HB 5342
Relating to the cancellation of contract by purchaser
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill clarifies the process for purchasers to cancel a real estate contract in West Virginia when a required resale certificate isn’t provided by the seller. It outlines steps for sellers to take if a certificate is unavailable and establishes a timeframe – three days – for cancellation if the contract doesn’t specify one. The bill also addresses situations where delivery of the certificate occurs after the contract is ratified, providing a similar three-day cancellation window. Importantly, cancellation is without penalty, and funds are to be returned promptly.
Key provisions
- Requires sellers to provide a certificate containing detailed information about the property and association.
- Allows cancellation before settlement if the resale certificate or notice of unavailability is not delivered.
- Specifies a ten-day timeframe for the association to provide the certificate upon request from a unit owner.
- Outlines procedures for written notice of cancellation.
- Clarifies that cancellation is without penalty and requires prompt return of deposits.
- Addresses multiple associations governing a unit, stating the cancellation timeframe runs from the delivery of the last certificate.
- Defines when the 3-day cancellation period begins (ratification or certificate delivery).
Who is affected
- Real estate purchasers
- Real estate sellers
- Real estate associations
- Unit owners
- Real estate agents
Notable changes
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