Contracts
A West Virginia buyer who defaults on a purchase contract by failing to close may be subject to:
ACriminal prosecution by the WVREC
BForfeiture of earnest money and/or a lawsuit for specific performance or damages by the seller✓ Correct
CAutomatic loss of their real estate license
DNothing; the seller's only remedy is to relist the property
Explanation
When a West Virginia buyer defaults, the seller's remedies include forfeiting the earnest money (liquidated damages if so specified in the contract), suing for actual damages, or seeking specific performance (court order to complete the purchase).
Related West Virginia Contracts Questions
- A seller in Huntington, WV accepts a buyer's offer but the buyer has not yet signed. At this point the contract is:
- The 'meeting of the minds' (mutual assent) required for a valid West Virginia real estate contract is evidenced by:
- A West Virginia buyer who backs out of a transaction without a valid contractual reason after removing all contingencies may:
- A valid real estate contract in West Virginia requires all of the following EXCEPT:
- Under West Virginia law, a real estate contract signed by a 17-year-old is:
- In West Virginia, the Statute of Frauds requires real estate contracts to be:
- A West Virginia inspection contingency typically gives the buyer the right to:
- In West Virginia, which clause in a purchase contract establishes when risk of loss transfers from seller to buyer?
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