The Wisconsin WB-11 form is a standardized document used for making offers to purchase residential properties. This form outlines the terms of the sale, including the purchase price, earnest money, and contingencies that may apply to the transaction. Understanding how to properly fill out this form is essential for both buyers and sellers in Wisconsin's real estate market.
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The Wisconsin WB-11 form is a crucial document for anyone looking to engage in a residential real estate transaction in the state. Designed for use in "For Sale By Owner" scenarios, this form outlines the terms and conditions under which a buyer can make an offer to purchase a property. Key components of the WB-11 include the purchase price, earnest money details, and provisions for occupancy and closing. It also specifies the responsibilities of both the buyer and seller regarding property condition disclosures and inspections. Additionally, the form addresses the importance of deadlines, binding acceptance, and the delivery of documents, ensuring that both parties are aware of their obligations and rights throughout the transaction process. Understanding the nuances of the WB-11 is essential for buyers and sellers alike, as it lays the groundwork for a legally enforceable contract and helps to mitigate potential disputes during the sale. Proper completion and adherence to the stipulations within this form can significantly impact the success of a real estate transaction in Wisconsin.
The Wisconsin WB-11 form is a standardized document used for real estate transactions in Wisconsin. It serves as an offer to purchase residential property and outlines the terms and conditions agreed upon by the buyer and seller. This form is essential for facilitating the sale of residential real estate in the state.
The WB-11 form should be used by buyers and sellers involved in a residential real estate transaction in Wisconsin. It is designed for individuals who are purchasing or selling a home without the assistance of a real estate broker, commonly referred to as "For Sale By Owner" (FSBO).
The form requires several key pieces of information, including:
Earnest money is a deposit made by the buyer to show their commitment to purchasing the property. The WB-11 form specifies the amount of earnest money to be paid and outlines how it will be held until closing. Typically, it is held in a trust account by the listing broker or the seller's account if no broker is involved.
Acceptance occurs when both parties sign the WB-11 form. Once accepted, the offer becomes binding, and the buyer and seller are obligated to fulfill the terms outlined in the document. Deadlines for actions, such as earnest money payment and closing, are calculated from the date of acceptance.
Yes, the WB-11 form can be modified to suit the specific needs of the buyer and seller. Any changes must be documented in writing and agreed upon by both parties. It is important to ensure that all modifications comply with Wisconsin real estate laws.
The WB-11 form includes provisions for property inspections. Buyers have the right to conduct inspections to identify any defects. If defects are found, the buyer can request repairs or negotiate terms based on the inspection results. The seller must allow reasonable access for these inspections.
If you have questions about the WB-11 form or the real estate transaction process, it is advisable to consult with a qualified real estate attorney or a licensed real estate professional. They can provide guidance tailored to your specific situation and ensure that you understand your rights and obligations.
Yes, once both parties have signed the WB-11 form and the necessary conditions are met, it creates a legally enforceable contract. It is crucial for both the buyer and seller to read the document carefully and understand its terms before signing.
The Wisconsin WB-11 form is used for making an offer to purchase residential property directly from the seller.
It is essential to accurately fill in the purchase price and earnest money amount, as these details are critical for the offer's validity.
Buyers must be aware that the acceptance of the offer occurs only when all parties have signed an identical copy.
Deadlines are important; they are usually calculated from the date of acceptance, so buyers should plan accordingly.
Buyers should ensure that the property condition representations are thoroughly reviewed, as sellers must disclose any known issues.
The form includes sections for additional provisions, allowing customization based on specific needs or contingencies.
Buyers have the right to conduct inspections, but they must provide reasonable notice to the seller for access to the property.
Lastly, it is crucial to understand that this form can create a legally binding contract, so both parties should read it carefully before signing.
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Wisconsin Real Estate Forms - Private onsite wastewater treatment systems must meet regulations.
Completing the South Carolina Homeschool Letter of Intent form accurately can be a pivotal step for families choosing to educate their children at home. This essential document formally informs the state of the family's educational intentions and requirements. For those interested in learning more about this process, detailed guidance can be found at homeschoolintent.com/editable-south-carolina-homeschool-letter-of-intent.
W2 Requirements - Consideration of all income sources and deductions will play a significant role in the final tax liability.
Understanding the Wisconsin WB-11 form can be challenging, and several misconceptions often arise. Here are seven common misunderstandings about this important document:
Approved by Wisconsin Department of Regulation and Licensing
For Sale By Owner Madison
Madison, Wisconsin
WB-11RESIDENTIALOFFERTOPURCHASE
Page 1 of 5
1
BROKERDRAFTINGTHISOFFERON
[DATE] IS (AGENT OF SELLER) (AGENT OF BUYER) (DUAL AGENT)
STRIKE TWO
2
GENERALPROVISIONS
TheBuyer,
,
3offerstopurchasethePropertyknownas[StreetAddress]
4
in the
of
, County of
5Wisconsin(Insertadditionaldescription,ifany,atlines180-186,318-321orattachasanaddendumperline316),onthefollowingterms:
6 PURCHASEPRICE:
7
Dollars ($
).
8
EARNESTMONEY of $
accompanies this Offer and earnest money of $
9
willbepaidwithin
daysofacceptance.
10 THE BALANCE OF PURCHASE PRICE will be paid in cash or equivalent at closing unless otherwise provided below.
11 ADDITIONAL ITEMS INCLUDED IN PURCHASE PRICE: Seller shall include in the purchase price and transfer, free and clear
12ofencumbrances,allfixtures,asdefinedatlines124-132andasmaybeonthePropertyonthedateofthisOffer,unlessexcluded
13at lines 15 - 16, and the following additional items:
14
15 ITEMS NOT INCLUDED INTHE PURCHASE PRICE:
17 ACCEPTANCE Acceptance occurs when all Buyers and Sellers have signed an identical copy of the Offer, including signatures on
18separatebutidenticalcopiesoftheOffer. CAUTION:DeadlinesintheOfferarecommonlycalculatedfromacceptance.Consider
19whethershorttermdeadlinesrunningfromacceptanceprovideadequatetimefor bothbindingacceptanceandperformance.
20
BINDING ACCEPTANCE
This Offer is binding upon both Parties only if a copy of the accepted Offer is delivered to Buyer on or
21
before
. CAUTION: This Offer may be withdrawn prior to delivery of the accepted Offer.
22DELIVERY OF DOCUMENTS AND WRITTEN NOTICES Unless otherwise stated in this Offer, delivery of documents and written notices
23to a Party shall be effective only when accomplished by one of the methods specified at lines 24 - 33.
24(1) By depositing the document or written notice postage or fees prepaid in the U.S. Mail or fees prepaid or charged to an account
25with a commercial delivery service, addressed either to the Party, or to the Party’s recipient for delivery designated at lines 27 or
2629 (if any) for delivery to the Party’s delivery address at lines 28 or 30.
27Seller’s recipient for delivery (optional):
28Seller’s delivery address:
29Buyer’s recipient for delivery (optional):
30Buyer’s delivery address:
31(2)BygivingthedocumentorwrittennoticepersonallytotheParty,ortheParty’srecipientfordeliveryifanindividualisdesignatedatlines27or29.
32(3) By fax transmission of the document or written notice to the following telephone number:
33 Buyer:(
)
Seller:(
34OCCUPANCY OccupancyoftheentirePropertyshallbegiventoBuyerattimeofclosingunlessotherwiseprovidedinthisOffer(lines
35293through297).AttimeofBuyer’soccupancy,Propertyshallbefreeofalldebrisandpersonalpropertyexceptforpersonalproperty
36belongingtocurrenttenants,orthatsoldtoBuyerorleftwithBuyer’sconsent.Occupancyshallbegivensubjecttotenant’srights,ifany.
37LEASEDPROPERTY IfPropertyiscurrentlyleasedandlease(s)extendbeyondclosing,SellershallassignSeller’srightsundersaid
38lease(s)andtransferallsecuritydepositsandprepaidrentsthereundertoBuyeratclosing.Thetermsofthe(written)(oral)STRIKEONE
39 lease(s), if any, are
.
40RENTAL WEATHERIZATION This transaction (is) (is not) STRIKE ONE exempt from State of Wisconsin Rental Weatherization
41Standards (Wis. Admin. Code Comm 67). If not exempt, (Buyer) (Seller) STRIKE ONE will be responsible for compliance,
42including all costs. If Seller is responsible for compliance, Seller shall provide a Certificate of Compliance at closing.
43PLACEOFCLOSING This transaction is to be closed at the place designated by Buyer’s mortgagee or
44
no later than
unless another date or place is agreed to in writing.
45CLOSINGPRORATIONS The following items shall be prorated at closing: real estate taxes, rents, water and sewer use charges,
46garbage pick-up and other private and municipal charges, property owner’s association assessments, fuel and
47. Any income, taxes or expenses shall accrue to Seller, and be prorated, through the day
48prior to closing. Net general real estate taxes shall be prorated based on (the net general real estate taxes for the current year, if
49known, otherwise on the net general real estate taxes for the preceding year) (
50
STRIKEAND COMPLETEASAPPLICABLE
51CAUTION: If proration on the basis of net general real estate taxes is not acceptable (for example, completed/pending
52reassessment, changing mill rate, lottery credits), insert estimated annual tax or other formula for proration.
53PROPERTYCONDITIONPROVISIONS
54 PROPERTYCONDITIONREPRESENTATIONS:SellerrepresentstoBuyerthatasofthedateofacceptanceSellerhasnonotice
55or knowledge of conditions affecting the Property or transaction (see below) other than those identified in Seller’s Real Estate
56
Condition Report dated
, which wasreceived by Buyer prior to Buyer signing this Offer and which is made a part of this
57
Offer by reference
COMPLETE DATE OR STRIKEASAPPLICABLE
and
58
INSERT CONDITIONS NOT ALREADY INCLUDED IN THE CONDITION REPORT
59
A“condition affecting the Property or transaction” is defined as follows:
[Page 2 of 5, WB-11]
60(a) planned or commenced public improvements which may result in special assessments or otherwise materially affect the
61Property or the present use of the Property;
62(b) completed or pending reassessment of the Property for property tax purposes;
63(c) government agency or court order requiring repair, alteration or correction of any existing condition;
64(d) construction or remodeling on Property for which required state or local permits had not been obtained;
65(e) any land division involving the subject Property, for which required state or local approvals had not been obtained;
66(f) violation of applicable state or local smoke detector laws; NOTE: State law requires operating smoke detectors on all levels
67of all residential properties.
68(g) any portion of the Property being in a 100 year floodplain, a wetland or a shoreland zoning area under local, state or federal laws;
69(h) that a structure on the Property is designated as an historic building or that any part of Property is in an historic district;
70(i) structural inadequacies which if not repaired will significantly shorten the expected normal life of the Property;
71(j) mechanical systems inadequate for the present use of the Property;
72(k) insect or animal infestation of the Property;
73(l) conditions constituting a significant health or safety hazard for occupants of Property; Note: Specific federal lead paint
74disclosure requirements must be complied with in the sale of most residential properties built before 1978.
75(m) underground or aboveground storage tanks on the Property for storage of flammable or combustible liquids including but not
76limited to gasoline and heating oil which are currently or which were previously located on the Property; NOTE: Wis.Adm. Code,
77Chapter Comm 10 contains registration and operation rules for such underground and aboveground storage tanks.
78(n) material violations of environmental laws or other laws or agreements regulating the use of the Property;
79(o) high voltage electric (100 KV or greater) or steel natural gas transmission lines located on but not directly serving the Property;
80(p) other conditions or occurrences which would significantly reduce the value of the Property to a reasonable person with
81knowledge of the nature and scope of the condition or occurrence.
82 REAL ESTATE CONDITION REPORT: Wisconsin law requires owners of property which includes 1-4 dwelling units to provide
83buyers with a Real Estate Condition Report. Excluded from this requirement are sales of property that has never been inhabited,
84 sales exempt from the real estate transfer fee, and sales by certain court-appointed fiduciaries, (for example, personal
85representatives who have never occupied the Property). The form of the Report is found in Wis. Stat. § 709.03. The law provides:
86“709.02 Disclosure . . . the owner of the property shall furnish, not later than 10 days after acceptance of the contract of sale . . . ,
87to the prospective buyer of the property a completed copy of the report . . . A prospective buyer who does not receive a report within
88the 10 days may, within 2 business days after the end of that 10 day period, rescind the contract of sale . . . by delivering a written
89notice of rescission to the owner or the owner’s agent.” Buyer may also have certain rescission rights if a Real Estate Condition
90Report disclosing defects is furnished before expiration of the 10 days, but after the Offer is submitted to Seller. Buyer should
91review the report form or consult with an attorney for additional information regarding these rescission rights.
92 PROPERTY DIMENSIONS AND SURVEYS: Buyer acknowledges that any land, building or room dimensions, or total acreage
93or building square footage figures, provided to Buyer by Seller or by a broker, may be approximate because of rounding or other
94reasons, unless verified by survey or other means. Buyer also acknowledges that there are various formulas used to calculate
95total square footage of buildings and that total square footage figures will vary dependent upon the formula used. CAUTION: Buyer
96should verify total square footage formula, total square footage/acreage figures, land, building or room dimensions, if material.
97 INSPECTIONS: Seller agrees to allow Buyer’s inspectors reasonable access to the Property upon reasonable notice if the
98inspections are reasonably necessary to satisfy the contingencies in this Offer. Buyer agrees to promptly provide copies of all such
99inspection reports to Seller, and to listing broker if Property is listed. Furthermore, Buyer agrees to promptly restore the Property
100to its original condition after Buyer’s inspections are completed, unless otherwise agreed with Seller. An “inspection” is defined as
101an observation of the Property which does not include testing of the Property, other than testing for leaking carbon monoxide, or
102testing for leaking LP gas or natural gas used as a fuel source, which are hereby authorized.
103 TESTING: Except as otherwise provided, Seller’s authorization for inspections does not authorize Buyer to conduct testing of
104the Property. A “test” is defined as the taking of samples of materials such as soils, water, air or building materials from the
105Property and the laboratory or other analysis of these materials. If Buyer requires testing, testing contingencies must be specifically
106provided for at lines 180 - 186, 318 - 321 or in an addendum per line 316. Note: Any contingency authorizing such tests should
107specify the areas of the Property to be tested, the purpose of the test, (e.g., to determine if environmental contamination is present),
108any limitations on Buyer’s testing and any other material terms of the contingency (e.g., Buyer’s obligation to return the Property
109to its original condition). Seller acknowledges that certain inspections or tests may detect environmental pollution which may be
110required to be reported to the Wisconsin Department of Natural Resources.
111 PRE-CLOSING INSPECTION: At a reasonable time, pre-approved by Seller or Seller’s agent, within 3 days before closing,
112Buyer shall have the right to inspect the Property to determine that there has been no significant change in the condition of the
113Property, except for ordinary wear and tear and changes approved by Buyer, and that any defects Seller has elected to cure have
114been repaired in a good and workmanlike manner.
115 PROPERTY DAMAGE BETWEEN ACCEPTANCE AND CLOSING: Seller shall maintain the Property until the earlier of closing
116or occupancy of Buyer in materially the same condition as of the date of acceptance of this Offer, except for ordinary wear and tear.
117If, prior to closing, the Property is damaged in an amount of not more than five per cent (5%) of the selling price, Seller shall be
118obligated to repair the Property and restore it to the same condition that it was on the day of this Offer. If the damage shall exceed
119such sum, Seller shall promptly notify Buyer in writing of the damage and this Offer may be canceled at option of Buyer. Should
120Buyer elect to carry out this Offer despite such damage, Buyer shall be entitled to the insurance proceeds relating to the damage
121to the Property, plus a credit towards the purchase price equal to the amount of Seller’s deductible on such policy. However, if this
122sale is financed by a land contract or a mortgage to Seller, the insurance proceeds shall be held in trust for the sole purpose of
123restoring the Property.
124 FIXTURES A “Fixture” is defined as an item of property which is physically attached to or so closely associated with land or
125improvements so as to be treated as part of the real estate, including, without limitation, physically attached items not easily
126removable without damage to the Property, items specifically adapted to the Property, and items customarily treated as fixtures,
127including, but not limited to, all: garden bulbs; plants; shrubs and trees; screen and storm doors and windows; electric lighting
128fixtures; window shades; curtain and traverse rods; blinds and shutters; central heating and cooling units and attached equipment;
129water heaters and softeners; sump pumps; attached or fitted floor coverings; awnings; attached antennas, satellite dishes and
130component parts; garage door openers and remote controls; installed security systems; central vacuum systems and accessories;
131in-ground sprinkler systems and component parts; built-in appliances; ceiling fans; fences; storage buildings on permanent
132foundations and docks/piers on permanent foundations. NOTE: The terms of the Offer will determine what items are
133 included/excluded.Address rented fixtures (e.g., water softeners), if any.
134
PROPERTYADDRESS:
[page 3 of 5, WB-11]
135
“Time is of the Essence” as to: (1) earnest money payment(s); (2) binding acceptance; (3) occupancy;
TIME IS OF THE ESSENCE
136
(4) date of closing; (5) contingency deadlines
STRIKEASAPPLICABLE
and all other dates and deadlines in this Offer except:
137
. If “Time is of the Essence” applies
138to a date or deadline, failure to perform by the exact date or deadline is a breach of contract. If “Time is of the Essence” does not
139apply to a date or deadline, then performance within a reasonable time of the date or deadline is allowed before a breach occurs.
140 DATES AND DEADLINES Deadlines expressed as a number of “days” from an event, such as acceptance, are calculated by
141excluding the day the event occurred and by counting subsequent calendar days. The deadline expires at midnight on the last day.
142Deadlines expressed as a specific number of “business days” exclude Saturdays, Sundays, any legal public holiday under
143Wisconsin or Federal law, and other day designated by the President such that the postal service does not received registered mail
144or make regular deliveries on that day. Deadlines expressed as a specific number of “hours” from the occurrence of an event, such
145as receipt of a notice, are calculated from the exact time of the event, and by counting 24 hours per calendar day. Deadlines
146expressed as a specific day of the calendar year or as the day of a specific event, such as closing, expire at midnight of that day.
147THE FINANCING CONTINGENCY PROVISIONSAT LINES 149 - 163AREAPART OF THIS OFFER IF LINE 149 IS MARKED,
148SUCHAS WITHAN “X”. THEYARE NOT PART OF THIS OFFER IF LINE 149 IS MARKED N/AOR IS NOT MARKED.
149 FINANCING CONTINGENCY:This Offer is contingent upon Buyer being able to obtain a
150
INSERT LOAN PROGRAM OR SOURCE
first mortgage loan commitment as described below, within
days of acceptance of this Offer.
151
The financing selected shall be in an amount of not less than $
for a term
of not less than
years,
152
amortized over not less than
years. Initial monthly payments of principal and interest shall not exceed $
153Monthly payments may also include 1/12th of the estimated net annual real estate taxes, hazard insurance premiums, and private
154mortgage insurance premiums. The mortgage may not include a prepayment premium. Buyer agrees to pay a loan fee not to
155 exceed
% of the loan. (Loan fee refers to discount points and/or loan origination fee, but DOES NOT include Buyer’s
156other closing costs.) If the purchase price under this Offer is modified, the financed amount, unless otherwise provided, shall be adjusted
157to the same percentage of the purchase price as in this contingency and the monthly payments shall be adjusted as necessary to maintain
158the term and amortization stated above. CHECKAND COMPLETEAPPLICABLE FINANCING PROVISIONAT LINE 159 OR 160.
159
FIXED RATE FINANCING:The annual rate of interest shall not exceed
%.
160
ADJUSTABLE RATE FINANCING: The initial annual interest rate shall not exceed
%. The initial interest rate shall
161
be fixed for
months, at which time the interest rate may be increased not more than
% per year. The
162
maximum interest rate during the mortgage term shall not exceed
%. Monthly payments of principal and interest may
163be adjusted to reflect interest changes.
164LOAN COMMITMENT: Buyer agrees to pay all customary financing costs (including closing fees), to apply for financing promptly, and
165to provide evidence of application promptly upon request by Seller. If Buyer qualifies for the financing described in this Offer or other
166financing acceptable to Buyer, Buyer agrees to deliver to Seller a copy of the written loan commitment no later than the deadline for loan
167commitment at line 150. Buyer’s delivery of a copy of any written loan commitment to Seller (even if subject to conditions) shall satisfy
168the Buyer’s financing contingency unless accompanied by a notice of unacceptability. CAUTION: BUYER, BUYER’S LENDER AND
169AGENTS OF BUYER OR SELLER SHOULD NOT DELIVER A LOAN COMMITMENT TO SELLER WITHOUT BUYER’S PRIOR
170APPROVALOR UNLESSACCOMPANIED BYANOTICE OF UNACCEPTABILITY.
171SELLER TERMINATION RIGHTS: If Buyer does not make timely delivery of said commitment, Seller may terminate this Offer if
172Seller delivers a written notice of termination to Buyer prior to Seller’s actual receipt of a copy of Buyer’s written loan commitment.
173FINANCING UNAVAILABILITY: If financing is not available on the terms stated in this Offer (and Buyer has not already
174delivered an acceptable loan commitment for other financing to Seller), Buyer shall promptly deliver written notice to Seller of same
175including copies of lender(s)’ rejection letter(s) or other evidence of unavailability. Unless a specific loan source is named in this
176Offer, Seller shall then have 10 days to give Buyer written notice of Seller’s decision to finance this transaction on the same terms
177set forth in this Offer, and this Offer shall remain in full force and effect, with the time for closing extended accordingly. If Seller’s
178notice is not timely given, this Offer shall be null and void. Buyer authorizes Seller to obtain any credit information reasonably
179appropriate to determine Buyer’s credit worthiness for Seller financing.
180ADDITIONALPROVISIONS/CONTINGENCIES
187TITLEEVIDENCE
188 CONVEYANCE OF TITLE: Upon payment of the purchase price, Seller shall convey the Property by warranty deed (or
189other conveyance as provided herein) free and clear of all liens and encumbrances, except: municipal and zoning ordinances
190and agreements entered under them, recorded easements for the distribution of utility and municipal services, recorded building
191and use restrictions and covenants, general taxes levied in the year of closing and
192
(provided none
193of the foregoing prohibit present use of the Property), which constitutes merchantable title for purposes of this transaction. Seller
194further agrees to complete and execute the documents necessary to record the conveyance. WARNING: Municipal and zoning
195ordinances, recorded building and use restrictions, covenants and easements may prohibit certain improvements or uses and therefore
196should be reviewed, particularly if Buyer contemplates making improvements to Property or a use other than the current use.
197 FORM OF TITLE EVIDENCE: Seller shall give evidence of title in the form of an owner’s policy of title insurance in the amount
198of the purchase price on a current ALTA form issued by an insurer licensed to write title insurance in Wisconsin. CAUTION: IF TITLE
199EVIDENCE WILLBE GIVEN BYABSTRACT, STRIKE TITLE INSURANCE PROVISIONSAND INSERTABSTRACT PROVISIONS.
FSBO Madison
200 PROVISION OF MERCHANTABLE TITLE: Seller shall pay all costs of providing title evidence. For purposes of closing, title
201evidence shall be acceptable if the commitment for the required title insurance is delivered to Buyer’s attorney or Buyer not less
202than 3 business days before closing, showing title to the Property as of a date no more than 15 days before delivery of such title
203evidence to be merchantable, subject only to liens which will be paid out of the proceeds of closing and standard title insurance
204requirements and exceptions, as appropriate. CAUTION: BUYER SHOULD CONSIDER UPDATING THE EFFECTIVE DATE OF
205THE TITLE COMMITMENT PRIOR TO CLOSING OR A “GAP ENDORSEMENT” WHICH WOULD INSURE OVER LIENS FILED
206BETWEEN THE EFFECTIVE DATE OF THE COMMITMENTAND THE DATE THE DEED IS RECORDED.
207 TITLE ACCEPTABLE FOR CLOSING: If title is not acceptable for closing, Buyer shall notify Seller in writing of objections to title
208by the time set for closing. In such event, Seller shall have a reasonable time, but not exceeding 15 days, to remove the objections,
209and the time for closing shall be extended as necessary for this purpose. In the event that Seller is unable to remove said
210objections, Buyer shall have 5 days from receipt of notice thereof, to deliver written notice waiving the objections, and the time for
211closing shall be extended accordingly. if Buyer does not waive the objections, this Offer shall be null and void. Providing title
212evidence acceptable for closing does not extinguish Seller’s obligations to give merchantable title to Buyer.
213 SPECIAL ASSESSMENTS: Special assessments, if any, for work actually commenced or levied prior to date of this Offer shall
214be paid by Seller no later than closing. All other special assessments shall be paid by Buyer. CAUTION: Consider a special agreement
215ifareaassessments,propertyowner’sassociationassessmentsorotherexpensesarecontemplated.“Otherexpenses”areone-timecharges
216or ongoing use fees for public improvements (other than those resulting in special assessments) relating to curb, gutter, street,
217sidewalk, sanitary and stormwater and storm sewer (including all sewer mains and hook-up and interceptor charges), parks, street
218lighting and street trees, and impact fees for other public facilities, as defined in Wis. Stat. §66.55(1)(c) & (f).
219DELIVERY/RECEIPT Unless otherwise stated in this Offer, any signed document transmitted by facsimile machine (fax) shall be treated
220in all manner and respects as an original document and the signature of any Party upon a document transmitted by fax shall be
221considered an original signature. Personal delivery to, or actual receipt by, any named Buyer or Seller constitutes personal delivery to,
222or actual receipt by Buyer or Seller. Once received, a notice cannot be withdrawn by the Party delivering the notice without the consent
223of the party receiving the notice. A Party may not unilaterally reinstate a contingency after a notice of a contingency waiver has been
224receivedbytheotherParty.Thedelivery/receiptprovisionsinthisOffermaybemodifiedwhenappropriate(e.g.,whenmaildeliveryisnotdesirable
225(see lines 24 - 30) or when a party will not be personally available to receive a notice (see line 286)). Buyer and Seller authorize the agents of
226Buyer and Seller to distribute copies of the Offer to Buyer’s lender, appraisers, title insurance companies and any other settlement
227service providers for the transaction as defined by the Real Estate Settlement ProceduresAct (RESPA).
228DEFAULT Seller and Buyer each have the legal duty to use good faith and due diligence in completing the terms and conditions
229of this Offer. A material failure to perform any obligation under this Offer is a default which may subject the defaulting party to liability
230for damages or other legal remedies.
231If Buyer defaults, Seller may:
232(1) sue for specific performance and request the earnest money as partial payment of the purchase price; or
233(2) terminate the Offer and have the option to: (a) request the earnest money as liquidated damages; or (b) direct Broker to
234return the earnest money and have the option to sue for actual damages.
235If Seller defaults, Buyer may:
236(1) sue for specific performance; or
237(2) terminate the Offer and request the return of the earnest money, sue for actual damages, or both.
238In addition, the Parties may seek any other remedies availble in law or equity.
239The Parties understand that the availability of any judicial remedy will depend upon the circumstances of the situation and the
240discretion of the courts. If either Party defaults, the Parties may renegotiate the Offer or seek nonjudicial dispute resolution instead
241of the remedies outlined above. By agreeing to binding arbitration, the Parties may lose the right to litigate in a court of law those
242disputes covered by the arbitration agreement.
243NOTE: IF ACCEPTED, THIS OFFER CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES SHOULD READ THIS DOCUMENT
244CAREFULLY.BROKERSMAYPROVIDEAGENERALEXPLANATIONOFTHEPROVISIONSOFTHEOFFERBUTAREPROHIBITEDBYLAWFROM
245GIVINGADVICEOROPINIONSCONCERNINGYOURLEGALRIGHTSUNDERTHISOFFERORHOWTITLESHOULDBETAKENATCLOSING.AN
246ATTORNEY SHOULD BE CONSULTED IF LEGALADVICE IS NEEDED.
247EARNESTMONEY
248 HELD BY: Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker (buyer’s
249agent if Property is not listed or Seller’s account if no broker is involved), until applied to purchase price or otherwise disbursed as
250providedintheOffer.CAUTION:Shouldpersonsotherthanabrokerholdearnestmoney,anescrowagreementshouldbedraftedbytheParties
251or an attorney. If someone other than Buyer makes payment of earnest money, consider a special disbursement agreement.
252 DISBURSEMENT: If negotiations do not result in an accepted offer, the earnest money shall be promptly disbursed (after
253clearance from payor’s depository institution if earnest money is paid by check) to the person(s) who paid the earnest money. At
254closing, earnest money shall be disbursed according to the closing statement. If this Offer does not close, the earnest money shall
255be disbursed according to a written disbursement agreement signed by all Parties to this Offer (Note: Wis. Adm. Code s. RL
25618.09(1)(b) provides that an offer to purchase is not a written disbursement agreement pursuant to which the broker may disburse).
257If said disbursement agreement has not been delivered to broker within 60 days after the date set for closing, broker may disburse
258the earnest money: (1) as directed by an attorney who has reviewed the transaction and does not represent Buyer or Seller; (2)
259into a court hearing a lawsuit involving the earnest money and all Parties to this Offer; (3) as directed by court order; or (4) any
260other disbursement required or allowed by law. Broker may retain legal services to direct disbursement per (1) or to file an
261interpleader action per (2) and broker may deduct from the earnest money any costs and reasonable attorneys fees, not to exceed
262$250, prior to disbursement.
263 LEGAL RIGHTS/ACTION: Broker’s disbursement of earnest money does not determine the legal rights of the Parties in
264relation to this Offer. Buyer’s or Seller’s legal right to earnest money cannot be determined by broker. At least 30 days prior to
265disbursement per (1) or (4) above, broker shall send Buyer and Seller notice of the disbursement by certified mail. If Buyer or
266Seller disagree with broker’s proposed disbursement, a lawsuit may be filed to obtain a court order regarding disbursement.
267Small Claims Court has jurisdiction over all earnest money disputes arising out of the sale of residential property with 1-4
268dwelling units and certain other earnest money disputes. Buyer and Seller should consider consulting attorneys regarding their
269legal rights under this Offer in case of a dispute. Both Parties agree to hold the broker harmless from any liability for good faith
270disbursement of earnest money in accordance with this Offer or applicable Deparment of Regulation and Licensing regulations
271concerning earnest money. See Wis.Adm. Code Ch. RL18.
272
ENTIRE CONTRACT
This Offer, including any amendments to it, contains the entire agreement of the Buyer and Seller regarding
273
the transaction. All prior negotiations and discussions have been merged into this Offer. This agreement binds and inures to
274
the benefit of the Parties to this Offer and their successors in interest.
275 PROPERTYADDRESS:
[page5of5,WB-11]
276OPTIONALPROVISIONS:THEPROVISIONSONLINES278THROUGH317AREAPARTOFTHISOFFERIFMARKED,SUCHASWITHAN“X”.
277THEYARENOTPARTOFTHISOFFERIFMARKEDN/AORARELEFTBLANK(EXCEPTASPROVIDEDATLINES280-281).
278 SALE OF BUYER’S PROPERTY CONTINGENCY: This offer is contingent upon the sale and closing of Buyer’s property
279 located at
, no later than
280. Seller may keep Seller’s Property on the market for sale and accept secondary offers. If this contingency is
281made a part of this Offer, lines 282 - 286 are also a part of this offer unless marked N/Aat line 282 or otherwise deleted.
282 CONTINUED MARKETING: If Seller accepts a bona fide secondary offer, Seller may give written notice to Buyer of
283acceptance. If Buyer does not deliver to Seller a written waiver of sale of Buyer’s property contingency and
284
285REQUIREMENTS, IF ANY (e.g., PAYMENT OF ADDITIONAL EARNEST MONEY, WAIVER OF ALL CONTINGENCIES, OR PROVIDING
286 EVIDENCE OF SALE OR BRIDGE LOAN, etc.)] within
hoursofBuyer’sactualreceiptofsaidnotice,thisOffershallbenullandvoid.
287 SECONDARY OFFER: This Offer is secondary to a prior accepted offer. This Offer shall become primary upon delivery of
288written notice to Buyer that this Offer is primary. Unless otherwise provided, Seller is not obligated to give Buyer notice prior to any
289deadline, nor is any particular secondary buyer given the right to be made primary ahead of other secondary buyers. Buyer may
290declare this Offer null and void by delivering written notice of withdrawal to Seller prior to delivery of Seller’s notice that this Offer
291
is primary. Buyer may not deliver notice of withdrawal earlier than
days after acceptance of this Offer. All other Offer
292
deadlines which are run from acceptance shall run from the time this Offer becomes primary.
293
PRE/POST CLOSING OCCUPANCY: Occupancy of
shall be
294
given to Buyer on
at
am/pm.(Seller)(Buyer)
STRIKEONE
shallpayan
295
occupancy charge of $
per day or partial day of pre/post-closing occupancy. Payment shall be due at the beginning of the
296occupancy period. Any unearned post closing occupancy fee (shall)(shall not) STRIKE ONE be refunded based on actual occupancy.
297CAUTION:Consideraspecialagreementregardingoccupancy,escrow,insurance,utilities,maintenance,keys,etc.
298 INSPECTION CONTINGENCY: This Offer is contingent upon a Wisconsin registered home inspector performing a home
299inspection of the Property, and an inspection, by a qualified independent inspector, of
300
which discloses no defects as defined below. This contingency
301
shall be deemed satisfied unless Buyer, within
days of acceptance, delivers to Seller, and to listing broker if Property is
302listed, a copy of the inspector’s written inspection report(s) and a written notice listing the defect(s) identified in the inspection
303report(s)towhichBuyerobjects. CAUTION:Aproposedamendmentwillnotsatisfythisnoticerequirement.Buyershallorder
304theinspectionandberesponsibleforallcostsofinspection,includinganyinspectionsrequiredbylenderorasfollow-upinspectionsto
305the home inspection. Note: This contingency only authorizes inspections, not testing. (See lines 97 - 110.)
306 RIGHTTOCURE:Seller(shall)(shallnot)STRIKEONE havearighttocurethedefects.(Sellershallhavearighttocureifnochoiceisindicated.)
307IfSellerhasrighttocure,Sellermaysatisfythiscontingencyby:(1)deliveringawrittennoticewithin10daysofreceiptofBuyer’snoticeofSeller’selection
308tocuredefects,(2)curingthedefectsinagoodandworkmanlikemannerand(3)deliveringtoBuyerawrittenreportdetailingtheworkdonenolaterthan
3093dayspriortoclosing.ThisOffershallbenullandvoidifBuyermakestimelydeliveryoftheabovenoticeandreportand:(1)Sellerdoesnothavearight
310tocureor(2)Sellerhasarighttocurebut:a)SellerdeliversnoticethatSellerwillnotcureorb)Sellerdoesnottimelydeliverthenoticeofelectiontocure.
311 “DEFECT” DEFINED: For the purposes of this contingency, a defect is defined as a structural, mechanical or other condition
312that would have a significant adverse effect on the value of the Property; that would significantly impair the health or safety of future
313occupants of the Poperty; or that if not repaired, removed or replaced would significantly shorten or have a significant adverse
314effect on the expected normal life of the Property. Defects do not include structural, mechanical or other conditions the nature and
315extent of which Buyer had actual knowledge or written notice before signing this Offer.
316
ADDENDA: The attached
is/are made part of this Offer.
317ADDITIONALPROVISIONS/CONTINGENCIES
321
This Offer was drafted on
[date] by [Licensee and firm]
322
(x)
323
Buyer’s Signature
Print Name Here:
Social Security No. or FEIN
Date
324
325
326
EARNESTMONEYRECEIPTBrokeracknowledgesreceiptofearnestmoneyasperline8oftheaboveOffer.(Seelines247-271.)
327
Broker (By)
328SELLER ACCEPTS THIS OFFER. THE WARRANTIES, REPRESENTATIONS AND COVENANTS MADE IN THIS OFFER
329SURVIVE CLOSING AND THE CONVEYANCE OF THE PROPERTY. SELLER AGREES TO CONVEY THE PROPERTY ON
330THE TERMSAND CONDITIONSAS SET FORTH HEREINANDACKNOWLEDGES RECEIPT OFACOPY OF THIS OFFER.
331(x)
332
Seller’s Signature
333
334
335
This Offer was presented to the Seller by
on
, at
a.m./p.m.
336
THIS OFFER IS REJECTED
THIS OFFER IS COUNTERED [See attached counter]
337
Seller Initials