During the inspection period for a home in Parkersburg, West Virginia, a buyer discovers that the property has a severed mineral estate — the mineral rights are owned by a coal company, not the seller. The purchase agreement is silent on mineral rights, and the severance was recorded in the county land records decades ago. Under West Virginia law, which of the following best describes the buyer's position?
Correct Answer
B) Severed mineral estates are common in West Virginia and the severance is a matter of public record, so the buyer is generally charged with constructive notice and has no automatic right to rescind absent a contract contingency
West Virginia follows caveat emptor for matters disclosed in public records; severed mineral estates are extremely common and the severance deed in the county records gives buyers constructive notice, so absent a contract contingency the buyer has no automatic right of rescission.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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