West Virginia taxes property sales through its excise tax on the privilege of transferring title to real estate, requires an attorney to close and has no general seller disclosure form (buyer beware). It forecloses mainly out of court (trustee sale) and is not a community property state.
West Virginia in short
Is there a real estate transfer tax in West Virginia?
West Virginia taxes the transfer of real estate at $1.10 for each $500 of value plus a county tax of 55 cents per $500 or more, up to $1.65, and a $20 housing fee on sales. By law the grantor, usually the seller, pays.
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What closing costs does West Virginia law set?
West Virginia has no official typical closing-cost total. The seller pays a transfer tax of $1.10 per $500 plus at least 55 cents per $500 for the county, a $20 housing fee is collected before recording, and recording a deed or deed of trust costs $30.
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How is property tax calculated in West Virginia?
West Virginia assesses homes at 60% of market value, set each year as of July 1, and owner-occupied homes are Class II. For the fiscal year ending June 30, 2027 the Class II levy in Charleston is $1.609 per $100 of assessed value.
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What is the deadline to appeal a property tax assessment in West Virginia?
In West Virginia, appear before the county commission sitting as the Board of Equalization and Review, which meets no later than February 1 and adjourns by the end of February.
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Do you need a real estate attorney to close in West Virginia?
In West Virginia the State Bar Unlawful Practice of Law Committee says conducting a title examination and a real estate closing is the practice of law, so a non-lawyer may do it only under a lawyer direct supervision and control, although no statute read says a buyer or seller must hire an attorney.
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What must a home seller disclose in West Virginia?
No West Virginia statute or Real Estate Commission rule reviewed requires a seller to fill out a standard property condition form. Court rulings require a seller who knows of defects that substantially affect value or habitability to disclose them if a reasonably diligent inspection would not reveal them.
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How does foreclosure work in West Virginia?
West Virginia foreclosures run through a deed of trust: a trustee sells the home at public auction without a lawsuit, after notice published for two successive weeks in a county newspaper and mailed to the owner by certified mail.
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What first-time home buyer programs does West Virginia offer?
In West Virginia, the West Virginia Housing Development Fund (WVHDF) lends to first-time buyers at a listed rate of 5.790% and offers up to $12,000 in down payment and closing cost help through a 15-year loan at 2%.
West Virginia guides
- Closing costs in West Virginia: what buyers and sellers pay
- West Virginia transfer tax: rates, who pays and exemptions
- West Virginia property tax: rates, homestead and appeals
- Seller disclosure requirements in West Virginia
- Do you need a real estate attorney to close in West Virginia?
- Foreclosure process in West Virginia
- Home prices in West Virginia and Charleston: value and trend
- First-time home buyer programs in West Virginia and Charleston
- How to verify a real estate license in West Virginia