Wb 15 Fillable Form – Fill Out and Use This PDF

Approved by the Wisconsin Real Estate Examining BoardPage 1 of 9, WB-15 03-1-12 (Optional Use Date) 07-1-12 (Mandatory Use Date)

WB-15 COMMERCIAL 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 known as [Street Address] ______________________

5 ________________________________________________________________________ in the ______________________________________

6 of ______________________________________________, County of _________________________________________________, Wisconsin

7 (Insert additional description, if any, at lines 109-115 or 277-286 or attach as an addendum per line 479),on the following terms:

8 ■ PURCHASE PRICE: _________________________________________________________________________________________________

9 ____________________________________________________________ Dollars ($_______________________________________________).

10■ EARNEST MONEY of $ ______________________ accompanies this Offer and earnest money of $ ______________________ will be

11 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 date of this Offer

15not excluded at lines 20-22, and the following additional items: __________________________________________________________________

16____________________________________________________________________________________________________________________

17___________________________________________________________________________________________________________________.

18All personal property included in purchase price will be transferred by bill of sale or __________________________________________________

19___________________________________________________________________________________________________________________.

20■ NOT INCLUDED IN PURCHASE PRICE: ________________________________________________________________________________

21____________________________________________________________________________________________________________________

22___________________________________________________________________________________________________________________.

23CAUTION: Identify trade fixtures owned by tenant, if applicable, and Fixtures that are on the Property (see lines 303-310) to be excluded

24by Seller or which are rented and will continue to be owned by the lessor.

25NOTE: The terms of this Offer, not the listing contract or marketing materials, determine what items are included/excluded.

26ACCEPTANCE Acceptance occurs when all Buyers and Sellers have signed one copy of the Offer, or separate but identical copies of the Offer.

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

28acceptance 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 or before

30 _______________________________________________________________. Seller may keep the Property on the market and accept

31secondary 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 OFFER ONLY IF

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

35DELIVERY OF DOCUMENTS AND WRITTEN NOTICES Unless otherwise stated in this Offer, delivery of documents and written notices to a

36Party shall be effective only when accomplished by one of the methods specified at lines 37-54.

37(1) Personal Delivery: giving the document or written notice personally to the Party, or the Party's recipient for delivery if named at line 38 or 39.

38Seller's recipient for delivery (optional): ____________________________________________________________________________________

39Buyer's recipient for delivery (optional): ____________________________________________________________________________________

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

41Seller: (____________) ______________________________________ Buyer: (_____________) ______________________________________

42

(3) Commercial Delivery: depositing the document or written notice fees prepaid or charged to an account with a commercial delivery

43service, addressed either to the Party, or to the Party's recipient for delivery if named at line 38 or 39, for delivery to the Party's delivery address at

44line 47 or 48.

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

46recipient for delivery if named at line 38 or 39, for delivery to the Party's delivery address at line 47 or 48.

47Delivery address for Seller: _____________________________________________________________________________________________

48Delivery address for Buyer: _____________________________________________________________________________________________

49 (5) E-Mail: electronically transmitting the document or written notice to the Party’s e-mail address, if given below at line 53 or 54. If this is a

50consumer transaction where the property being purchased or the sale proceeds are used primarily for personal, family or household purposes,

51each consumer providing an e-mail address below has first consented electronically to the use of electronic documents, e-mail delivery and

52electronic signatures in the transaction, as required by federal law.

53E-Mail address for Seller (optional): _______________________________________________________________________________________

54E-Mail address for Buyer (optional): _______________________________________________________________________________________

55PERSONAL DELIVERY/ACTUAL RECEIPT Personal delivery to, or Actual Receipt by, any named Buyer or Seller constitutes personal delivery

56to, or Actual Receipt by, all Buyers or Sellers.

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57PROPERTY CONDITION REPRESENTATIONS Seller represents to Buyer that as of the date of acceptance Seller has no notice or knowledge

58of Conditions Affecting the Property or Transaction (lines 181-215) other than those identified in Seller’s disclosure report dated ______________

59and Real Estate Condition Report, if applicable, dated _____________________________, which was/were received by Buyer prior to Buyer

60 signing this Offer and which is/are made a part of this offer by reference COMPLETE DATES OR STRIKE AS APPLICABLE and

61____________________________________________________________________________________________________________________

62______________________________ INSERT CONDITIONS NOT ALREADY INCLUDED IN THE DISCLOSURE OR CONDITION REPORT(S).

63CAUTION: If the Property includes 1-4 dwelling units, a Real Estate Condition Report containing the disclosures provided in Wis. Stat. §

64709.03 may be required. Excluded from this requirement are sales of property that has never been inhabited, sales exempt from the real

65estate transfer fee, and sales by certain court-appointed fiduciaries, (for example, personal representatives who have never occupied

66the Property). Buyer may have rescission rights per Wis. Stat. § 709.05.

67CLOSING This transaction is to be closed no later than _______________________________________________________________________

68____________________________________________ at the place selected by Seller, unless otherwise agreed by the Parties in writing.

69CLOSING PRORATIONS The following items, if applicable, shall be prorated at closing, based upon date of closing values: real estate taxes,

70rents, prepaid insurance (if assumed), private and municipal charges, property owners association assessments, fuel and __________________

71___________________________________________________________________________________________________________________.

72CAUTION: Provide basis for utility charges, fuel or other prorations if date of closing value will not be used.

73Any income, taxes or expenses shall accrue to Seller, and be prorated at closing, through the day prior to closing.

74Real estate taxes shall be prorated at closing based on [CHECK BOX FOR APPLICABLE PRORATION FORMULA]:

75

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

76general property taxes after state tax credits and lottery credits are deducted) (NOTE: THIS CHOICE APPLIES IF NO BOX IS CHECKED)

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

79known, multiplied by current mill rate (current means as of the date of closing)

80

___________________________________________________________________________________________________________.

81 CAUTION: Buyer is informed that the actual real estate taxes for the year of closing and subsequent years may be substantially

82different than the amount used for proration especially in transactions involving new construction, extensive rehabilitation, remodeling

83or area-wide re-assessment. Buyer is encouraged to contact the local assessor regarding possible tax changes.

84

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

85the year of closing, with Buyer and Seller each owing his or her pro-rata share. Buyer shall, within 5 days of receipt, forward a copy of the bill

86to the forwarding address Seller agrees to provide at closing. The Parties shall re-prorate within 30 days of Buyer’s receipt of the actual tax

87bill. Buyer and Seller agree this is a post-closing obligation and is the responsibility of the Parties to complete, not the responsibility of the real

88estate brokers in this transaction.

89OCCUPANCY Occupancy of the entire Property shall be given to Buyer at time of closing unless otherwise provided in this Offer at lines 109-115

90or 277-286 or in an addendum attached per line 479. At time of Buyer's occupancy, Property shall be in broom swept condition and free of all

91debris and personal property except for personal property belonging to current tenants, or that sold to Buyer or left with Buyer's consent.

92Occupancy shall be given subject to tenant's rights, if any.

93LEASED PROPERTY If Property is currently leased and lease(s) extend beyond closing, Seller shall assign Seller's rights under said lease(s)

94and transfer all security deposits and prepaid rents thereunder to Buyer at closing. The terms of the (written) (oral) STRIKE ONE lease(s), if any,

95are _________________________________________________________________________________________________________________

96__________________________________. Insert additional terms, if any, at lines 109-115 or 277-286 or attach as an addendum per line 479.

97

ESTOPPEL LETTERS: Seller shall deliver to Buyer no later than _____________ days before closing, estoppel letters dated within

98_____________ days before closing, from each non-residential tenant, confirming the lease term, rent installment amounts, amount of security

99deposit, and disclosing any defaults, claims or litigation with regard to the lease or tenancy.

100RENTAL WEATHERIZATION This transaction (is) (is not) STRIKE ONE exempt from Wisconsin Rental Weatherization Standards (Wis. Admin.

101Code Ch. SPS 367). If not exempt, (Buyer) (Seller) STRIKE ONE (“Buyer” if neither is stricken) shall be responsible for compliance, including all

102costs, with Wisconsin Rental Weatherization Standards. If Seller is responsible for compliance, Seller shall provide a Certificate of Compliance at

103closing.

104TIME IS OF THE ESSENCE “Time is of the Essence” as to: (1) earnest money payment(s); (2) binding acceptance; (3) occupancy; (4) date of

105closing; (5) contingency Deadlines STRIKE AS APPLICABLE and all other dates and Deadlines in this Offer except: ______________________

106_____________________________________________________________________________________________________________. If “Time

107is of the Essence” applies to a date or Deadline, failure to perform by the exact date or Deadline is a breach of contract. If "Time is of the Essence"

108does not apply to a date or Deadline, then performance within a reasonable time of the date or Deadline is allowed before a breach occurs.

109ADDITIONAL PROVISIONS/CONTINGENCIES ____________________________________________________________________________

110____________________________________________________________________________________________________________________

111____________________________________________________________________________________________________________________

112____________________________________________________________________________________________________________________

113____________________________________________________________________________________________________________________

114____________________________________________________________________________________________________________________

115____________________________________________________________________________________________________________________

116

117____________________________________________________________________________________________________________________

118________________________________________________________ [insert proposed use and type and size of building, if applicable; e.g.

119restaurant/tavern with capacity of 350 and 3 second floor dwelling units]. The optional provisions checked on lines 123-139 shall be deemed

120satisfied unless Buyer delivers to Seller by the deadline(s) set forth on lines 123-139 written notice specifying those items which cannot be

121satisfied and written evidence substantiating why each specific item included in Buyer’s notice cannot be satisfied. Upon delivery of Buyer’s notice,

122this Offer shall be null and void. Seller agrees to cooperate with Buyer as necessary to satisfy the contingencies checked at lines 123-139.

123 EASEMENTS AND RESTRICTIONS: This Offer is contingent upon Buyer obtaining, within _____________ days of acceptance, at

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

125restrictions affecting the Property and a written determination by a qualified independent third party that none of these prohibit or significantly

126delay or increase the costs of the proposed use or development identified at lines 116 to 118.

127 APPROVALS: This Offer is contingent upon Buyer obtaining, at (Buyer’s) (Seller’s) STRIKE ONE (“Buyer’s” if neither is stricken) expense,

128all applicable governmental permits, approvals and licenses, as necessary and appropriate, or the final discretionary action by the granting

129 authority prior to the issuance of such permits, approvals and licenses, for the following items related to Buyer’s proposed use:

130__________________________________________________________________________________________________________________

131or delivering written notice to Seller if the item(s) cannot be obtained or can only be obtained subject to conditions which significantly increase

132the cost of Buyer’s proposed use, all within _____________ days of acceptance of this Offer.

133 ACCESS TO PROPERTY: This Offer is contingent upon Buyer obtaining, within _________ days of acceptance, at (Buyer’s) (Seller’s)

134STRIKE ONE (“Buyer’s” if neither is stricken) expense, written verification that there is legal vehicular access to the Property from public roads.

135 LAND USE APPROVAL: This Offer is contingent upon Buyer obtaining, at (Buyer’s) (Seller’s) STRIKE ONE (“Buyer’s” if neither is stricken)

136expense, a  rezoning;  conditional use permit;  license;  variance;  building permit;  occupancy permit;  other _________

137______________________________________________________ CHECK ALL THAT APPLY, for the Property for its proposed use described

138at lines 116-118 or delivering written notice to Seller if the item(s) cannot be obtained or can only be obtained subject to conditions which

139significantly increase the cost of Buyer’s proposed use, all within _____________ days of acceptance.

140 MAP OF THE PROPERTY: This Offer is contingent upon (Buyer obtaining) (Seller providing) STRIKE ONE (“Seller providing” if neither is

141stricken) a ____________________________________________________________ survey (ALTA/ACSM Land Title Survey if survey type is not

142specified) dated subsequent to the date of acceptance of this Offer and prepared by a registered land surveyor, within _____________ days of

143acceptance, at (Buyer's) (Seller's) STRIKE ONE (“Seller’s” if neither is stricken) expense. The map shall show minimum of ___________ acres,

144maximum of ____________ acres, the legal description of the Property, the Property's boundaries and dimensions, visible encroachments upon

145the Property, the location of improvements, if any, and: ________________________________________________________________________

146_______________________________________________________. STRIKE AND COMPLETE AS APPLICABLE Additional map features

147which may be added include, but are not limited to: staking of all corners of the Property; identifying dedicated and apparent streets; lot

148dimensions; total acreage or square footage; utility installations; easements or rights-of-way. Such survey shall be in satisfactory form and

149accompanied by any required surveyor's certificate sufficient to enable Buyer to obtain removal of the standard survey exception on the title policy.

150CAUTION: Consider the cost and the need for map features before selecting them. Also consider the time required to obtain the map

151when setting the deadline.

152This contingency shall be deemed satisfied unless Buyer, within five (5) days of the earlier of: (1) Buyer's receipt of the map; or (2) the deadline for

153delivery of said map, delivers to Seller a copy of the map and a written notice which identifies: (1) a significant encroachment; (2) information

154materially inconsistent with prior representations; (3) failure to meet requirements stated within this contingency; or (4) the existence of conditions

155that would prohibit the Buyer's intended use of the Property described at lines 116-118. Upon delivery of Buyer’s notice, this Offer shall be null and

156void.

157

DOCUMENT REVIEW CONTINGENCY: This Offer is contingent upon Seller delivering the following documents to Buyer within

158_____________ days of acceptance: CHECK THOSE THAT APPLY; STRIKE AS APPROPRIATE

159 Documents evidencing that the sale of the Property has been properly authorized, if Seller is a business entity.

160 A complete inventory of all furniture, fixtures, equipment and other personal property included in this transaction which is consistent with

161representations made prior to and in this Offer.

162 Uniform Commercial Code lien search as to the personal property included in the purchase price, showing the Property to be free and clear

163of all liens, other than liens to be released prior to or at closing.

164 Rent roll.

165 Other ___________________________________________________________________________________________________________

166__________________________________________________________________________________________________________________.

167Additional items which may be added include, but are not limited to: building, construction or component warranties, previous environmental site

168assessments, surveys, title commitments and policies, maintenance agreements, other contracts relating to the Property, existing permits and

169licenses, recent financial operating statements, current and future rental agreements, notices of termination and non-renewal, and assessment

170notices.

171All documents Seller delivers to Buyer shall be true, accurate, current and complete. Buyer shall keep all such documents confidential and

172disclose them to third parties only to the extent necessary to implement other provisions of this Offer. Buyer shall return all documents (originals

173and any reproductions) to Seller if this Offer is terminated.

174■ CONTINGENCY SATISFACTION: This contingency shall be deemed satisfied unless Buyer, within _____________ days of the earlier of

175receipt of the final document to be delivered or the deadline for delivery of the documents, delivers to Seller a written notice indicating that this

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176contingency has not been satisfied. Such notice shall identify which document(s) have not been timely delivered or do not meet the standard set

177forth for the document(s). Upon delivery of such notice, this Offer shall be null and void.

178DEFINITIONS

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

180physically in the Party’s possession, regardless of the method of delivery.

181■ CONDITIONS AFFECTING THE PROPERTY OR TRANSACTION: “Conditions Affecting the Property or Transaction” are defined to include:

182a. Defects in structural components, e.g. roof, foundation, basement or other walls.

183b. Defects in mechanical systems, e.g. HVAC, electrical, plumbing, septic, well, fire safety, security or lighting.

184c. Underground or aboveground storage tanks presently or previously on the Property for storage of flammable or combustible liquids, including

185but not limited to gasoline and heating oil.

186d. Defect or contamination caused by unsafe concentrations of, or unsafe conditions relating to, lead paint, asbestos, radon, radium in water

187supplies, mold, pesticides or other potentially hazardous or toxic substances on the premises.

188e. Production of or spillage of methamphetamine (meth) or other hazardous or toxic substances on the Property.

189f. Zoning or building code violations, any land division involving the Property for which required state or local permits had not been obtained,

190nonconforming structures or uses, conservation easements, rights-of-way.

191g. Special purpose district, such as a drainage district, lake district, sanitary district or sewer district, that has the authority to impose

192assessments against the real property located within the district.

193h. Proposed, planned or commenced public improvements which may result in special assessments or otherwise materially affect the Property

194or the present use of the Property.

195i. Federal, state or local regulations requiring repairs, alterations or corrections of an existing condition.

196j. Flooding, standing water, drainage problems or other water problems on or affecting the Property.

197k. Material damage from fire, wind, floods, earthquake, expansive soils, erosion or landslides.

198l. Near airports, freeways, railroads or landfills, or significant odor, noise, water intrusion or other irritants emanating from neighboring property.

199m. Portion of the Property in a floodplain, wetland or shoreland zoning area under local, state or federal regulations.

200n. Property is subject to a mitigation plan required under administrative rules of the Department of Natural Resources related to county

201shoreland zoning ordinances, which obligates the owner of the Property to establish or maintain certain measures related to shoreland

202conditions and which is enforceable by the county.

203o. Encroachments; easements, other than recorded utility easements; access restrictions; covenants, conditions and restrictions; shared

204fences, walls, wells, driveways, signage or other shared usages; or leased parking.

205p. High voltage electric (100 KV or greater) or steel natural gas transmission lines located on but not directly serving the Property.

206 q. Structure on the Property designated as a historic building, any part of the Property located in a historic district, or burial sites or

207archeological artifacts on the Property.

208r. All or part of the land has been assessed as agricultural land, the owner has been assessed a use-value conversion charge or the payment

209of a use-value conversion charge has been deferred.

210s. All or part of the Property is subject to, enrolled in or in violation of a certified farmland preservation zoning district or a farmland preservation

211agreement, or a Forest Crop, Managed Forest (see disclosure requirements in Wis. Stat. § 710.12), Conservation Reserve or comparable

212program.

213t. A pier is attached to the Property that is not in compliance with state or local pier regulations.

214u. Government investigation or private assessment/audit (of environmental matters) conducted.

215v. Other Defects affecting the Property.

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

217occurred and by counting subsequent calendar days. The deadline expires at midnight on the last day. Deadlines expressed as a specific number

218of “business days” exclude Saturdays, Sundays, any legal public holiday under Wisconsin or Federal law, and other day designated by the

219President such that the postal service does not receive registered mail or make regular deliveries on that day. Deadlines expressed as a specific

220number of “hours” from the occurrence of an event, such as receipt of a notice, are calculated from the exact time of the event, and by counting 24

221hours per calendar day. Deadlines expressed as a specific day of the calendar year or as the day of a specific event, such as closing, expire at

222midnight of that day.

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

224the health or safety of future occupants of the Property; or that if not repaired, removed or replaced would significantly shorten or adversely affect

225the expected normal life of the premises.

226(Definitions Continued on page 6)

	Property Address: _________________________________________________________________________________________________________Page 5 of 9, WB-15
227		IF LINE 228 IS NOT MARKED OR IS MARKED N/A LINES 264-269 APPLY.
228		FINANCING CONTINGENCY: This Offer is contingent upon Buyer being able to obtain a written __________________________________

229[INSERT LOAN PROGRAM OR SOURCE] first mortgage loan commitment as described below, within _____________ days of acceptance of this

230Offer. The financing selected shall be in an amount of not less than $ __________________________ for a term of not less than ________ years,

231amortized over not less than _______ years. Initial monthly payments of principal and interest shall not exceed $ _________.___. Monthly

232payments may also include 1/12th of the estimated net annual real estate taxes, hazard insurance premiums, and private mortgage insurance

233premiums. The mortgage may not include a prepayment premium. Buyer agrees to pay discount points and/or loan origination fee in an amount

234not to exceed __________% of the loan. If the purchase price under this Offer is modified, the financed amount, unless otherwise provided, shall

235be adjusted to the same percentage of the purchase price as in this contingency and the monthly payments shall be adjusted as necessary to

236maintain the term and amortization stated above.

237CHECK AND COMPLETE APPLICABLE FINANCING PROVISION AT LINE 238 or 239.

238 FIXED RATE FINANCING: The annual rate of interest shall not exceed ______________%.

239 ADJUSTABLE RATE FINANCING: The initial annual interest rate shall not exceed ___________%. The initial interest rate shall be

240fixed for __________ months, at which time the interest rate may be increased not more than __________% per year. The maximum

241interest rate during the mortgage term shall not exceed ___________%. Monthly payments of principal and interest may be adjusted to

242reflect interest changes.

243If Buyer is using multiple loan sources or obtaining a construction loan or land contract financing, describe at lines 109-115 or 277-286

244or in an addendum attached per line 479.

245NOTE: If purchase is conditioned on buyer obtaining financing for operations or development consider adding a contingency for that

246purpose.

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

248provide evidence of application promptly upon request of Seller. If Buyer qualifies for the loan described in this Offer or another loan acceptable to

249Buyer, Buyer agrees to deliver to Seller a copy of the written loan commitment no later than the deadline at line 229. Buyer and Seller agree that

250delivery of a copy of any written loan commitment to Seller (even if subject to conditions) shall satisfy Bu yer’s financing contingency if,

251after review of the loan commitment, Buyer has directed, in writing, delivery of the loan commitment. Buyer’s written direction shall

252accompany the loan commitment. Delivery shall not satisfy this contingency if accompanied by a notice of unacceptability.

253CAUTION: The delivered commitment may contain conditions Buyer must yet satisfy to obligate the lender to provide the loan. BUYER,

254BUYER’S LENDER AND AGENTS OF BUYER OR SELLER SHALL NOT DELIVER A LOAN COMMITMENT TO SELLER OR SELLER’S

255AGENT WITHOUT BUYER'S PRIOR WRITTEN APPROVAL OR UNLESS ACCOMPANIED BY A NOTICE OF UNACCEPTABILITY.

256■ SELLER TERMINATION RIGHTS: If Buyer does not make timely delivery of said commitment; Seller may terminate this Offer if Seller delivers

257a written notice of termination to Buyer prior to Seller's Actual Receipt of a copy of Buyer's written loan commitment.

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

259acceptable loan commitment for other financing to Seller), Buyer shall promptly deliver written notice to Seller of same including copies of

260lender(s)' rejection letter(s) or other evidence of unavailability. Unless a specific loan source is named in this Offer, Seller shall then have 10 days

261to deliver to Buyer written notice of Seller's decision to finance this transaction on the same terms set forth in this Offer, and this Offer shall remain

262in full force and effect, with the time for closing extended accordingly. If Seller's notice is not timely given, this Offer shall be null and void. Buyer

263authorizes Seller to obtain any credit information reasonably appropriate to determine Buyer's credit worthiness for Seller financing.

264■ IF THIS OFFER IS NOT CONTINGENT ON FINANCING: Within 7 days of acceptance, a financial institution or third party in control of Buyer’s

265funds shall provide Seller with reasonable written verification that Buyer has, at the time of verification, sufficient funds to close. If such written

266verification is not provided, Seller has the right to terminate this Offer by delivering written notice to Buyer. Buyer may or may not obtain mortgage

267financing but does not need the protection of a financing contingency. Seller agrees to allow Buyer’s appraiser access to the Property for

268purposes of an appraisal. Buyer understands and agrees that this Offer is not subject to the appraisal meeting any particular value, unless this

269Offer is subject to an appraisal contingency, nor does the right of access for an appraisal constitute a financing contingency.

270 APPRAISAL CONTINGENCY: This Offer is contingent upon the Buyer or Buyer’s lender having the Property appraised at Buyer’s expense

271by a Wisconsin licensed or certified independent appraiser who issues an appraisal report dated subsequent to the date of this Offer indicating an

272appraised value for the Property equal to or greater than the agreed upon purchase price. This contingency shall be deemed satisfied unless

273Buyer, within _____________ days of acceptance, delivers to Seller a copy of the appraisal report which indicates that the appraised value is not

274equal to or greater than the agreed upon purchase price, accompanied by a written notice of termination.

275CAUTION: An appraisal ordered by Buyer’s lender may not be received until shortly before closing. Consider whether deadlines provide

276adequate time for performance.

277ADDITIONAL PROVISIONS/CONTINGENCIES ____________________________________________________________________________

278____________________________________________________________________________________________________________________

279____________________________________________________________________________________________________________________

280____________________________________________________________________________________________________________________

281____________________________________________________________________________________________________________________

282____________________________________________________________________________________________________________________

283____________________________________________________________________________________________________________________

284____________________________________________________________________________________________________________________

285____________________________________________________________________________________________________________________

286____________________________________________________________________________________________________________________

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287DEFINITIONS CONTINUED FROM PAGE 4

288■ ENVIRONMENTAL SITE ASSESSMENT: An “Environmental Site Assessment” (also known as a “Phase I Site Assessment”)(see lines 379-395)

289may include, but is not limited to: (1) an inspection of the Property; (2) a review of the ownership and use history of the Property, including a

290search of title records showing private ownership of the Property for a period of 80 years prior to the visual inspection; (3) a review of historic and

291recent aerial photographs of the Property, if available; (4) a review of environmental licenses, permits or orders issued with respect to the Property

292(5) an evaluation of results of any environmental sampling and analysis that has been conducted on the Property; and (6) a review to determine if

293the Property is listed in any of the written compilations of sites or facilities considered to pose a threat to human health or the environment

294including the National Priorities List, the Department of Nature Resources’ (DNR) Registry of Waste Disposal Sites, the DNR’s Contaminated

295Lands Environmental Action Network, and the DNR’s Remediation and Redevelopment (RR) Sites Map including the Geographical Information

296System (GIS) Registry and related resources. Any Environmental Site Assessment performed under this Offer shall comply with generally

297recognized industry standards (e.g. current American Society of Testing and Materials “Standard Practice for Environmental Site Assessments”),

298and state and federal guidelines, as applicable.

299CAUTION: Unless otherwise agreed an Environmental Site Assessment does not include subsurface testing of the soil or groundwater

300or other testing of the Property for environmental pollution. If further investigation is required, insert provisions for a Phase II Site

301Assessment (collection and analysis of samples), Phase III Environmental Site Assessment (evaluation of remediation alternatives) or

302other site evaluation at lines 109-115 or 277-286 or attach as an addendum per line 479.

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

304treated as part of the real estate, including, without limitation, physically attached items not easily removable without damage to the premises,

305items specifically adapted to the premises and items customarily treated as fixtures, including, but not limited to, all: garden bulbs; plants; shrubs

306and trees; screen and storm doors and windows; electric lighting fixtures; window shades; curtain and traverse rods; blinds and shutters; central

307heating and cooling units and attached equipment; water heaters and treatment systems; sump pumps; attached or fitted floor coverings; awnings;

308attached antennas; garage door openers and remote controls; installed security systems; central vacuum systems and accessories; in-ground

309sprinkler systems and component parts; built-in appliances; ceiling fans; fences; storage buildings on permanent foundations and docks/piers on

310permanent foundations. A Fixture does not include trade fixtures owned by tenants of the Property.

311CAUTION: Exclude Fixtures not owned by Seller such as rented fixtures. See lines 20-22.

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

313DISTRIBUTION OF INFORMATION Buyer and Seller authorize the agents of Buyer and Seller to: (i) distribute copies of the Offer to Buyer's

314lender, appraisers, title insurance companies and any other settlement service providers for the transaction as defined by the Real Estate

315Settlement Procedures Act (RESPA); (ii) report sales and financing concession data to multiple listing service sold databases; and (iii) provide

316active listing, pending sale, closed sale and financing concession information and data, and related information regarding seller contributions,

317incentives or assistance, and third party gifts, to appraisers researching comparable sales, market conditions and listings, upon inquiry.

318EARNEST MONEY

319■ HELD BY: Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker (Buyer's agent if Property

320is not listed or Seller's account if no broker is involved), until applied to the purchase price or otherwise disbursed as provided in the Offer.

321CAUTION: Should persons other than a broker hold earnest money, an escrow agreement should be drafted by the Parties or an

322attorney. If someone other than Buyer makes payment of earnest money, consider a special disbursement agreement.

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

324payor's depository institution if earnest money is paid by check) to the person(s) who paid the earnest money. At closing, earnest money shall be

325disbursed according to the closing statement. If this Offer does not close, the earnest money shall be disbursed according to a written

326disbursement agreement signed by all Parties to this Offer. If said disbursement agreement has not been delivered to broker within 60 days after

327the date set for closing, broker may disburse the earnest money: (1) as directed by an attorney who has reviewed the transaction and does not

328represent Buyer or Seller; (2) into a court hearing a lawsuit involving the earnest money and all Parties to this Offer; (3) as directed by court order;

329or (4) any other disbursement required or allowed by law. Broker may retain legal services to direct disbursement per (1) or to file an interpleader

330action per (2) and broker may deduct from the earnest money any costs and reasonable attorneys fees, not to exceed $250, prior to

331disbursement.

332■ LEGAL RIGHTS/ACTION: Broker's disbursement of earnest money does not determine the legal rights of the Parties in relation to this Offer.

333Buyer's or Seller's legal right to earnest money cannot be determined by broker. At least 30 days prior to disbursement per (1) or (4) above, broker

334shall send Buyer and Seller notice of the disbursement by certified mail. If Buyer or Seller disagree with broker's proposed disbursement, a lawsuit

335may be filed to obtain a court order regarding disbursement. Small Claims Court has jurisdiction over all earnest money disputes arising out of the

336sale of residential property with 1-4 dwelling units and certain other earnest money disputes. Buyer and Seller should consider consulting

337attorneys regarding their legal rights under this Offer in case of a dispute. Both Parties agree to hold the broker harmless from any liability for good

338faith disbursement of earnest money in accordance with this Offer or applicable Department of Safety and Professional Services regulations

339concerning earnest money. See Wis. Admin. Code Ch. REEB 18.

340TITLE EVIDENCE

341■CONVEYANCE OF TITLE: Upon payment of the purchase price, Seller shall convey the Property by warranty deed (trustee’s deed if

342Seller is a trust, personal representative’s deed if Seller is an estate or other conveyance as provided herein) free and clear of all liens and

343encumbrances, except: municipal and zoning ordinances and agreements entered under them, recorded easements for the distribution of utility

344and municipal services, recorded building and use restrictions and covenants, present uses of the Property in violation of the foregoing disclosed

345in Seller’s disclosure report, and Real Estate Condition Report, if applicable, and in this Offer, general taxes levied in the year of closing and

346________________________________________________________________________________________________________________

347____________________________________________________________________________________________________________________

348______________________ which constitutes merchantable title for purposes of this transaction. Seller shall complete and execute the documents

349necessary to record the conveyance at Seller’s cost and pay the Wisconsin Real Estate Transfer Fee.

350WARNING: Municipal and zoning ordinances, recorded building and use restrictions, covenants and easements may prohibit certai n

351improvements or uses and therefore should be reviewed, particularly if Buyer contemplates making improvements to Property or a use

352other than the current use.

353■ TITLE EVIDENCE: Seller shall give evidence of title in the form of an owner's policy of title insurance in the amount of the purchase price on a

354current ALTA form issued by an insurer licensed to write title insurance in Wisconsin. Seller shall pay all costs of providing title evidence to Buyer.

355Buyer shall pay all costs of providing title evidence required by Buyer’s lender.

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

357neither stricken) cost to provide coverage for any liens or encumbrances first filed or recorded after the effective date of the title insurance

358commitment and before the deed is recorded, subject to the title insurance policy exclusions and exceptions, provided the title company will issue

359the endorsement. If a gap endorsement or equivalent gap coverage is not available, Buyer may give written notice that title is not acceptable for

360closing (see lines 365-371).

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

362commitment is delivered to Buyer's attorney or Buyer not more than _____________ days after acceptance (“15” if left blank), showing title to the

363Property as of a date no more than 15 days before delivery of such title evidence to be merchantable per lines 341-348, subject only to liens which

364will be paid out of the proceeds of closing and standard title insurance requirements and exceptions, as appropriate.

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

366_____________ days (“15” if left blank) after delivery of the title commitment to Buyer or Buyer’s attorney. In such event, Seller shall have a

367reasonable time, but not exceeding _____________ days (“5” if left blank), from Buyer’s delivery of the notice stating title objections, to deliver

368notice to Buyer stating Seller’s election to remove the objections by the time set for closing. In the event that Seller is unable to remove said

369objections, Buyer may deliver to Seller written notice waiving the objections, and the time for closing shall be extended accordingly. If Buyer does

370not waive the objections, Buyer shall deliver written notice of termination and this Offer shall be null and void. Providing title evidence acceptable

371for closing does not extinguish Seller’s obligations to give merchantable title to Buyer.

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

373Offer shall be paid by Seller no later than closing. All other special assessments shall be paid by Buyer.

374CAUTION: Consider a special agreement if area assessments, property owners association assessments, special charges for current

375services under Wis. Stat. § 66.0627 or other expenses are contemplated. “Other expenses” are one-time charges or ongoing use fees

376for public improvements (other than those resulting in special assessments) relating to curb, gutter, street, sidewalk, municipal water,

377sanitary and storm water and storm sewer (including all sewer mains and hook-up/connection and interceptor charges), parks, street

378lighting and street trees, and impact fees for other public facilities, as defined in Wis. Stat. § 66.0617(1)(f).

379 ENVIRONMENTAL EVALUATION CONTINGENCY: This Offer is contingent upon a qualified independent environmental consultant of

380Buyer’s choice conducting an Environmental Site Assessment of the Property (see lines 288-302), at (Buyer’s) (Seller’s) expense STRIKE ONE

381(“Buyer’s” if neither is stricken), which discloses no Defects. For the purpose of this contingency, a Defect (see lines 223-225) is defined to also

382include a material violation of environmental laws, a material contingent liability affecting the Property arising under any environmental laws, the

383presence of an underground storage tank(s) or material levels of hazardous substances either on the Property or presenting a significant risk of

384contaminating the Property due to future migration from other properties. Defects do not include conditions the nature and extent of which Buyer

385had actual knowledge or written notice before signing the Offer.

386■ CONTINGENCY SATISFACTION: This contingency shall be deemed satisfied unless Buyer, within _____________ days of acceptance,

387delivers to Seller a copy of the Environmental Site Assessment report and a written notice listing the Defect(s) identified in the Environmental Site

388Assessment report to which Buyer objects (Notice of Defects).

389CAUTION: A proposed amendment is not a Notice of Defects and will not satisfy this notice requirement.

390■ RIGHT TO CURE: Seller (shall) (shall not) STRIKE ONE (“shall” if neither is stricken) have a right to cure the Defects. If Seller has the right to

391cure, Seller may satisfy this contingency by: (1) delivering written notice to Buyer within 10 days of Buyer's delivery of the Notice of Defects stating

392Seller’s election to cure Defects, (2) curing the Defects in a good and workmanlike manner and (3) delivering to Buyer a written report detailing the

393work done within 3 days prior to closing. This Offer shall be null and void if Buyer makes timely delivery of the Notice of Defects and written

394Environmental Site Assessment report and: (1) Seller does not have a right to cure or (2) Seller has a right to cure but: (a) Seller delivers written

395notice that Seller will not cure or (b) Seller does not timely deliver the written notice of election to cure.

Page 8 of 9, WB-15

396DEFAULT Seller and Buyer each have the legal duty to use good faith and due diligence in completing the terms and conditions of this Offer. A

397material failure to perform any obligation under this Offer is a default which may subject the defaulting party to liability for damages or other legal

398remedies.

399If Buyer defaults, Seller may:

400(1) sue for specific performance and request the earnest money as partial payment of the purchase price; or

401(2) terminate the Offer and have the option to: (a) request the earnest money as liquidated damages; or (b) sue for actual damages.

402If Seller defaults, Buyer may:

403(1) sue for specific performance; or

404(2) terminate the Offer and request the return of the earnest money, sue for actual damages, or both.

405In addition, the Parties may seek any other remedies available in law or equity.

406The Parties understand that the availability of any judicial remedy will depend upon the circumstances of the situation and the discretion of the

407courts. If either Party defaults, the Parties may renegotiate the Offer or seek nonjudicial dispute resolution instead of the remedies outlined above.

408By agreeing to binding arbitration, the Parties may lose the right to litigate in a court of law those disputes covered by the arbitration agreement.

409NOTE: IF ACCEPTED, THIS OFFER CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES SHOULD READ THIS

410DOCUMENT CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS OF THE OFFER BUT ARE

411PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL RIGHTS UNDER THIS OFFER OR HOW TITLE

412SHOULD BE TAKEN AT CLOSING. AN ATTORNEY SHOULD BE CONSULTED IF LEGAL ADVICE IS NEEDED.

413ENTIRE CONTRACT This Offer, including any amendments to it, contains the entire agreement of the Buyer and Seller regarding the

414transaction. All prior negotiations and discussions have been merged into this Offer. This agreement binds and inures to the benefit of the Parties

415to this Offer and their successors in interest.

416PROPERTY DIMENSIONS AND SURVEYS Buyer acknowledges that any land, building or room dimensions, or total acreage or building square

417footage figures, provided to Buyer by Seller or by a broker, may be approximate because of rounding, formulas used or other reasons, unless

418verified by survey or other means.

419CAUTION: Buyer should verify total square footage or acreage figures and land, building or room dimensions, if material to Bu yer’s

420decision to purchase.

421BUYER’S PRE-CLOSING WALK-THROUGH Within 3 days prior to closing, at a reasonable time pre-approved by Seller or Seller's agent, Buyer

422shall have the right to walk through the Property to determine that there has been no significant change in the condition of the Property, except for

423ordinary wear and tear and changes approved by Buyer, and that any Defects Seller has agreed to cure have been repaired in the manner agreed

424to by the Parties.

425PROPERTY DAMAGE BETWEEN ACCEPTANCE AND CLOSING Seller shall maintain the Property until the earlier of closing or occupancy of

426Buyer in materially the same condition as of the date of acceptance of this Offer, except for ordinary wear and tear. If, prior to closing, the Property

427is damaged in an amount of not more than five percent (5%) of the selling price, Seller shall be obligated to repair the Property and restore it to

428the same condition that it was on the day of this Offer. No later than closing, Seller shall provide Buyer with lien waivers for all lienable repairs and

429restoration. If the damage shall exceed such sum, Seller shall promptly notify Buyer in writing of the damage and this Offer may be canceled at

430option of Buyer. Should Buyer elect to carry out this Offer despite such damage, Buyer shall be entitled to the insurance proceeds, if any, relating

431to the damage to the Property, plus a credit towards the purchase price equal to the amount of Seller's deductible on such policy, if any. However,

432if this sale is financed by a land contract or a mortgage to Seller, any insurance proceeds shall be held in trust for the sole purpose of restoring the

433Property.

434NOTICE ABOUT SEX OFFENDER REGISTRY You may obtain information about the sex offender registry and persons registered with the

435 registry by contacting the Wisconsin Department of Corrections on the Internet at http://www.widocoffenders.org or by telephone at

436(608) 240-5830.

437INSPECTIONS AND TESTING Buyer may only conduct inspections or tests if specific contingencies are included as a part of this Offer. An

438“inspection” is defined as an observation of the Property which does not include an appraisal or testing of the Property, other than testing for

439leaking carbon monoxide, or testing for leaking LP gas or natural gas used as a fuel source, which are hereby authorized. A “test” is defined as

440the taking of samples of materials such as soils, water, air or building materials from the Property and the laboratory or other analysis of these

441materials. Seller agrees to allow Buyer’s inspectors, testers, appraisers and qualified third parties reasonable access to the Property upon

442advance notice, if necessary to satisfy the contingencies in this Offer. Buyer and licensees may be present at all inspections and testing. Except

443as otherwise provided, Seller’s authorization for inspections does not authorize Buyer to conduct testing of the Property.

444NOTE: Any contingency authorizing testing should specify the areas of the Property to be tested, the purpose of the test, (e.g., to

445determine if environmental contamination is present), any limitations on Buyer's testing and any other material terms of the

446contingency.

447Buyer agrees to promptly restore the Property to its original condition after Buyer’s inspections and testing are completed unless otherwise agreed

448to with Seller. Buyer agrees to promptly provide copies of all inspection and testing reports to Seller. Seller acknowledges that certain inspections

449or tests may detect environmental pollution which may be required to be reported to the Wisconsin Department of Natural Resources.

Property Address: _________________________________________________________________________________________________________Page 9 of 9, WB-15

450 INSPECTION CONTINGENCY: This contingency only authorizes inspections, not testing (see lines 437-449). This Offer is contingent upon

451a qualified independent inspector(s) conducting an inspection(s) of the Property which discloses no Defects. This Offer is further contingent upon

452a qualified independent inspector or qualified independent third party performing an inspection of _____________________________________

453________________________________________________ (list any Property feature(s) to be separately inspected, e.g., dumpsite, etc.) which

454discloses no Defects. Buyer shall order the inspection (s) and be responsible for all costs of inspection(s). Buyer may have follow-up inspections

455recommended in a written report resulting from an authorized inspection performed provided they occur prior to the deadline specified at line 461.

456Each inspection shall be performed by a qualified independent inspector or qualified independent third party.

457CAUTION: Buyer should provide sufficient time for the primary inspection and/or any specialized inspection(s), as well as any follow-up

458inspection(s).

459For the purpose of this contingency, Defects (see lines 223-225) do not include conditions the nature and extent of which Buyer had actual

460knowledge or written notice before signing the Offer.

461■ CONTINGENCY SATISFACTION: This contingency shall be deemed satisfied unless Buyer, within _____________ days of acceptance,

462delivers to Seller a copy of the inspection report(s) and a written notice listing the Defect(s) identified in the inspection report(s) to which Buyer

463objects (Notice of Defects).

464CAUTION: A proposed amendment is not a Notice of Defects and will not satisfy this notice requirement.

465■ RIGHT TO CURE: Seller (shall)(shall not) STRIKE ONE (“shall” if neither is stricken) have a right to cure the Defects. If Seller has the right to

466cure, Seller may satisfy this contingency by: (1) delivering written notice to Buyer within 10 days of Buyer's delivery of the Notice of Defects stating

467Seller’s election to cure Defects, (2) curing the Defects in a good and workmanlike manner and (3) delivering to Buyer a written report detailing the

468work done within 3 days prior to closing. This Offer shall be null and void if Buyer makes timely delivery of the Notice of Defects and written

469inspection report(s) and: (1) Seller does not have a right to cure or (2) Seller has a right to cure but: (a) Seller delivers written notice that Seller will

470not cure or (b) Seller does not timely deliver the written notice of election to cure.

471 CLOSING OF BUYER'S PROPERTY CONTINGENCY: This Offer is contingent upon the closing of the sale of Buyer's property located at

472_____________________________________________, no later than ______________________. If Seller accepts a bona fide secondary offer,

473Seller may give written notice to Buyer of acceptance. If Buyer does not deliver to Seller a written waiver of the Closing of Buyer's Property

474Contingency and ______________________________________________________________________________________________________

475____________________________________________________________________________________________________________________

476[INSERT OTHER REQUIREMENTS, IF ANY (e.g., PAYMENT OF ADDITIONAL EARNEST MONEY, WAIVER OF ALL CONTINGENCIES, OR

477PROVIDING EVIDENCE OF SALE OR BRIDGE LOAN, etc.)] within _________ hours of Buyer's Actual Receipt of said notice, this Offer shall be

478null and void.

479

ADDENDA: The attached __________________________________________________________________ is/are made part of this Offer.

480This Offer was drafted by [Licensee and Firm] ______________________________________________________________________________

481_____________________________________________________________ on _________________________________________________.

482Buyer Entity Name (if any): _____________________________________________________________________________________________

483(x)__________________________________________________________________________________________________________________

484 Buyer’s/Authorized Signature ▲ Print Name/Title Here ►

Date ▲

485(x) _________________________________________________________________________________________________________________

486 Buyer’s/Authorized Signature ▲ Print Name/Title Here ►

Date ▲

487EARNEST MONEY RECEIPT Broker acknowledges receipt of earnest money as per line 10 of the above Offer.

488_______________________________________________________________ Broker (By) ___________________________________________

489SELLER ACCEPTS THIS OFFER. THE WARRANTIES, REPRESENTATIONS AND COVENANTS MADE IN THIS OFFER SURVIVE CLOSING

490AND THE CONVEYANCE OF THE PROPERTY. SELLER AGREES TO CONVEY THE PROPERTY ON THE TERMS AND CONDITIONS AS

491SET FORTH HEREIN AND ACKNOWLEDGES RECEIPT OF A COPY OF THIS OFFER.

492Seller Entity Name (if any): _____________________________________________________________________________________________

493(x) _________________________________________________________________________________________________________________

494 Seller’s/Authorized Signature ▲ Print Name/Title Here ►

Date ▲

495(x) _________________________________________________________________________________________________________________

496 Seller’s/Authorized Signature ▲ Print Name/Title Here ►

Date ▲

497This Offer was presented to Seller by [Licensee and Firm] _____________________________________________________________________

498__________________________________________________________ on __________________________ at ________________ a.m./p.m.

499	This Offer	is rejected _____________	_________ This Offer is countered [See	attached counter] _____________	_______
500		Seller Initials ▲	Date▲	Seller Initials ▲	Date ▲