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If you`re looking to buy or sell a property in West Virginia, you`ll need to use a real estate purchase agreement form. This important legal document outlines the terms and conditions of the sale and provides protection for both parties. In this article, we`ll take a look at what you need to know about the West Virginia real estate purchase agreement form.

First, it`s important to understand the purpose of the real estate purchase agreement. This document is a legally binding contract between a buyer and a seller that outlines the terms and conditions of the sale. It includes details such as the purchase price, closing date, and any contingencies that must be met before the sale can be completed.

In West Virginia, the real estate purchase agreement form is typically provided by the seller`s real estate agent or attorney. However, it`s important for both parties to review the agreement carefully and make any necessary changes or additions before signing.

One important aspect of the West Virginia real estate purchase agreement form is the inclusion of contingencies. These are conditions that must be met before the sale can be completed, such as a satisfactory home inspection or the buyer obtaining financing. The agreement will specify the deadlines for these contingencies and what will happen if they are not met.

Another important aspect of the agreement is the purchase price. This is the amount of money that the buyer will pay for the property, and it should be agreed upon by both parties before signing the agreement. If the purchase price includes any personal property, such as appliances or furniture, these should be listed separately in the agreement.

In addition to the purchase price, the agreement will also outline who will pay for closing costs, such as title insurance and attorney fees. Typically, these costs are split between the buyer and seller, but the agreement should specify the exact amounts.

Finally, it`s important to note that the real estate purchase agreement is a legally binding contract. Both parties should read and understand all of the terms and conditions before signing, and any changes or additions should be made in writing and signed by both parties.

In conclusion, if you`re buying or selling a property in West Virginia, the real estate purchase agreement form is an essential document that should be carefully reviewed and understood by both parties. By including contingencies, specifying the purchase price and closing costs, and ensuring that both parties understand all of the terms and conditions, you can help ensure a smooth and successful sale.