Charleston

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Attorneys conduct escrow closings, although lenders and real estate agents do them occasionally. Conveyance is by warranty deed, bargain-and-sale deed, or grant deed. Deeds of trust are the customary security instruments. Foreclosures are great for lenders; when uncontested, they take only a month. West Virginians use ALTA policies and endorsements. Buyers pay the title insurance premiums and sellers pay the documentary taxes; they divide the other closing costs. Property taxes may be paid in a lump sum after July 6th or in two installments on September 1st and March 1st.

Total due after July 6th or in two installments on September 1st and March 1st

YES. Key components of property management (leasing, managing and renting) are considered real estate activities under existing West Virginia real estate licensing laws. If a property manager is going to lease, rent, manage, or list real estate, or negotiate or attempt to negotiate to perform any of those acts, or if he or she holds herself out as engaging in any of those activities, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, any person employed exclusively to act as the management or rental agent for the real estate of one person, partnership or corporation is exempt. In addition, regular employees of an owner of real estate, who engage in leasing, managing and renting are also exempt if those acts are incidental to the management of the real estate and the employees do not receive additional compensation for the act. For more information about these and other West Virginia property management requirements and exceptions, please contact the West Virginia Real Estate Commission. Before hiring a property manager to manage your West Virginia rental property, you should always check that he or she is licensed appropriately. You can check the license status of West Virginia property managers using the Arello Real Estate License Verification Tool.

There is no requirement that a community association manager or condo association manager in West Virginia hold a real estate broker's license.

West Virginia real estate broker licensing requirements include: - Age: must be at least 18 years old - High School: must be a high school graduate or equivalent - Education: must submit proof of completion of 90 clock hours in commission approved real estate courses - Exam: must pass the salesperson exam