If you`re looking to buy or sell property in West Virginia, a land contract may be an ideal option. This type of contract allows for the sale of a property without involving a traditional mortgage lender, making it an attractive option for buyers who may not have a strong credit history or the ability to secure a large loan. Here`s how to do a land contract in WV:
1. Draft a Contract
The first step in doing a land contract in WV is to draft a contract that outlines the terms of the sale. This contract should include the purchase price, any down payment, the monthly payment amount, the interest rate, and the length of the contract. It should also include details about what will happen if the buyer defaults on the contract.
2. Review & Sign the Contract
Once you have drafted the contract, review it thoroughly to ensure that all of the terms are clear and that both parties understand and agree to them. Once you`re satisfied with the contract, both the buyer and seller should sign it.
3. File the Contract
Once the contract has been signed, it should be filed with the county clerk`s office in the county where the property is located. This will establish the land contract as a legal agreement and ensure that it is recorded as a public document.
4. Make Payments
Under a land contract, the buyer is typically responsible for making monthly payments to the seller, just as they would if they were paying a mortgage. It`s important to make these payments on time and in full to avoid defaulting on the contract.
5. Close the Contract
Once all of the payments have been made, the land contract can be closed. This typically involves transferring the property title from the seller to the buyer. It`s important to work with a real estate attorney to ensure that all of the necessary documents are filed and that the transfer of the property is done legally.
In conclusion, doing a land contract in WV can be a great option for both buyers and sellers. By following these steps, you can ensure that the process is completed legally and smoothly.