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Location: West Virginia
Submitted 02/26/12 03:18 PM
Q. my brother has a land contract in wv, he was in this contract with two other people, he's been paying on it for 10 years, all of a sudden these 2 people move out and are willing to take their names off the contract, they were also his caregivers, now he wants me to move in and put my name on the contract, all the paperwork has to be redone...any idea what these changes will cost me in wv? or where we even start?
Land Contract, also known as a Contract for Deed, states that the seller of the property will hold the legal title to that property until the purchaser has paid the full price of the property in periodic installments.
Since I've never done a land contract, I found the below information that my be helpful.
If the owner of a property wishes to sell the property to a buyer and wants to finance the sale, he or she will need to use a Contract for Deed. This type of agreement which allows the Seller to transfer the title of the property to the Buyer while retaining the title, is also known as a Real Estate Installment Agreement, Contract Sale, Land Contract or Agreement for Deed.
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 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;
If a real estate agent was involved, you might want to contact the agent. You may be able to just do an addendum...If no agent was involved, call an attorney.
The cost would depend on how it was done in the first place. If it is just a simple contract recorded at the local county courthouse you should be able to have the two persons sign a statement they are deeding their interest in said property to you and your brother.
This would show that you and your brothers would be the owners when the terms of the contract are completed.
The cost for recording varies from county to county, but in Kanawha it is only $16.00.
I would recommend consulting an attorney to verify the contract and your rights in this situation.
You need to talk with an attorney about this. I thought land sale contracts were obsolete in West Virginia.
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