Contracts
In West Virginia, a purchase agreement that states the seller will pay the buyer's closing costs is an example of:
AA seller concession that must be disclosed on the Closing Disclosure✓ Correct
BAn illegal inducement violating RESPA
CA violation of WV license law
DAn implied warranty of the seller
Explanation
Seller-paid closing costs (seller concessions) are a common and legal part of real estate transactions in West Virginia. They must be disclosed on the Closing Disclosure and are considered in the lender's underwriting (lenders typically cap seller concessions based on LTV).
Related West Virginia Contracts Questions
- In West Virginia, an offer to purchase real estate automatically terminates when:
- Under West Virginia contract law, a contract for the purchase of real estate entered into under fraudulent misrepresentation is:
- A West Virginia seller counters a buyer's offer by changing the closing date. The buyer's original offer:
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- A West Virginia broker receives competing offers on a listing simultaneously. The broker must:
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