West Virginia State Senator (also the city attorney for Wellsburg WV) Ryan Weld, seeks to better regulate “land installment contracts” that allow potential homeowners to purchase property through a landowner on an installment plan, similar to how a person would pay rent or a mortgage.
Concerns center around that these contracts don’t provide many of the protections available to those who secure a traditional loan for a home purchase, or the protections afforded to those who rent. Furthermore, as properties transition between occupants they are prone to lack of maintenance.
For more information, please click on the following links.
Regulating Land Contracts in W.Va.
WV senator hopes to stop predatory housing agreements with upcoming legislative session