PURCHASING REAL ESTATE
Purchasing real estate can be intimidating if you are not familiar with the process.
Here in West Virginia we pride ourselves on keeping our word and the validity of the handshake, but established real estate law through the Statute of Frauds, which has come down to us through the centuries from England, requires that a writing signed by the seller is necessary for any agreement respecting real estate to be enforceable. To establish the terms of a real estate transaction the parties should enter into and sign a written contract. If there is a realtor involved, the realtor will present a contract form for the parties to sign. Consider it carefully. Is the real estate agent working for you or the other party? If there is not a real estate agent involved, have an attorney prepare a contract for you to establish the terms and bind the parties.
A real estate contract should set forth at least the following terms: