The West Virginia purchase agreement is a legal document used between parties that wish to sell or purchase a certain item. The main parties to the purchase agreement are the seller and the buyer.
You should use the purchase agreement for any sale or purchase where the item’s purchase price is over $500. However, if there are many terms and conditions affecting the sale and purchase, you should use the purchase agreement to outline them, regardless of the item’s purchase price.
West Virginia Purchase and Sale Agreement Form
The main obligations of the seller and buyer in the West Virginia purchase and sale agreement are the transfer of property ownership and the payment of the purchase price.
Moreover, the document must also include information about the seller and buyer, methods of payment, the sale date, the signatures of the parties, and other terms and conditions related to the sale and purchase of a property.
Although the purchase agreement itself doesn’t transfer any legal rights between the seller and the buyer, they still use it to provide the terms and conditions related to their transaction, which prevents potential misunderstandings and disputes between them.
This agreement is also known as:
Other Names for West Virginia Purchase and Sale Agreement Form
West Virginia purchase and sale agreement
West Virginia sale and purchase agreement
West Virginia sale and purchase contract
West Virginia purchase and sale contract
However, it all refers to one document that provides the terms and conditions for the property transfer in West Virginia.
Purchase Agreement West Virginia Laws & Requirements
West Virginia is one of the caveat emptor, or buyer beware states. This means that the seller is not obliged by state law to disclose any information about the property’s condition unless it is affecting the buyer’s health and safety.
However, § 30-40-19 provides that the real estate agent cannot mislead the buyer and provide them with false information in order to influence the sale.
Purchase Agreement Required Disclosures in West Virginia
Here, you can find the list of disclosures you must include in the West Virginia real estate purchase agreement.
Lead-Based Paint Disclosure. As mandated by 42 U.S. Code § 4852d, the seller is required to disclose to the buyer any lead-based paint hazard in the property. This applies to all properties built before 1978 and to properties with a known lead-based paint hazard.
Residential Property Disclosure. Although it is not required by law, the seller can still fill out this form and provide the buyer with information about the property’s condition as a sign of goodwill.
Common Types of Purchase Agreements in West Virginia
This section provides all the types of purchase agreements used in West Virginia.
Variety of Purchase Agreement
Residential real estate purchase agreement. Parties use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Sellers and buyers use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. This document can be used for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Sellers and buyers can use it to provide terms and conditions for transferring the company's shares.
Land purchase agreement. This agreement is used to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in West Virginia.
Purchase Agreement in West Virginia FAQ
Yes, the purchase agreement is a legally binding document in West Virginia. However, this document becomes legally binding the moment both the seller and buyer sign it.
Yes, the West Virginia sales agreement needs to state the purchase price. The reason for this is that the purchase price is the main obligation of the buyer, and the document won’t have any legal effect if this element is excluded from it.
No, the West Virginia purchase and sale agreement can be signed without notarization. The reason for this is that the purchase agreement doesn’t transfer any legal rights between the parties.
Yes, in most cases, the seller can back out of the purchase agreement after compensating the buyer. However, if the buyer fails to meet the contingencies set out in the purchase agreement, the seller can back out of the agreement without compensating the buyer.