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West Virginia Senator Ryan Weld’s bill would regulate land purchase contracts

By Joselyn King, The Intelligencer

WHEELING, W.Va. — West Virginia Senate Majority Whip Ryan Weld has crafted a bill that could help cities with the problem of dilapidated homes.

The West Virginia Legislature is set to convene Jan. 12, and Weld, R-Brooke, plans to introduce legislation regulating land installment contracts.

These contracts allow potential homeowners to purchase property through a landowner on an installment plan.

Often landowners around the state purchase property at delinquent tax sales, then try to sell them to a second party through land installment contracts, Weld explained.

“While these contracts do serve a purpose, they often are used to prey upon lower income individuals who can’t qualify for a mortgage,” he said. “These payments become so burdensome (to the second buyer) they can’t keep up with the payments.” …

To read more: https://www.theintelligencer.net/news/top-headlines/2022/01/sen-ryan-welds-bill-would-regulate-land-purchase-contracts/

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