Wb 13 Form Land Offer – Fill Out and Use This PDF

Approved by the Wisconsin Real Estate Examining BoardPage 1 of 10, WB-13 03-1-11 (Optional Use Date) 07-1-11 (Mandatory Use Date)

WB-13 VACANT LAND OFFER TO PURCHASE

1 LICENSEE DRAFTING THIS OFFER ON ____________________________________ [DATE] IS (AGENT OF BUYER)

2(AGENT OF SELLER/LISTING BROKER) (AGENT OF BUYER AND SELLER) STRIKE THOSE NOT APPLICABLE

3GENERAL PROVISIONS The Buyer, _____________________________________________________________________

4 _________________________________________________________________________, offers to purchase the Property

5 known as [Street Address] _____________________________________________________________________________

6 in the _____________________ of ________________________, County of ________________________, Wisconsin (Insert

7additional description, if any, at lines 458-464 or 526-534 or attach as an addendum per line 525), on the following terms:

8■ PURCHASE PRICE: _________________________________________________________________________________

9 ____________________________________________________________ Dollars ($_______________________________).

10■ EARNEST MONEY of $ ____________________accompanies this Offer and earnest money of $ ____________________

11will be mailed, or commercially or personally delivered within ____________________ days of acceptance to listing broker or

12___________________________________________________________________________________________________.

13■ THE BALANCE OF PURCHASE PRICE will be paid in cash or equivalent at closing unless otherwise provided below.

14■ INCLUDED IN PURCHASE PRICE: Seller is including in the purchase price the Property, all Fixtures on the Property on the

15date of this Offer not excluded at lines 18-19, and the following additional items: ___________________________________

16____________________________________________________________________________________________________

17____________________________________________________________________________________________________

18■ NOT INCLUDED IN PURCHASE PRICE: ________________________________________________________________

19___________________________________________________________________________________________________.

20CAUTION: Identify Fixtures that are on the Property (see lines 290-294) to be excluded by Seller or which are rented

21and will continue to be owned by the lessor.

22	NOTE: The terms	of this Offer, not the listing contract or marketing materials, determine what items are
23	included/excluded.	Annual crops are not part of the purchase price unless otherwise agreed.

24■ ZONING: Seller represents that the Property is zoned: _____________________________________________________.

25ACCEPTANCE Acceptance occurs when all Buyers and Sellers have signed one copy of the Offer, or separate but identical

26copies of the Offer.

27CAUTION: Deadlines in the Offer are commonly calculated from acceptance. Consider whether short term deadlines

28running from acceptance provide adequate time for both binding acceptance and performance.

29BINDING ACCEPTANCE This Offer is binding upon both Parties only if a copy of the accepted Offer is delivered to Buyer on

30or before _______________________________________________________________. Seller may keep the Property on the

31market and accept secondary offers after binding acceptance of this Offer.

32CAUTION: This Offer may be withdrawn prior to delivery of the accepted Offer.

33OPTIONAL PROVISIONS TERMS OF THIS OFFER THAT ARE PRECEDED BY AN OPEN BOX (  ) ARE PART OF THIS

34OFFER ONLY IF THE BOX IS MARKED SUCH AS WITH AN “X.” THEY ARE NOT PART OF THIS OFFER IF MARKED “N/A”

35OR ARE LEFT BLANK.

36DELIVERY OF DOCUMENTS AND WRITTEN NOTICES Unless otherwise stated in this Offer, delivery of documents and

37written notices to a Party shall be effective only when accomplished by one of the methods specified at lines 38-56.

38(1) Personal Delivery: giving the document or written notice personally to the Party, or the Party's recipient for delivery if

39named at line 40 or 41.

40Seller's recipient for delivery (optional): ____________________________________________________________________

41Buyer's recipient for delivery (optional): ____________________________________________________________________

42 (2) Fax: fax transmission of the document or written notice to the following telephone number:

43Seller: (________) _________________________________ Buyer: (_________) _________________________________

44 (3) Commercial Delivery: depositing the document or written notice fees prepaid or charged to an account with a 45 commercial delivery service, addressed either to the Party, or to the Party's recipient for delivery if named at line 40 or 41, for

46delivery to the Party's delivery address at line 49 or 50.

47

(4) U.S. Mail: depositing the document or written notice postage prepaid in the U.S. Mail, addressed either to the Party,

48or to the Party's recipient for delivery if named at line 40 or 41, for delivery to the Party's delivery address at line 49 or 50.

49Delivery address for Seller: ______________________________________________________________________________

50Delivery address for Buyer: _____________________________________________________________________________

51 (5) E-Mail: electronically transmitting the document or written notice to the Party’s e-mail address, if given below at line 52 55 or 56. If this is a consumer transaction where the property being purchased or the sale proceeds are used primarily for

53personal, family or household purposes, each consumer providing an e-mail address below has first consented electronically

54to the use of electronic documents, e-mail delivery and electronic signatures in the transaction, as required by federal law.

55E-Mail address for Seller (optional): _______________________________________________________________________

56E-Mail address for Buyer (optional): _______________________________________________________________________

57PERSONAL DELIVERY/ACTUAL RECEIPT Personal delivery to, or Actual Receipt by, any named Buyer or Seller

58constitutes personal delivery to, or Actual Receipt by, all Buyers or Sellers.

Property Address: ________________________________________________________________________________________________________Page 2 of 10, WB-13

59OCCUPANCY Occupancy of the entire Property shall be given to Buyer at time of closing unless otherwise provided in this

60Offer at lines 458-464 or 526-534 or in an addendum attached per line 525. At time of Buyer's occupancy, Property shall be

61free of all debris and personal property except for personal property belonging to current tenants, or that sold to Buyer or left

62with Buyer's consent. Occupancy shall be given subject to tenant's rights, if any.

63PROPERTY CONDITION REPRESENTATIONS Seller represents to Buyer that as of the date of acceptance Seller has no

64notice or knowledge of Conditions Affecting the Property or Transaction (see lines 163-187 and 246-278) other than those

65identified in the Seller's disclosure report dated ________________________________, which was received by Buyer prior to

66Buyer signing this Offer and which is made a part of this Offer by reference COMPLETE DATE OR STRIKE AS APPLICABLE

67and ________________________________________________________________________________________________

68____________________________________________________________________________________________________

69_______________________________ INSERT CONDITIONS NOT ALREADY INCLUDED IN THE DISCLOSURE REPORT

70CLOSING This transaction is to be closed no later than ______________________________________________________

71_________________________________at the place selected by Seller, unless otherwise agreed by the Parties in writing.

72CLOSING PRORATIONS The following items, if applicable, shall be prorated at closing, based upon date of closing values:

73 real estate taxes, rents, prepaid insurance (if assumed), private and municipal charges, property owners association

74assessments, fuel and _________________________________________________________________________________.

75CAUTION: Provide basis for utility charges, fuel or other prorations if date of closing value will not be used.

76Any income, taxes or expenses shall accrue to Seller, and be prorated at closing, through the day prior to closing.

77Real estate taxes shall be prorated at closing based on [CHECK BOX FOR APPLICABLE PRORATION FORMULA]:

78

The net general real estate taxes for the preceding year, or the current year if available (Net general real estate

79taxes are defined as general property taxes after state tax credits and lottery credits are deducted) (NOTE: THIS CHOICE

80APPLIES IF NO BOX IS CHECKED)

81		Current assessment times current mill rate (current means as of the date of closing)
82		Sale price, multiplied by the municipality area-wide percent of fair market value used by the assessor in the prior

83year, or current year if known, multiplied by current mill rate (current means as of the date of closing)

84

____________________________________________________________________________________________.

85 CAUTION: Buyer is informed that the actual real estate taxes for the year of closing and subsequent years may be 86 substantially different than the amount used for proration especially in transactions involving new construction, 87 extensive rehabilitation, remodeling or area-wide re-assessment. Buyer is encouraged to contact the local assessor

88regarding possible tax changes.

89

Buyer and Seller agree to re-prorate the real estate taxes, through the day prior to closing based upon the taxes on

90the actual tax bill for the year of closing, with Buyer and Seller each owing his or her pro-rata share. Buyer shall, within 5

91days of receipt, forward a copy of the bill to the forwarding address Seller agrees to provide at closing. The Parties shall

92re-prorate within 30 days of Buyer’s receipt of the actual tax bill. Buyer and Seller agree this is a post-closing obligation

93and is the responsibility of the Parties to complete, not the responsibility of the real estate brokers in this transaction.

94LEASED PROPERTY If Property is currently leased and lease(s) extend beyond closing, Seller shall assign Seller's rights

95under said lease(s) and transfer all security deposits and prepaid rents thereunder to Buyer at closing. The terms of the

96(written) (oral) STRIKE ONE lease(s), if any, are _____________________________________________________________

97_______________________. Insert additional terms, if any, at lines 458-464 or 526-534 or attach as an addendum per line 525.

98			GOVERNMENT PROGRAMS: Seller shall deliver to Buyer, within ________days of acceptance of this Offer, a list of all
99	federal, state, county, and local conservation, farmland, environmental, or other land use programs, agreements, restrictions,
100	or conservation easements, which apply to any part of the Property (e.g., farmland preservation agreements, farmland
101	preservation or exclusive agricultural zoning, use value assessments, Forest Crop, Managed Forest, Conservation Reserve
102	Program, wetland mitigation, shoreland zoning mitigation plan or comparable programs), along with disclosure of any
103	penalties, fees, withdrawal charges, or payback obligations pending, or currently deferred, if any. This contingency will be

104deemed satisfied unless Buyer delivers to Seller, within seven (7) days of Buyer’s Actual Receipt of said list and disclosure, or

105the deadline for delivery, whichever is earlier, a notice terminating this Offer based upon the use restrictions, program

106requirements, and/or amount of any penalty, fee, charge, or payback obligation.

107CAUTION: If Buyer does not terminate this Offer, Buyer is hereby agreeing that Buyer will continue in such programs,

108as may apply, and Buyer agrees to reimburse Seller should Buyer fail to continue any such program such that Seller

109incurs any costs, penalties, damages, or fees that are imposed because the program is not continued after sale. The

110Parties agree this provision survives closing.

111 MANAGED FOREST LAND: All, or part, of the Property is managed forest land under the Managed Forest Law (MFL).

112 This designation will continue after closing. Buyer is advised as follows: The MFL is a landowner incentive program that 113 encourages sustainable forestry on private woodlands by reducing and deferring property taxes. Orders designating lands as 114 managed forest lands remain in effect for 25 or 50 years. When ownership of land enrolled in the MFL program changes, the

115new owner must sign and file a report of the change of ownership on a form provided by the Department of Natural Resources

116and pay a fee. By filing this form, the new owner agrees to the associated MFL management plan and the MFL program rules.

117The DNR Division of Forestry monitors forest management plan compliance. Changes you make to property that is subject to

118an order designating it as managed forest land, or to its use, may jeopardize your benefits under the program or may cause

119the property to be withdrawn from the program and may result in the assessment of penalties. For more information call the

120local DNR forester or visit http://www.dnr.state.wi.us.

Page 3 of 10, WB-13

121 FENCES: Wis. Stat. § 90.03 requires the owners of adjoining properties to keep and maintain legal fences in equal shares

122where one or both of the properties is used and occupied for farming or grazing purposes.

123CAUTION: Consider an agreement addressing responsibility for fences if Property or adjoining land is used and

124occupied for farming or grazing purposes.

125USE VALUE ASSESSMENTS: The use value assessment system values agricultural land based on the income that would be

126generated from its rental for agricultural use rather than its fair market value. When a person converts agricultural land to a

127non-agricultural use (e.g., residential or commercial development), that person may owe a conversion charge. To obtain more

128information about the use value law or conversion charge, contact the Wisconsin Department of Revenue's Equalization

129Section or visit http://www.revenue.wi.gov/.

130FARMLAND PRESERVATION: Rezoning a property zoned farmland preservation to another use or the early termination of a

131farmland preservation agreement or removal of land from such an agreement can trigger payment of a conversion fee equal to

1323 times the class 1 “use value” of the land. Contact the Wisconsin Department of Agriculture, Trade and Consumer Protection

133Division of Agricultural Resource Management or visit http://www.datcp.state.wi.us/ for more information.

134CONSERVATION RESERVE PROGRAM (CRP): The CRP encourages farmers, through contracts with the U.S. Department

135of Agriculture, to stop growing crops on highly erodible or environmentally sensitive land and instead to plant a protective

136cover of grass or trees. CRP contracts run for 10 to 15 years, and owners receive an annual rent plus one-half of the cost of

137establishing permanent ground cover. Removing lands from the CRP in breach of a contract can be quite costly. For more

138information call the state Farm Service Agency office or visit http://www.fsa.usda.gov/.

139SHORELAND ZONING ORDINANCES: All counties must adopt shoreland zoning ordinances that meet or are more

140restrictive than Wis. Admin. Code Chapter NR 115. County shoreland zoning ordinances apply to all unincorporated land

141within 1,000 feet of a navigable lake, pond or flowage or within 300 feet of a navigable river or stream and establish minimum

142standards for building setbacks and height limits, cutting trees and shrubs, lot sizes, water runoff, impervious surface

143standards (that may be exceeded only if a mitigation plan is adopted) and repairs to nonconforming structures. Buyers must

144conform to any existing mitigation plans. For more information call the county zoning office or visit http://www.dnr.state.wi.us/.

145Buyer is advised to check with the applicable city, town or village for additional shoreland zoning restrictions, if any.

146BUYER’S PRE-CLOSING WALK-THROUGH Within 3 days prior to closing, at a reasonable time pre-approved by Seller or

147Seller's agent, Buyer shall have the right to walk through the Property to determine that there has been no significant change

148in the condition of the Property, except for ordinary wear and tear and changes approved by Buyer, and that any defects

149Seller has agreed to cure have been repaired in the manner agreed to by the Parties.

150PROPERTY DAMAGE BETWEEN ACCEPTANCE AND CLOSING Seller shall maintain the Property until the earlier of

151closing or occupancy of Buyer in materially the same condition as of the date of acceptance of this Offer, except for ordinary

152wear and tear. If, prior to closing, the Property is damaged in an amount of not more than five percent (5%) of the selling price,

153Seller shall be obligated to repair the Property and restore it to the same condition that is was on the day of this Offer. No later

154than closing, Seller shall provide Buyer with lien waivers for all lienable repairs and restoration. If the damage shall exceed

155such sum, Seller shall promptly notify Buyer in writing of the damage and this Offer may be canceled at option of Buyer.

156Should Buyer elect to carry out this Offer despite such damage, Buyer shall be entitled to the insurance proceeds, if any,

157relating to the damage to the Property, plus a credit towards the purchase price equal to the amount of Seller’s deductible on

158such policy, if any. However, if this sale is financed by a land contract or a mortgage to Seller, any insurance proceeds shall

159be held in trust for the sole purpose of restoring the Property.

160DEFINITIONS

161■ ACTUAL RECEIPT: “Actual Receipt” means that a Party, not the Party’s recipient for delivery, if any, has the document or

162written notice physically in the Party’s possession, regardless of the method of delivery.

163■ CONDITIONS AFFECTING THE PROPERTY OR TRANSACTION: “Conditions Affecting the Property or Transaction” are

164defined to include:

165a. Proposed, planned or commenced public improvements or public construction projects which may result in special

166assessments or otherwise materially affect the Property or the present use of the Property.

167b. Government agency or court order requiring repair, alteration or correction of any existing condition.

168c. Land division or subdivision for which required state or local approvals were not obtained.

169d. A portion of the Property in a floodplain, wetland or shoreland zoning area under local, state or federal regulations.

170e. A portion of the Property being subject to, or in violation of, a farmland preservation agreement or in a certified farmland

171preservation zoning district (see lines 130-133), or enrolled in, or in violation of, a Forest Crop, Managed Forest (see lines

172111-120), Conservation Reserve (see lines 134-138), or comparable program.

173f. Boundary or lot disputes, encroachments or encumbrances, a joint driveway or violation of fence laws (Wis. Stat. ch. 90)

174(where one or both of the properties is used and occupied for farming or grazing).

175g. Material violations of environmental rules or other rules or agreements regulating the use of the Property.

176h. Conditions constituting a significant health risk or safety hazard for occupants of the Property.

177i. Underground storage tanks presently or previously on the Property for storage of flammable or combustible liquids,

178including, but not limited to, gasoline and heating oil.

179j. A Defect or contamination caused by unsafe concentrations of, or unsafe conditions relating to, pesticides, herbicides,

180fertilizer, radon, radium in water supplies, lead or arsenic in soil, or other potentially hazardous or toxic substances on the

181premises.

182k. Production of methamphetamine (meth) or other hazardous or toxic substances on the Property.

183l. High voltage electric (100 KV or greater) or steel natural gas transmission lines located on but not directly serving the

184Property.

185m. Defects in any well, including unsafe well water due to contaminants such as coliform, nitrates and atrazine, and out-of-

186service wells and cisterns required to be abandoned (Wis. Admin. Code § NR 812.26) but that are not closed/abandoned

187according to applicable regulations.

188(Definitions Continued on page 5)

189

190 FINANCING CONTINGENCY: This Offer is contingent upon Buyer being able to obtain a written___________________

191 _____________________________________________________ [INSERT LOAN PROGRAM OR SOURCE] first mortgage

192 loan commitment as described below, within _____ days of acceptance of this Offer. The financing selected shall be in an

193 amount of not less than $____________ for a term of not less than _____ years, amortized over not less than _____ years.

194Initial monthly payments of principal and interest shall not exceed $ __________________________. Monthly payments may

195also include 1/12th of the estimated net annual real estate taxes, hazard insurance premiums, and private mortgage insurance

196premiums. The mortgage may not include a prepayment premium. Buyer agrees to pay discount points and/or loan origination

197fee in an amount not to exceed _______ % of the loan. If the purchase price under this Offer is modified, the financed amount,

198unless otherwise provided, shall be adjusted to the same percentage of the purchase price as in this contingency and the

199monthly payments shall be adjusted as necessary to maintain the term and amortization stated above.

200CHECK AND COMPLETE APPLICABLE FINANCING PROVISION AT LINE 201 or 202.

201 FIXED RATE FINANCING: The annual rate of interest shall not exceed _______ %.

202 ADJUSTABLE RATE FINANCING: The initial annual interest rate shall not exceed _______ %. The initial interest

203rate shall be fixed for _____ months, at which time the interest rate may be increased not more than _______ % per

204year. The maximum interest rate during the mortgage term shall not exceed _______ %. Monthly payments of principal

205and interest may be adjusted to reflect interest changes.

206If Buyer is using multiple loan sources or obtaining a construction loan or land contract financing, describe at lines 458-464 or

207526-534 or in an addendum attached per line 525.

208■ BUYER’S LOAN COMMITMENT: Buyer agrees to pay all customary loan and closing costs, to promptly apply for a

209mortgage loan, and to provide evidence of application promptly upon request of Seller. If Buyer qualifies for the loan described

210in this Offer or another loan acceptable to Buyer, Buyer agrees to deliver to Seller a copy of the written loan commitment no

211later than the deadline at line 192. Buyer and Seller agree that delivery of a copy of any written loan commitment to

212Seller (even if subject to conditions) shall satisfy the Buyer's financing contingency if, after review of the loan

213commitment, Buyer has directed, in writing, delivery of the loan commitment. Buyer’s written direction shall

214accompany the loan commitment. Delivery shall not satisfy this contingency if accompanied by a notice of

215unacceptability.

216CAUTION: The delivered commitment may contain conditions Buyer must yet satisfy to obligate the lender to provide

217the loan. BUYER, BUYER'S LENDER AND AGENTS OF BUYER OR SELLER SHALL NOT DELIVER A LOAN

218COMMITMENT TO SELLER OR SELLER’S AGENT WITHOUT BUYER'S PRIOR WRITTEN APPROVAL OR UNLESS

219ACCOMPANIED BY A NOTICE OF UNACCEPTABILITY.

220■ SELLER TERMINATION RIGHTS: If Buyer does not make timely delivery of said commitment, Seller may terminate this

221Offer if Seller delivers a written notice of termination to Buyer prior to Seller's Actual Receipt of a copy of Buyer's written loan

222commitment.

223■ FINANCING UNAVAILABILITY: If financing is not available on the terms stated in this Offer (and Buyer has not already

224delivered an acceptable loan commitment for other financing to Seller), Buyer shall promptly deliver written notice to Seller of

225same including copies of lender(s)' rejection letter(s) or other evidence of unavailability. Unless a specific loan source is

226named in this Offer, Seller shall then have 10 days to deliver to Buyer written notice of Seller's decision to finance this

227transaction on the same terms set forth in this Offer and this Offer shall remain in full force and effect, with the time for closing

228extended accordingly. If Seller's notice is not timely given, this Offer shall be null and void. Buyer authorizes Seller to obtain

229any credit information reasonably appropriate to determine Buyer's credit worthiness for Seller financing.

230■ IF THIS OFFER IS NOT CONTINGENT ON FINANCING: Within 7 days of acceptance, a financial institution or third party

231in control of Buyer’s funds shall provide Seller with reasonable written verification that Buyer has, at the time of verification,

232sufficient funds to close. If such written verification is not provided, Seller has the right to terminate this Offer by delivering

233written notice to Buyer. Buyer may or may not obtain mortgage financing but does not need the protection of a financing

234contingency. Seller agrees to allow Buyer’s appraiser access to the Property for purposes of an appraisal. Buyer understands

235and agrees that this Offer is not subject to the appraisal meeting any particular value, unless this Offer is subject to an

236appraisal contingency, nor does the right of access for an appraisal constitute a financing contingency.

237			APPRAISAL CONTINGENCY: This Offer is contingent upon the Buyer or Buyer’s lender having the Property appraised
238	at Buyer’s expense by a Wisconsin licensed or certified independent appraiser who issues an appraisal report dated
239	subsequent to the date of this Offer indicating an appraised value for the Property equal to or greater than the agreed upon
240	purchase price. This contingency shall be deemed satisfied unless Buyer, within __________ days of acceptance, delivers to
241	Seller a copy of the appraisal report which indicates that the appraised value is not equal to or greater than the agreed upon

242purchase price, accompanied by a written notice of termination.

243CAUTION: An appraisal ordered by Buyer’s lender may not be received until shortly before closing. Consider whether

244deadlines provide adequate time for performance.

Page 5 of 10, WB-13

245DEFINITIONS CONTINUED FROM PAGE 3

246n. Defects in any septic system or other sanitary disposal system on the Property or out-of-service septic systems not

247closed/abandoned according to applicable regulations.

248o. Subsoil conditions which would significantly increase the cost of development including, but not limited to, subsurface

249foundations or waste material; organic or non-organic fill; dumpsites where pesticides, herbicides, fertilizer or other toxic

250or hazardous materials or containers for these materials were disposed of in violation of manufacturer's or government

251guidelines or other laws regulating said disposal; high groundwater; adverse soil conditions (e.g. low load bearing

252capacity, earth or soil movement, slides) or excessive rocks or rock formations.

253p. Brownfields (abandoned, idled or under-used land which may be subject to environmental contamination) or other

254contaminated land, or soils contamination remediated under PECFA, the Department of Natural Resources (DNR)

255Remediation and Redevelopment Program, the Agricultural Chemical Cleanup Program or other similar program.

256q. Lack of legal vehicular access to the Property from public roads.

257r. Homeowners' associations, common areas shared or co-owned with others, zoning violations or nonconforming uses,

258conservation easements, restrictive covenants, rights-of-way, easements, easement maintenance agreements, or use of

259a part of Property by non-owners, other than recorded utility easements.

260s. Special purpose district, such as a drainage district, lake district, sanitary district or sewer district, that has the authority to

261impose assessments against the real property located within the district.

262t. Federal, state or local regulations requiring repairs, alterations or corrections of an existing condition.

263u. Property tax increases, other than normal annual increases; completed or pending property tax reassessment of the

264Property, or proposed or pending special assessments.

265v. Burial sites, archeological artifacts, mineral rights, orchards or endangered species.

266w. Flooding, standing water, drainage problems or other water problems on or affecting the Property.

267x. Material damage from fire, wind, floods, earthquake, expansive soils, erosion or landslides.

268y. Significant odor, noise, water intrusion or other irritants emanating from neighboring property.

269z. Substantial crop damage from disease, insects, soil contamination, wildlife or other causes; diseased trees; or substantial

270injuries or disease in livestock on the Property or neighboring properties.

271aa. Existing or abandoned manure storage facilities on the Property.

272bb. Impact fees, or other conditions or occurrences that would significantly increase development costs or reduce the value of

273the Property to a reasonable person with knowledge of the nature and scope of the condition or occurrence.

274cc. The Property is subject to a mitigation plan required by DNR rules related to county shoreland zoning ordinances that

275obligates the owner to establish or maintain certain measures related to shoreland conditions, enforceable by the county

276(see lines 139-145).

277dd. All or part of the land has been assessed as agricultural land, the owner has been assessed a use-value conversion

278charge or the payment of a use-value conversion charge has been deferred.

279■ DEADLINES: “Deadlines” expressed as a number of “days” from an event, such as acceptance, are calculated by excluding

280the day the event occurred and by counting subsequent calendar days. The deadline expires at midnight on the last day.

281Deadlines expressed as a specific number of “business days” exclude Saturdays, Sundays, any legal public holiday under

282Wisconsin or Federal law, and any other day designated by the President such that the postal service does not receive

283registered mail or make regular deliveries on that day. Deadlines expressed as a specific number of “hours” from the

284occurrence of an event, such as receipt of a notice, are calculated from the exact time of the event, and by counting 24 hours

285per calendar day. Deadlines expressed as a specific day of the calendar year or as the day of a specific event, such as

286closing, expire at midnight of that day.

287■ DEFECT: “Defect” means a condition that would have a significant adverse effect on the value of the Property; that would

288significantly impair the health or safety of future occupants of the Property; or that if not repaired, removed or replaced would

289significantly shorten or adversely affect the expected normal life of the premises.

290■ FIXTURE: A “Fixture” is an item of property which is physically attached to or so closely associated with land so as to be

291treated as part of the real estate, including, without limitation, physically attached items not easily removable without damage

292to the premises, items specifically adapted to the premises, and items customarily treated as fixtures, including, but not limited

293to, all: perennial crops; garden bulbs; plants; shrubs and trees and fences; storage buildings on permanent foundations and

294docks/piers on permanent foundations.

295CAUTION: Exclude any Fixtures to be retained by Seller or which are rented on lines 18-19.

296■ PROPERTY: Unless otherwise stated, “Property” means the real estate described at lines 4-7.

297PROPERTY DEVELOPMENT WARNING If Buyer contemplates developing Property for a use other than the current use,

298there are a variety of issues which should be addressed to ensure the development or new use is feasible. Municipal and

299zoning ordinances, recorded building and use restrictions, covenants and easements may prohibit certain improvements or

300uses and therefore should be reviewed. Building permits, zoning variances, Architectural Control Committee approvals,

301estimates for utility hook-up expenses, special assessments, changes for installation of roads or utilities, environmental audits,

302subsoil tests, or other development related fees may need to be obtained or verified in order to determine the feasibility of

303development of, or a particular use for, a property. Optional contingencies which allow Buyer to investigate certain of these

304issues can be found at lines 306-350 and Buyer may add contingencies as needed in addenda (see line 525). Buyer should

305review any plans for development or use changes to determine what issues should be addressed in these contingencies.

Property Address: ________________________________________________________________________________________________________Page 6 of 10, WB-13

306 PROPOSED USE CONTINGENCIES: Buyer is purchasing the Property for the purpose of: _______________________

307____________________________________________________________________________________________________

308____________________________________________________________________________________________________

309[insert proposed use and type and size of building, if applicable; e.g. three bedroom single family home]. The optional

310provisions checked on lines 314-345 shall be deemed satisfied unless Buyer, within ______ days of acceptance, delivers

311written notice to Seller specifying those items which cannot be satisfied and written evidence substantiating why each specific

312item included in Buyer’s notice cannot be satisfied. Upon delivery of Buyer’s notice, this Offer shall be null and void. Seller

313agrees to cooperate with Buyer as necessary to satisfy the contingencies checked at lines 314-350.

314

ZONING CLASSIFICATION CONFIRMATION: This Offer is contingent upon Buyer obtaining, at (Buyer’s) (Seller’s)

315STRIKE ONE (“Buyer’s” if neither is stricken) expense, verification that the Property is zoned ______________________

316________________________ and that the Property’s zoning allows the Buyer’s proposed use described at lines 306-308.

317

SUBSOILS: This offer is contingent upon Buyer obtaining, at (Buyer’s) (Seller’s)

STRIKE ONE

(“Buyer’s” if neither

318is stricken) expense, written evidence from a qualified soils expert that the Property is free of any subsoil condition which

319would make the proposed use described at lines 306-308 impossible or significantly increase the costs of such

320development.

321

PRIVATE ONSITE WASTEWATER TREATMENT SYSTEM (POWTS) SUITABILITY: This Offer is contingent

322

upon Buyer obtaining, at (Buyer’s) (Seller’s)

STRIKE ONE

(“Buyer’s” if neither is stricken) expense, written evidence from

323

a certified soils tester that (a) the soils at the Property locations selected by Buyer, and (b) all other conditions that must

324

be approved, meet the legal requirements in effect on the date of this Offer to obtain a permit for a POWTS for use of the

325

Property as stated on lines 306-308. The POWTS (septic system) allowed by the written evidence must be one of

326

the following POWTS that is approved by the State for use with the type of property identified at lines 306-308

CHECK

327

ALL THAT APPLY:

 conventional in-ground;  mound;  at grade;  in-ground pressure distribution;  holding tank;

328

 other: _________________________________________________________________________________________.

329

EASEMENTS AND RESTRICTIONS: This Offer is contingent upon Buyer obtaining, at (Buyer's) (Seller's)

STRIKE

330

ONE

(“Buyer’s” if neither is stricken) expense, copies of all public and private easements, covenants and restrictions

331

affecting the Property and a written determination by a qualified independent third party that none of these prohibit or

332

significantly delay or increase the costs of the proposed use or development identified at lines 306-308.

333

APPROVALS: This Offer is contingent upon Buyer obtaining, at (Buyer's) (Seller's)

STRIKE ONE

(“Buyer’s” if

334

neither is stricken) expense, permits, approvals and licenses, as appropriate, or the final discretionary action by the

335

granting authority prior to the issuance of such permits, approvals and licenses, for the following items related to Buyer’s

336

proposed use: _____________________________________________________________________________________

337

________________________________________________________________________________________________.

338

UTILITIES: This Offer is contingent upon Buyer obtaining, at (Buyer's) (Seller's)

STRIKE ONE

(“Buyer’s” if neither

339

is stricken) expense, written verification of the following utility connections at the listed locations (e.g., on the Property, at

340

the lot line, across the street, etc.)

CHECK AND COMPLETE AS APPLICABLE

:  electricity______________________;

341

 gas ____________________________;  sewer_____________________;  water_________________________;

342

 telephone_______________________;  cable _______________________;  other________________________.

343

ACCESS TO PROPERTY: This Offer is contingent upon Buyer obtaining, at (Buyer's) (Seller's)

STRIKE ONE

344

(“Buyer’s” if neither is stricken) expense, written verification that there is legal vehicular access to the Property from public

345

roads.

346

LAND USE APPROVAL: This Offer is contingent upon Buyer obtaining, at (Buyer’s) (Seller’s)

STRIKE ONE

(“Buyer’s” if

347

neither is stricken) expense, a  rezoning;  conditional use permit;  license;  variance;  building permit; 

348

occupancy permit;  other ___________________________________________

CHECK ALL THAT APPLY,

and delivering

349

written notice to Seller if the item cannot be obtained, all within ______ days of acceptance for the Property for its proposed

350

use described at lines 306-308.

351

MAP OF THE PROPERTY: This Offer is contingent upon (Buyer obtaining) (Seller providing)

STRIKE ONE

(“Seller

352

providing” if neither is stricken) a Map of the Property dated subsequent to the date of acceptance of this Offer prepared by a

353registered land surveyor, within _____ days of acceptance, at (Buyer's) (Seller's) STRIKE ONE (“Seller’s” if neither is stricken)

354expense. The map shall show minimum of __________ acres, maximum of __________ acres, the legal description of the

355Property, the Property's boundaries and dimensions, visible encroachments upon the Property, the location of improvements,

356if any, and: ___________________________________________________________________________________________

357[STRIKE AND COMPLETE AS APPLICABLE] Additional map features which may be added include, but are not limited to:

358staking of all corners of the Property; identifying dedicated and apparent streets; lot dimensions; total acreage or square

359footage; easements or rights-of-way. CAUTION: Consider the cost and the need for map features before selecting them.

360Also consider the time required to obtain the map when setting the deadline. This contingency shall be deemed satisfied

361unless Buyer, within five days of the earlier of: (1) Buyer's receipt of the map; or (2) the deadline for delivery of said map,

362delivers to Seller a copy of the map and a written notice which identifies: (1) the significant encroachment; (2) information

363materially inconsistent with prior representations; or (3) failure to meet requirements stated within this contingency.

364Upon delivery of Buyer’s notice, this Offer shall be null and void.

Page 7 of 10, WB-13

365PROPERTY DIMENSIONS AND SURVEYS Buyer acknowledges that any land dimensions, total square footage, acreage

366figures, or allocation of acreage information, provided to Buyer by Seller or by a broker, may be approximate because of

367rounding, formulas used or other reasons, unless verified by survey or other means.

368CAUTION: Buyer should verify land dimensions, total square footage/acreage figures and allocation of acreage

369information if material to Buyer's decision to purchase.

370EARNEST MONEY

371■ HELD BY: Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker

372(Buyer's agent if Property is not listed or Seller’s account if no broker is involved), until applied to the purchase price or

373otherwise disbursed as provided in the Offer.

374CAUTION: Should persons other than a broker hold earnest money, an escrow agreement should be drafted by the

375Parties or an attorney. If someone other than Buyer makes payment of earnest money, consider a special

376disbursement agreement.

377■ DISBURSEMENT: If negotiations do not result in an accepted offer, the earnest money shall be promptly disbursed (after

378clearance from payor's depository institution if earnest money is paid by check) to the person(s) who paid the earnest money.

379At closing, earnest money shall be disbursed according to the closing statement. If this Offer does not close, the earnest

380money shall be disbursed according to a written disbursement agreement signed by all Parties to this Offer. If said

381disbursement agreement has not been delivered to broker within 60 days after the date set for closing, broker may disburse

382the earnest money: (1) as directed by an attorney who has reviewed the transaction and does not represent Buyer or Seller;

383(2) into a court hearing a lawsuit involving the earnest money and all Parties to this Offer; (3) as directed by court order; or (4)

384any other disbursement required or allowed by law. Broker may retain legal services to direct disbursement per (1) or to file an

385interpleader action per (2) and broker may deduct from the earnest money any costs and reasonable attorneys fees, not to

386exceed $250, prior to disbursement.

387■ LEGAL RIGHTS/ACTION: Broker's disbursement of earnest money does not determine the legal rights of the Parties in

388relation to this Offer. Buyer's or Seller's legal right to earnest money cannot be determined by broker. At least 30 days prior to

389disbursement per (1) or (4) above, broker shall send Buyer and Seller notice of the disbursement by certified mail. If Buyer or

390Seller disagree with broker's proposed disbursement, a lawsuit may be filed to obtain a court order regarding disbursement.

391Small Claims Court has jurisdiction over all earnest money disputes arising out of the sale of residential property with 1-4

392dwelling units and certain other earnest money disputes. Buyer and Seller should consider consulting attorneys regarding their

393legal rights under this Offer in case of a dispute. Both Parties agree to hold the broker harmless from any liability for good faith

394disbursement of earnest money in accordance with this Offer or applicable Department of Regulation and Licensing

395regulations concerning earnest money. See Wis. Admin. Code Ch. RL 18.

396DISTRIBUTION OF INFORMATION Buyer and Seller authorize the agents of Buyer and Seller to: (i) distribute copies of the

397Offer to Buyer's lender, appraisers, title insurance companies and any other settlement service providers for the transaction as

398defined by the Real Estate Settlement Procedures Act (RESPA); (ii) report sales and financing concession data to multiple

399listing service sold databases; and (iii) provide active listing, pending sale, closed sale and financing concession information

400and data, and related information regarding seller contributions, incentives or assistance, and third party gifts, to appraisers

401researching comparable sales, market conditions and listings, upon inquiry.

402NOTICE ABOUT SEX OFFENDER REGISTRY You may obtain information about the sex offender registry and persons

403 registered with the registry by contacting the Wisconsin Department of Corrections on the Internet at

404http://www.widocoffenders.org or by telephone at (608) 240-5830.

Property Address: ________________________________________________________________________________________________________Page 8 of 10, WB-13

405 SECONDARY OFFER: This Offer is secondary to a prior accepted offer. This Offer shall become primary upon delivery

406of written notice to Buyer that this Offer is primary. Unless otherwise provided, Seller is not obligated to give Buyer notice prior

407to any deadline, nor is any particular secondary buyer given the right to be made primary ahead of other secondary buyers.

408Buyer may declare this Offer null and void by delivering written notice of withdrawal to Seller prior to delivery of Seller's notice

409that this Offer is primary. Buyer may not deliver notice of withdrawal earlier than _____ days after acceptance of this Offer. All

410other Offer deadlines which are run from acceptance shall run from the time this Offer becomes primary.

411TIME IS OF THE ESSENCE “Time is of the Essence” as to: (1) earnest money payment(s); (2) binding acceptance; (3)

412occupancy; (4) date of closing; (5) contingency Deadlines STRIKE AS APPLICABLE and all other dates and Deadlines in this

413Offer except: _______________________________________________________________________________________.

414If “Time is of the Essence” applies to a date or Deadline, failure to perform by the exact date or Deadline is a breach of

415contract. If “Time is of the Essence” does not apply to a date or Deadline, then performance within a reasonable time of the

416date or Deadline is allowed before a breach occurs.

417TITLE EVIDENCE

418■ CONVEYANCE OF TITLE: Upon payment of the purchase price, Seller shall convey the Property by warranty deed

419(or trustee’s deed if Seller is a trust, personal representative’s deed if Seller is an estate or other conveyance as

420provided herein), free and clear of all liens and encumbrances, except: municipal and zoning ordinances and agreements

421entered under them, recorded easements for the distribution of utility and municipal services, recorded building and use

422restrictions and covenants, present uses of the Property in violation of the foregoing disclosed in Seller’s disclosure report and

423in this Offer, general taxes levied in the year of closing and _____________________________________________________

424____________________________________________________________________________________________________

425____________________________________________________________________________________________________

426____________________________________________________________________________________________________

427which constitutes merchantable title for purposes of this transaction. Seller shall complete and execute the documents

428necessary to record the conveyance at Seller’s cost and pay the Wisconsin Real Estate Transfer Fee.

429■ TITLE EVIDENCE: Seller shall give evidence of title in the form of an owner's policy of title insurance in the amount of the

430purchase price on a current ALTA form issued by an insurer licensed to write title insurance in Wisconsin. Seller shall pay all

431costs of providing title evidence to Buyer. Buyer shall pay all costs of providing title evidence required by Buyer’s lender.

432■ GAP ENDORSEMENT: Seller shall provide a “gap” endorsement or equivalent gap coverage at (Seller’s) (Buyer’s) STRIKE

433ONE (“Seller’s” if neither stricken) cost to provide coverage for any liens or encumbrances first filed or recorded after the

434effective date of the title insurance commitment and before the deed is recorded, subject to the title insurance policy

435exclusions and exceptions, provided the title company will issue the endorsement. If a gap endorsement or equivalent gap

436coverage is not available, Buyer may give written notice that title is not acceptable for closing (see lines 442-449).

437■ PROVISION OF MERCHANTABLE TITLE: For purposes of closing, title evidence shall be acceptable if the required title

438insurance commitment is delivered to Buyer's attorney or Buyer not more than _____ days after acceptance (“15” if left blank),

439showing title to the Property as of a date no more than 15 days before delivery of such title evidence to be merchantable per

440lines 418-427, subject only to liens which will be paid out of the proceeds of closing and standard title insurance requirements

441and exceptions, as appropriate.

442■ TITLE NOT ACCEPTABLE FOR CLOSING: If title is not acceptable for closing, Buyer shall notify Seller in writing of

443objections to title within _____days (“15” if left blank) after delivery of the title commitment to Buyer or Buyer’s attorney. In

444such event, Seller shall have a reasonable time, but not exceeding _____ days (“5” if left blank) from Buyer’s delivery of the

445notice stating title objections, to deliver notice to Buyer stating Seller’s election to remove the objections by the time set for

446closing. In the event that Seller is unable to remove said objections, Buyer may deliver to Seller written notice waiving the

447objections, and the time for closing shall be extended accordingly. If Buyer does not waive the objections, Buyer shall deliver

448written notice of termination and this Offer shall be null and void. Providing title evidence acceptable for closing does not

449extinguish Seller’s obligations to give merchantable title to Buyer.

450■ SPECIAL ASSESSMENTS: Special assessments, if any, levied or for work actually commenced prior to the date of this

451Offer shall be paid by Seller no later than closing. All other special assessments shall be paid by Buyer.

452CAUTION: Consider a special agreement if area assessments, property owners association assessments, special

453charges for current services under Wis. Stat. § 66.0627 or other expenses are contemplated. "Other expenses" are

454one-time charges or ongoing use fees for public improvements (other than those resulting in special assessments)

455relating to curb, gutter, street, sidewalk, municipal water, sanitary and storm water and storm sewer (including all

456sewer mains and hook-up/connection and interceptor charges), parks, street lighting and street trees, and impact

457fees for other public facilities, as defined in Wis. Stat. § 66.0617(1)(f).

458ADDITIONAL PROVISIONS/CONTINGENCIES ____________________________________________________________

459____________________________________________________________________________________________________

460____________________________________________________________________________________________________

461____________________________________________________________________________________________________

462____________________________________________________________________________________________________

463____________________________________________________________________________________________________

464____________________________________________________________________________________________________

465DEFAULT Seller and Buyer each have the legal duty to use good faith and due diligence in completing the terms and

466conditions of this Offer. A material failure to perform any obligation under this Offer is a default which may subject the

467defaulting party to liability for damages or other legal remedies.

468If Buyer defaults, Seller may:

469(1) sue for specific performance and request the earnest money as partial payment of the purchase price; or

470(2) terminate the Offer and have the option to: (a) request the earnest money as liquidated damages; or (b) sue for

471actual damages.

472If Seller defaults, Buyer may:

473(1) sue for specific performance; or

474(2) terminate the Offer and request the return of the earnest money, sue for actual damages, or both.

475In addition, the Parties may seek any other remedies available in law or equity.

476The Parties understand that the availability of any judicial remedy will depend upon the circumstances of the situation and the

477discretion of the courts. If either Party defaults, the Parties may renegotiate the Offer or seek nonjudicial dispute resolution

478instead of the remedies outlined above. By agreeing to binding arbitration, the Parties may lose the right to litigate in a court of

479law those disputes covered by the arbitration agreement.

480NOTE: IF ACCEPTED, THIS OFFER CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES SHOULD

481READ THIS DOCUMENT CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS

482OF THE OFFER BUT ARE PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL

483RIGHTS UNDER THIS OFFER OR HOW TITLE SHOULD BE TAKEN AT CLOSING. AN ATTORNEY SHOULD BE

484CONSULTED IF LEGAL ADVICE IS NEEDED.

485ENTIRE CONTRACT This Offer, including any amendments to it, contains the entire agreement of the Buyer and Seller

486regarding the transaction. All prior negotiations and discussions have been merged into this Offer. This agreement binds and

487inures to the benefit of the Parties to this Offer and their successors in interest.

488INSPECTIONS AND TESTING Buyer may only conduct inspections or tests if specific contingencies are included as a part of

489this Offer. An “inspection” is defined as an observation of the Property which does not include an appraisal or testing of the

490Property, other than testing for leaking carbon monoxide, or testing for leaking LP gas or natural gas used as a fuel source,

491which are hereby authorized. A “test” is defined as the taking of samples of materials such as soils, water, air or building

492materials from the Property and the laboratory or other analysis of these materials. Seller agrees to allow Buyer’s inspectors,

493testers and appraisers reasonable access to the Property upon advance notice, if necessary to satisfy the contingencies in

494this Offer. Buyer and licensees may be present at all inspections and testing. Except as otherwise provided, Seller’s

495authorization for inspections does not authorize Buyer to conduct testing of the Property.

496NOTE: Any contingency authorizing testing should specify the areas of the Property to be tested, the purpose of the

497test, (e.g., to determine if environmental contamination is present), any limitations on Buyer's testing and any other

498material terms of the contingency.

499Buyer agrees to promptly restore the Property to its original condition after Buyer’s inspections and testing are completed

500unless otherwise agreed to with Seller. Buyer agrees to promptly provide copies of all inspection and testing reports to Seller.

501Seller acknowledges that certain inspections or tests may detect environmental pollution which may be required to be reported

502to the Wisconsin Department of Natural Resources.