Contracts
In West Virginia, which clause in a purchase contract establishes when risk of loss transfers from seller to buyer?
AThe title clause
BThe possession and risk of loss clause✓ Correct
CThe financing contingency
DThe inspection clause
Explanation
The possession and risk of loss clause in a West Virginia purchase contract specifies when ownership risk transfers. Risk generally transfers at closing or possession, whichever occurs first, though the contract can specify different terms.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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