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Jenkins Fenstermaker, PLLC

325 Eighth Street

Huntington, WV 25701-2225

Phone (304) 523-2100

Toll Free (866) 617-4736

Jenkins Fenstermaker, PLLC

215 S. 3rd Street

Suite 400

Clarksburg, WV 26301

Phone (304) 521-6120

Toll Free (866) 617-4736

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By Allison Janine Farrell Of Jenkins Fenstermaker, PLLC on 10/30/2022
Understanding Residential Closing Forms in West Virginia

The process of buying a residential property is not complete until closing day. Closing day is when both parties sign all of the paperwork required to complete the transaction. When all the paperwork is signed, the keys are handed over and the buyer takes ownership. However, residential closing forms in West Virginia real estate transactions take numerous forms and are complex, requiring detailed legal experience and understanding.

Even the most seasoned real estate buyer or seller may miss a form here and there. Having an attorney represent you in a West Virginia home sale closing can help ensure nothing falls through the cracks and your interests are protected.

Types of Residential Closing Forms in West Virginia

When it comes time to sign the required residential closing forms, they can all seem to blend together. Closing facilitators are usually on a tight schedule, so you may not have time to thoroughly read everything you are signing. One detail you need to know is that there are two primary types of residential closing forms in West Virginia: financial closing forms and property closing forms.

Financial Residential Closing Forms in West Virginia

The vast majority of residential closings include a mortgage, so many of the residential closing forms in WV are related to financing the property. Under WV Code § 31-17-9, buyers financing the property with a mortgage must receive and sign an itemized closing statement showing the following:

  • The amount of the mortgage;
  • The principal and total of payments;
  • A description of the payment schedule;
  • Any charges for past-due installments;
  • The cost of insurance required by the lender; and
  • The name and address of the borrower and lender.

Sellers will also receive a closing statement that shows all fees associated with the transaction.

In addition to the closing statement, buyers will sign a variety of other financial closing forms. These include a promissory note stating they will pay the mortgage loan, a deed of trust that gives the lender the right to recover the property if the buyer fails to make payments, and an escrow disclosure that details the charges the buyer will pay into escrow each month.

Financial residential closing forms are designed to ensure that both the buyer and seller know the exact details of the transaction and agree to the terms set forth by each side as well as any financial institutions involved.

Property Related Residential Closing Forms

In addition to financial documents, buyers and sellers also sign property-related residential closing forms. First are the title documents. Title documents show who legally owns the home and reveal any liens or other outstanding issues with the title.

Next is the deed, which details everything about the property, including property boundaries, utilities, and anything attached to the property. The deed is also the legal instrument for transferring ownership of the property, and, under WV Code § 39-1-2, it must be recorded in the county in which the property is located.

Finally, in some cases, the buyer will sign a certificate of occupancy which verifies that you are moving into a structurally sound home.

A Real Estate Attorney Can Help You Navigate Residential Closing Forms

Buying and selling a property is a big commitment and sizeable financial investment, putting a lot at stake. While closing forms are intended to protect the parties involved, they have become increasingly complicated over the years, and it can be overwhelming to review and understand the contents and implications of these documents.

A West Virginia residential closing attorney can help you navigate the closing process and ensure you are protected in the transaction. Allison J. Farrell at the Clarksburg, WV office of Jenkins Fenstermaker, PLLC counsels and guides clients through all of the residential closing forms in West Virginia. To get in touch with Allison, call (304) 521-6120, or fill out an online contact form today.