A West Virginia rent-to-own agreement is a lease that contains an option to purchase, enabling the tenant to buy the property before the agreement expires. The tenant’s buying rights are acquired through the payment of an upfront, non-refundable option fee. Tenants must determine whether to proceed with the purchase before the expiration of the option term, which is the time frame in which the tenants may buy the property. During the option term, the tenant can submit their offer by notifying the owner and transferring the purchase price plus any designated closing costs. Tenants that choose not to buy will relinquish their purchasing rights along with any deposits to the owner.
Rental Laws – Chapter 37, Article 6 (Landlord and Tenant)
Purchase Agreement Laws – Chapter 36, Article 3 (Form and Effect of Deeds and Contracts)
Landlords must use this disclosure if they are leasing a property built before 1978 due to the health hazards associated with lead-based paint.
Any application or pet fees that are non-refundable must be established via written document by the landlord and tenant.