Relating to the cancellation of contract by purchaser

HB 5342 clarifies when home purchasers in West Virginia can cancel a real estate contract if a seller fails to provide required resale disclosures. The bill mandates that sellers must give purchasers a certificate containing key financial and legal details about a property (like unpaid fees, insurance, and association rules) before closing. If the certificate isn't delivered by the contract ratification date, purchasers can cancel within three days (or a longer period specified in the contract). This directly affects buyers and sellers in condominiums, cooperatives, and other community property sales governed by association rules. The law amends West Virginia Code §36B-4-109 to standardize cancellation timelines and reduce disputes over missing disclosures.