All right, so this is the offer to purchase contract. It is written by the North Carolina Association of Realtors and the North Carolina Bar Association. So, it's definitely seen some changes over the years, but this is the current version. In a nutshell, it's an offer form that turns into a contract once accepted by the seller. It's a two-in-one form that is super straightforward and detailed. We'll go through it together to address any issues or confusion up front. If you have any questions, please give me a call or email me at stephen@costelloREI.com. I'm here to help. Let's get started. I'll try to breeze through it, but still provide enough information. First, we have the terms and definitions section. It's like any legal contract, defining who the seller and buyer are. If you're married, we'll include both names. If you're single, we won't need to include the married status. If you're buying the property jointly with another person, we'll include both names but leave off the married status. Don't be surprised by this, it's just a legal requirement. Next, we have the property details. This includes the street address, city, county, and zip code. It's like the mailing address. We also need the legal description of the property, which I'll fill out for you. This includes the lot unit, block section, subdivision, plat book, and pin number. It takes some time to gather this information, but I'll do it for you. Moving on, we have the purchase price. This is the amount you're agreeing to pay for the property. We also have the due diligence fee, which is the amount you're agreeing to pay upfront. The due diligence fee is a fee paid to the seller once the offer is accepted. If your offer is not accepted, you don't have...
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Wisconsin Offer To Purchase Form: What You Should Know
The Seller and Buyer acknowledge and agree as follows: (1) The Buyer acknowledges that the buyer is not precluded by law from purchasing the real property. (2) No sale contract will operate until legal advice, when necessary or appropriate is received by the Buyer. ​(3) No person other than the Buyer and the Seller has been admitted to the premises of the real property and that no person other than the Buyer or the Seller has been appointed agent on behalf of the Buyer or the Seller in connection with the sale of the real property. (4) No person other than the Buyer or the Seller has power to contract for the sale of the real property. The power of the person appointed by one or both of the Buyers to sell the real property is limited to the limited authority available to the Sellers in the agreement. (5) If legal advice is needed, the Buyer may seek professional services prior to the transaction. It is highly recommended that the Buyer seek professional advice from a qualified attorney, licensed appraiser or an investment manager. 298. BINDING ARBITRATION 1. This Agreement is binding on the parties together with all persons or entities acquiring the real property as a result of the contract. 2. Negotiations with the Buyer are limited to the terms and conditions set forth in this Contract. The parties agree that no contract shall be enforceable if it is not in fully executed form. If the Buyer fails to comply fully with the terms and conditions of this Contract, the Buyer shall not be entitled to a refund of his or her initial purchase price or other consideration. No refund may be made to the Buyer in connection with any subsequent sale or transfers of the real property. 3. As used in this Section, a “person acquiring the real property” includes any person or entity that assumes a contract to buy the real property from the Buyer under the terms and conditions of this Contract, including any assignee of the contract. RESIDENTIAL BUILDING ARBITRATION This is a written notice to you that the Milwaukee County Bar Association may be contacting you regarding an ongoing lawsuit. Residential Purchaser's Notice from the Milwaukee County Bar Association. Wb-11 Real Estate Offer to Purchase is subject to arbitration as set forth below. The arbitration will be held in the County of Milwaukee County, Wisconsin, within 100 miles of the Milwaukee County Bar Association's office for any disputes involving this residential offer to purchase license.
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Video instructions and help with filling out and completing Wisconsin Offer To Purchase Form
