West Virginia Contract for Deed
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
A Contract for Deed / Land Contract for use in West Virginia.
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Under a Contract for Deed, once the Buyer has made all the payments specified in the agreement and met all other obligations, the Seller must transfer a valid legal title through a Deed. Through a Contract for Deed, the Seller finances the property that is being sold while keeping the title or deed as security. The Buyer will make payments in installments for the duration of the Contract for Deed and is allowed possession of the property, while the Seller will remain liable for any existing mortgage on the property.
Some of the advantages of Contracts for Deed are that the closing costs associated with this type of transaction are usually lower than transactions involving mortgages, banks or other institutional type lenders. This type of Agreement can be useful when other financing may not be even available to Buyer.
These are just some of the important provisions included in this West Virginia Contract for Deed:
- Parties: Identifies the Seller and Buyer involved in the transaction;
- Price and Payment: Sets forth the price for the property and when and how payments are to be made;
- Security: Explains that the Contract stands as security for the performance and payments by Buyer.
- AS-IS condition of Property: Buyer will accept the property AS-IS;
- Deed and Evidence of Title: Promise that seller will deliver a general warranty deed after buyer fulfils his or her obligations
- Title: Assurance that title will be free and clear of all encumbrances
- Taxes and Assessments: States that Buyer will pay all taxes and assessments ;
- Risk of Loss and Insurance: Assigns the risk of loss by negligence, fire or other casualty.
- Eminent Domain: Explains rights and obligations in the event the property is taken by eminent domain;
- Prepayment: Explains what happens if the Buyer prepays
- Possession of Property: Buyer shall have possession of the property as long as all contract terms are complied with ;
- Default by Seller of Buyer: Consequences of default by either the Seller or Buyer
- Maintenance of Property: States that Buyer will maintain property;
- Mortgage by Seller: Explains that Seller may place a mortgage on the property ;
- Conveyance by Seller: Seller may convey his or her interest in the property;
- Joint and Several Liability: If there is more than one Buyer, all will be jointly and severally liable;
- Reinstatement after Acceleration: Buyer may reinstate this Contract in the event of default and acceleration according to law;
- Assignment of Sale by Buyer: States that Buyer will not assign his interest in the property without consent of the seller;
- Disputes: Allows the parties to select how to handle disputes;
Protect Your Rights, Your Property and Yourself, with these accurate and easy to use forms.
This form packet prepared by lawyers includes:
- Instructions and Checklist for West Virginia Contract for Deed;
- Information about Contract for Deed;
- Contract for Deed
- Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
West Virginia Contract for Deed
Product Details
| Product | West Virginia Contract for Deed |
| Country | United States |
| Pages | 18 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | Contract for Deed |
| Product number | #20646 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
A Contract for Deed is a legal agreement where the seller finances the sale of a property while retaining the title until the buyer fulfills all payment obligations.
Unlike a traditional mortgage, where a bank holds the title until the loan is paid off, in a Contract for Deed, the seller retains the title while the buyer makes installment payments.
If the buyer defaults, the seller may have the right to terminate the contract and retain any payments made, depending on the terms outlined in the agreement.
Yes, typically the buyer can make improvements to the property, but they should check the terms of the Contract for Deed to ensure there are no restrictions.
Yes, once signed by both parties, a Contract for Deed is a legally binding document that outlines the terms of the sale and the obligations of both the seller and buyer.
Is This Form Right For You?
Use This Form If:
- Individuals who are unable to secure traditional financing through banks may find a Contract for Deed an ideal solution. This arrangement allows them to purchase property directly from the seller while making manageable installment payments.
- Situations requiring quick property transactions can benefit from using a Contract for Deed. This method often involves lower closing costs and can expedite the transfer of property ownership compared to conventional mortgage processes.
- For those looking to invest in real estate without the complexities of bank loans, a Contract for Deed provides a straightforward alternative. Buyers can negotiate terms directly with sellers, making it easier to tailor the agreement to their financial situation.
- Sellers wishing to attract buyers who may have difficulty obtaining financing can utilize a Contract for Deed. This approach not only broadens the pool of potential buyers but also allows sellers to retain title until all payments are completed.
- In cases where buyers are interested in purchasing a property in its current condition, a Contract for Deed allows them to accept the property AS-IS. This can be particularly advantageous for buyers looking for fixer-upper opportunities.
Do Not Use If:
- – This form is not appropriate for buyers who require immediate access to the title for financing or legal purposes. In such cases, traditional mortgage options may be more suitable.
- – If the property has significant existing liens or encumbrances, a Contract for Deed may not be advisable. Buyers should ensure that the title is clear before entering into such an agreement.
- – For transactions involving multiple parties or complex ownership structures, a Contract for Deed may not adequately address all legal considerations. Consulting with a real estate attorney would be recommended in these scenarios.
- – In situations where the buyer is not financially stable or has a history of defaults, using a Contract for Deed could lead to complications. Sellers should assess the buyer's financial situation before proceeding.
- – If the property is intended for commercial use, a Contract for Deed may not meet the specific legal requirements necessary for commercial transactions.
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