, without transferring title to the land until all the payment have been made. The Seller agrees to allow the Buyer to pay the purchase price over a period of time in installment amounts.

More info

By JW Fisher II · 1996 · Cited by 23 ? Survey of 1,077 alumni of the West Virginia University College of Law (Sept. I,. 1993) (on file with author). Vol. 9. 2. A survey document that is intended to be used in the transfer of real property, prepared by a licensed surveyor and filed with a county clerk should have the ...Questions · How do you take ownership of property as tenants in common or as joint tenants? What's the difference? · Does a deed have to be notarized, witnessed, ... Who signs the contract? How is it signed? What type of deed do we use? Do we need to open a probate? Should the estate transfer to the heirs before a sale? 3. What is the statute of limitations for a breach of contract claim in your jurisdiction? LIMITATIONS PERIOD. ? The ...6 pages 3. What is the statute of limitations for a breach of contract claim in your jurisdiction? LIMITATIONS PERIOD. ? The ... Once approved by the buyer, the contract is signed in the Purchasing Division, forwarded to the Attorney General's Office for approval as to form, encumbered, ... Information concerning all certification/licensure requirements is located in WVBE Policy 5202: WVDE Policies. Due to the large volume of applications ... 24-Aug-2020 ? If not redeemed, a purchaser of a tax lien may request a quitclaim deed for the property up to 18 months following the date of sale when the ... Questions to the Supreme Court of Appeals of West Virginia, so that thisattorney licensed to practice law in West Virginia? before issuing title ... And County Transfer Tax. Yes; most documents must be approved by a Maryland attorney prior to recordation. Title Insurance Rates. Form of Conveyance.

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West Virginia Contract for Deed Questionnaire