West Virginia Real Estate Contract & Forms for Selling Your Home
West Virginia is known as the “mountain state” in the Appalachia region of the U.S. because of its topography. It separated from Virginia during the American Civil War and is the only state formed as a result of the war. Charleston is West Virginia’s capital and largest city.
West Virginia continues to draw tourists and potential residents because of its natural beauty, tourist spots and favorable housing market especially in the areas of Wood, Berkeley, Hampshire, Hardy, Mineral and Grant counties. The state’s regions provide low housing and living costs the reason why they are popular areas to look for real estate and homes for sale. Home prices in West Virginia have dropped and buyers now have control over the real estate market.
Home sellers should take advantage of the current buyer’s market in the residential real estate sector. Although there’s really no best time to sell a home, homeowners should make an effort to follow certain guidelines to ensure that the entire financial transaction runs smoothly. Keep in mind that a successful sale is one that is fast and profitable with a good return on your investment.
In preparing to sell your home, learn everything you want to know about the selling process as well as the current real estate market. Gather as much information as you can about appraisal and compare your home with similar properties in your location. If in the end you’re still not satisfied with your research, do consult your lawyer or a financial expert. Doing these steps will give you the confidence to sell your home on your own with great success.
Now that you are ready to put your home on the market, consider several factors to help you present an attractive and cozy house to potential buyers. The various parts of your house from the front yard, front hall, kitchen, living room to the master bedroom, bathrooms, recreation room, garage and attic should be organized, clean and free from clutter.
Draw more buyers to your home by pricing it fairly. Real estate experts agree that a home priced more than five percent of its market value will only discourage offers. Know that buyers normally engage in home shopping and compare features and financing schemes before they decide on which one to buy.
Real Estate Forms
Each home sale shares a common process as well as common documents. When you have a buyer, a written and signed offer to purchase will be made. In most cases, the purchase offer will already serve as the sales contract and made enforceable when signed by both the seller and buyer. The offer states the date, name, address of both parties involved, the property’s legal description, amount of earnest money deposit, proposed settlement and occupancy date and contingencies.
After getting the offer, the home seller either accepts, counters or rejects such offer. If the seller is not satisfied with certain issues, a counter offer can be presented. Other forms needed include disclosure statements for the property’s condition and possible use of lead-based paint for homes built prior to 1978. The lead paint disclosure should be accompanied by an EPA pamphlet. Additional forms are the deed of trust or mortgage, deed of trust note, lender forms, settlement sheets.
The settlement stage is known as the closing during which all forms are signed and necessary fees are paid. Among the closing costs are attorney fees, appraisal fee, state deed transfer tax, recording fee, homeowner’s association fees, water escrow and lender’s inspection fee.