The West Virginia residential real estate purchase agreement (“real estate sales and purchase contract”) is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property.
Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer.
Do Sellers in West Virginia Have to Disclose Property Defects?
West Virginia does not require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in West Virginia
Although with any material defects with the property, sellers in West Virginia will also need to provide the following:
- Seller Disclosure of Material Defects. Within the purchase agreement, there must be a portion designated to mentioning all known material defects the property presents to an interested buyer. Responsibility is placed upon the buyer to address any of the stated issues and either accept the property as-is or request the repair of any defect by the seller prior to the sale.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.