Finance
In West Virginia, a property bought at a tax sale is subject to a right of redemption. The original owner can redeem the property by:
ASimply reclaiming possession without payment
BPaying the delinquent taxes, interest, and penalties within the statutory redemption period✓ Correct
CFiling a lawsuit claiming the tax sale was illegal
DNegotiating a payment plan with the county assessor
Explanation
West Virginia provides delinquent property owners with a statutory redemption period after a tax sale during which they may reclaim the property by paying the delinquent taxes, interest, penalties, and the purchaser's costs. After this period expires, the tax sale deed becomes effective.
Related West Virginia Finance Questions
- Under RESPA, a kickback paid by a title company to a real estate broker for referring settlement business is:
- Under the federal Community Reinvestment Act (CRA), federally insured banks and savings institutions are required to:
- In West Virginia, a 'deed of trust' used in mortgage lending differs from a standard mortgage in that:
- A West Virginia buyer's loan is for $180,000 at 6.5% annual interest. What is the monthly interest for the first payment?
- A West Virginia borrower obtains an adjustable-rate mortgage (ARM). The interest rate on an ARM is tied to:
- In West Virginia, which type of mortgage allows the loan balance to increase over time because monthly payments do not cover all the interest owed?
- A West Virginia homeowner who wants to access equity in their home without selling can use a:
- A West Virginia adjustable rate mortgage (ARM) has an initial rate of 4% for 5 years, then adjusts annually. The adjustment is tied to the SOFR index plus a 2.5% margin. If SOFR is 3% at the first adjustment, the new rate is:
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →