West Virginia License Law
The West Virginia Residential Property Disclosure Form is required to be completed by:
AThe buyer before making an offer
BThe listing agent on behalf of the seller
CThe seller for most residential property transfers✓ Correct
DThe lender before approving the loan
Explanation
West Virginia law requires sellers of most residential real property to complete a Residential Property Disclosure Form disclosing known material defects and conditions of the property.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
State-Specific Concepts
Disclosure Requirements
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