Legal Question in Real Estate Law in West Virginia

legal forms

I am purchasing unimproved land from an individual. I am looking for some type of contract that says, ''I will send you ten percent as a deposit. If I don't come up with financing for the rest by a certain date, you can keep $500 for your trouble, refund the rest, and put the property back on the market.''

What form should I be using?

Thank you.


Asked on 1/10/07, 5:33 pm

2 Answers from Attorneys
Robert Roemer Robert Roemer

Re: legal forms

You would have to devise an agreement which is custom-drafted to protect your interest. This would involve an agreement where a third party would act as an escrow agent and would require someone like myself to draft an agreement to get your deposit back. Otherwise, the seller might figure out a way to keep your 10% deposit. If you are interested in pursuing this, I would strongly suggest that you contact me regarding how to structure this transaction to accomplish your goal. You can contact me at my office or by e-mail, but I would advise you to not sign anything until you talk to me or some other knowledgeable lawyer. People lose money on this type of transaction every day.

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Answered on 1/10/07, 6:51 pm
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: legal forms

You need consult with counsel in West Virginia or who is admitted to practice in the state where the real property is located..

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Answered on 1/10/07, 8:47 pm


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