Who needs a WB-11 Residential Offer to Purchase?
Typically, a person seeking to buy residential property in Wisconsin (Buyer) is very likely to initiate the process of compiling a WB-11 together with the Seller. It is explained by the desire to determine the terms and conditions, rights and responsibilities of both parties to exclude possible ambiguous situations or unreasonable claims. Nonetheless, such a step can be taken the Seller as well concerning the similar reasons.
What is WB-11 Residential Offer to Purchase for?
WB-11 Residential Offer to Purchase is the Contact confirming and protecting the purchase of the real property, listing the provisions, terms and conditions of the transaction and establishing the Buyer-Seller relationship.
Is WB-11 Residential Offer to Purchase accompanied by other forms?
Whenever an offer on a house is made, it is highly recommended that it be based on the authorized inspector’s evaluation. In the first place, it serves an a proof to the Buyer that the price is reasonable. And second, the inspection reveals all the benefits of the dwelling and possible defects to work on. In fact, the latter is often included in the contract with strict provisions as for amendments’ deadlines.
According to the standard contract, the seller has to provide ALTA form testifying the title as it is stated in the owner’s policy of the title insurance.
When is WB-11 Residential Offer to Purchase due?
The Contract always has strict deadlines, specific for an individual case, they are discussed and agreed upon by the parties. If they are not followed the Contract may be considered breached, unless the other party was notified in advance and accepted such a deviation from the deadline.
How do I fill out WB-11 Residential Offer to Purchase?
To be legally valid, it is obligatory that the Contract contain the following information:
general provisions, like the name of the licensee drafting the offer, the buyer’s and the seller’s names, the address of the real estate
the financial provisions (the price, earnest money, etc.)
documents’ and written notices’ delivery mode
property’s conditions report
damages and fixtures
the necessary signatures of the Buyer and Seller
Where do I send WB-11 Residential Offer to Purchase?
Both, the Buyer and the Seller must have a signed copy of this Contract and keep it until the close date and thereon. There is no need to submit it to any state institutions or offices.