West Virginia Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is a West Virginia Real Estate Contract?

A West Virginia real estate contract, also called a residential purchase and sale agreement, is a legally binding contract between a buyer and a seller that facilitates the sale of property. The contract will lay out the terms and conditions that will govern the transaction and provide protection for the interests of both parties.

Common West Virginia Real Estate Contracts

Residential real estate contracts, like the type used to purchase a home, are the most common West Virginia real estate contracts. It is also common to see the following contracts used in real estate transactions:

  • Real estate assignment contract. Used when purchasing investment properties because it allows the buyer to assign the contract to a second buyer.
  • Lease agreement. Used when a landlord rents their property to a tenant for use.
  • Land contract. The Seller agrees to allow the buyer to pay the purchase price over a period of time in installment amounts.

4 Essential Elements of a West Virginia Real Estate Contract

All West Virginia real estate contract must be in writing and signed by both parties to be legally enforceable. In addition, the following 4 essential elements must also be present:

  1. At least two parties who are legally capable of entering a contract
  2. An offer from the buyer and acceptance of the offer by the seller
  3. Consideration, or the exchange of items of value
  4. A legal purpose that does not violate any state or federal laws

Is West Virginia a Buyer Beware State for Real Estate?

Yes. West Virginia follows the principle of “caveat emptor” or “buyer beware”. This means that the seller is not required to disclose certain property defects to the buyer. It is the responsibility of the buyer to ensure that a comprehensive home inspection is completed and that the real estate contract includes contingency clauses that allows the buyer to terminate the contract if the home does not pass inspection.

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in West Virginia?

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