Posted by Nate on February 19, 2001 at 13:29:41:
I think Ed’s advice is good. Regardless of which state your lawyer is in, it may be advisable to get the opinion of another lawyer who is in WV and is experienced in these types of matters…
West Virginia Land Contracts - Posted by Garth(OH)
Posted by Garth(OH) on February 19, 2001 at 09:53:45:
Can anyone help me identify if there are any unusual issues pertaining to selling on Land Contract in West Virginia? The local attorney doesn’t like them, preferring a deed & mortgage. I have plenty of assistance in Ohio, but am unsure of the laws in the neighboring state.
Re: West Virginia Land Contracts - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on February 19, 2001 at 11:10:24:
First, let me say that I do not do any business in WV. I do recall however reading that WV. is a trust deed state, and Ohio is a Mortgage deed state (that info may not be correct) if it is correct that could make considerable difference.
You mention a lawyer who likes a deed and mortgage better than a land contract, so do I so what? I especially like to buy on a note and mortgage, and get the deed ; then allowing me to sell on land contract. I immagine that the lawyer likes it that way too. If he did not understand, then you need a different lawyer. You did not mention which side of the Ohio river (that incidentally WV. claims ownership of) that the lawyer is on. This may have some bearing on the situation.
Ohio laws on Land Contracts are quite rigid, and I immagine that if Land Contract is used in WV. that the laws would be more lienient there. You need more info on the WV. laws. Please post what you find out.
Re: West Virginia Land Contracts - Posted by Garth (OH)
Posted by Garth (OH) on February 20, 2001 at 19:25:43:
I am doing exactly what Ed likes, buy on a mortgage, get the deed and sell on land contract. L/O’s are very rare here, so buyers understand the land contracts better. The lawyer has offices in both states and does the majority of his business in WV. I am trying to educate myself enough to be able to ask the right questions of the attorney since it ain’t cheap to chat when the meter is running. In my short time doing creative RE deals, I’ve found most of the professionals I deal with very conservative, and most wish to stick to “traditional” transactions.