“Registration” of the staggered purchase contract tells the world that the buyer has an interest in the property. With this protection, the seller will not be able to sell the same property to another person. In addition, the seller cannot borrow more money with the property as collateral, unless the buyer agrees in writing. Some temperature purchase contracts do not require the seller to give the buyer a “delay statement” or a “chance of recovery.” These are very strict contracts, and are usually risky for buyers. In these contracts, if the buyer is late, the seller can choose to withhold all the money the buyer has paid and remove the buyer`s property. The law calls this a “strict de-archiving” of all the buyer`s rights under the contract. The seller agrees to allow the buyer to pay the purchase price in installments over a specified period of time. First, you recognize that your rights as a buyer will be “subject” to the higher fees of the original lender who already has a pledge right on the land. You`d better find out who that lender is, what the rights of that lender are, and whether that lender has the power to prevent you from making such a deal.
Based on the above, we believe that any action in West Virginia to enforce or terminate a land contract would require legal action before the Circuit Court. In addition, such a procedure would require the participation of all parties interested in the property. See Clark v. Harpers Ferry; Mr. Conaway. Overholt; Gebhart Shrader upstairs. These two potential problems should be clearly addressed in each temperable purchase contract where the buyer “will take care of the payments”. Make sure you have two things.
Second, you can depend on the seller to “do the right thing.” Suppose the seller wants you to bring your payment to him, and says that he will then make the payments to the bank. If you pay him every month, how will you know if he actually has the payments to the bank, on time and full? If he doesn`t have the payments to the bank, when are you going to know about it – once that happens, or a long time later? In the worst case scenario, you may not know until after the forced sale, when the coercive buyer will come and tell you to get out of his property.