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West Virginia Real Estate Practices

Real Estate Practices by State
Real Estate Practices by Practice
Pricing and Schedule of Charges

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R.E.P. by Practice (Answer)
V 1

West Virginia Attorney Involvement

R.E.P. Topic by State (Question)

Please describe any requirements under applicable state law for attorney, abstractor or other special professional involvement, for example, in the search, examination, opinion of title, signing, closing, disbursement, recording, preparation of documents, and/or policy-issuance.

Unauthorized Practice of Law opinion (UPL) states that attorneys must be directly or indirectly involved with all aspects of closings, including the search of the public records; contract searches should be done by or under the supervision of a West Virginia attorney. Title insurance may only be issued upon an opinion by a licensed West Virginia attorney.

R.E.P. by Practice (Answer)
V 1

West Virginia Cancellation/Commitment Fee

R.E.P. Topic by State (Question)

Does your state permit or require a cancellation fee or commitment fee upon cancellation?

Commitment fees are not allowed. Cancellation fees are allowed to the extent of work performed prior to cancellation.

R.E.P. by Practice (Answer)
V 1

West Virginia Certificate of Release (of Mortgage)

R.E.P. Topic by State (Question)

If anyone other than the lender (such as a title agent, settlement agent, underwriter or attorney) has the authority to release the security instrument, please describe.

Lienholder or Trustee.

R.E.P. by Practice (Answer)
V 1

West Virginia Deeds

R.E.P. Topic by State (Question)

Please describe the kinds of deeds that are customary for commercial and residential transactions. Please describe the kinds of deeds that are generally not insurable.

General and Special Warranty and Quitclaim deeds are customary and insurable.

R.E.P. by Practice (Answer)
V 1

West Virginia Good Funds Requirements

R.E.P. Topic by State (Question)

Is there a good funds requirement in your state?

Yes, WV Code 46A-6K-1 thru 46A-6K-5 (9-4-19)

R.E.P. by Practice (Answer)
V 1

West Virginia Joinder of Spouses

R.E.P. Topic by State (Question)

If a non-title holding spouse is required to join in the execution of a deed or a security instrument, please describe. Any analogous rights, such as those in a civil union or equivalent, should also be addressed.

Not required if arm’s length transaction (BFP for value).

R.E.P. by Practice (Answer)
V 1

West Virginia Mortgage Tax

R.E.P. Topic by State (Question)

Is there a mortgage tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.

No.

R.E.P. by Practice (Answer)
V 1

West Virginia Payment Customs

R.E.P. Topic by State (Question)

Who customarily pays for:

(a) buyer
(b) Seller pays transfer privilege tax; buyer pays all others
(c) buyer
(d) each pays for own services provided

R.E.P. by Practice (Answer)
V 1

West Virginia Policy Countersignatures

R.E.P. Topic by State (Question)

Please describe any statutory or regulatory requirements for countersignatures in order to issue the policy (for example, residency requirements).

No requirements.

R.E.P. by Practice (Answer)
V 1

West Virginia Real Estate Taxes

R.E.P. Topic by State (Question)

Please describe the general tax year, due dates, and delinquency dates, including lien dates and payment cycle.

Tax year is calendar year, but collected semi-annually. Discounts may apply if paid within certain time frames.

R.E.P. by Practice (Answer)
V 1

West Virginia Search Requirements

R.E.P. Topic by State (Question)

Is there a minimum period of time for a title search required: (a) by state law, (b) pursuant to marketable record title acts, or (c) by any other applicable title examination standards (e.g., state bar association)? Please respond to each category. If a minimum search period exists for any category, please state it.

(a)(b)(c) None. Accepted practice is 40 years constitutes a full search, although some attorneys still insist on 60 years.

R.E.P. by Practice (Answer)
V 1

West Virginia Search and Examination Fees

R.E.P. Topic by State (Question)

Is it permissible and/or customary to charge a separate search and/or examination fee, and under what circumstances? If your jurisdiction is all-inclusive, please state that.

Yes.

R.E.P. by Practice (Answer)
V 1

West Virginia Security Instruments (Deed of Trust vs. Mortgage)

R.E.P. Topic by State (Question)

Please describe the customary and permissible form(s) of security instruments used in your state.

Who can be listed as the trustee on the Deed of Trust (e.g., residency and/or natural person requirements, etc.)? Can an underwriter or title agent be designated as the trustee, and, if so, is it customary?

Deeds of Trust, although Mortgages are acceptable. Trustees must be residents of the state; if corporation, must be principal place of business.

R.E.P. by Practice (Answer)
V 1

West Virginia Standard Exceptions and Requirements

R.E.P. Topic by State (Question)

Please identify the standard exceptions and requirements that are customarily used in your state.

West Virginia uses the standard exceptions.

  1. Rights or claims of parties in possession not shown by the Public Records.
  2. Easements, or claims of easements, not shown by the Public Records.
  3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the Land.
  4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown on the Public Records.
  5. Taxes or special assessments which are not shown as existing liens by the Public Records.

R.E.P. by Practice (Answer)
V 1

West Virginia State-specific Policy Variations

R.E.P. Topic by State (Question)

If there are state-specific changes to the provisions in the ALTA policies (e.g., Arbitration, Minerals), please describe.

Must delete arbitration and modify payment provision.

R.E.P. by Practice (Answer)
V 1

West Virginia Title Insurance Form and Filing Regulations

R.E.P. Topic by State (Question)

Please describe the form and/or rate filing requirements, if any, related to policies and endorsements. Please describe any applicable rating bureau.

Rates are filed, no rating bureau.

R.E.P. by Practice (Answer)
V 2

West Virginia Transfer Taxes

R.E.P. Topic by State (Question)

Is there a transfer tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.

Privilege tax paid by seller. Transfer stamp rate varies by county.

R.E.P. by Practice (Answer)
V 1

West Virginia Usury

R.E.P. Topic by State (Question)

Is usury coverage available?

Yes, commercial.

R.E.P. by Practice (Answer)
V 1

West Virginia Withholding Taxes

R.E.P. Topic by State (Question)

What are your state’s requirements, if any, with regard to withholding proceeds from a sale, similar to but not including FIRPTA?

Tax must be withheld on sales by non-residents.

R.E.P. by Practice (Answer)
V 1

West Virginia Witness Requirements

R.E.P. Topic by State (Question)

Are witnesses required on a deed or security instrument? If so, please describe.

Acknowledgment only; witnesses are not required on any deed or security instrument.