Relating to real property conveyed by land installment agreement

SB 145 establishes new requirements for land installment contracts in West Virginia, which are agreements where a buyer (vendee) purchases a home in installments while the seller (vendor) retains title until full payment. The bill mandates that contracts include specific details like property description, payment terms, interest rates, and vendor responsibilities for property taxes, insurance, and maintenance during the contract period. It requires vendors to provide evidence of title, record the contract, and deliver a deed at the end, while giving vendees legal recourse if vendors fail to meet these obligations. The law directly affects buyers and sellers of single-family homes used as the buyer's principal residence under such contracts.