Contracts
A West Virginia purchase contract that includes a personal property (chattel) list (e.g., refrigerator, washer/dryer) ensures that:
AThe listed items automatically pass with the real property regardless of the deed
BThe specified items are included in the sale and cannot be removed by the seller without breach of contract✓ Correct
CPersonal property items are exempt from the transfer tax
DThe seller can substitute items of equal value
Explanation
Including personal property in a purchase contract makes those items part of the sale. The seller must leave all listed items or they risk breaching the contract.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
State-Specific Concepts
Transfer Tax
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