When engaging in the process of buying a business that includes real estate interests in Wisconsin, the WB-16 Offer to Purchase – Business With Real Estate Interest form plays a pivotal role. This detailed document, approved by the Wisconsin Real Estate Examining Board and mandatory for use in such transactions, guides both buyers and sellers through the intricacies of the sale. It covers everything from the purchase price and earnest money details to the specifics of what assets are included or excluded in the sale. Additionally, it addresses the transfer of business personal property and the allocation of purchase price among business assets, providing a structured framework for both parties to navigate through the sale. Important to note are the contingencies and legal obligations it lays out, ensuring all parties are aware of aspects like environmental evaluations, property conditions, and closing terms. Moreover, the form outlines how disputes regarding earnest money disbursement will be handled, alongside various other legal and procedural considerations, making it an essential document for executing a business purchase with real estate components in Wisconsin.
| Question | Answer |
|---|---|
| Form Name | Wb 16 Form |
| Form Length | 14 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 3 min 30 sec |
| Other names | wb 16 wisconsin offer to purchase business, wb 16 form, business offer purchase, wisconsin wb business search |
Approved by the Wisconsin Real Estate Examining Board |
Page 1 of 14, |
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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 (if entity, include type and state of organization), ___________________________________
4 _____________________________________________________________________________________________________
5 _________________________________________________________, offers to purchase the Assets of the Business known as:
6 Business Name (include both legal name and any trade names) ______________________________________________________
7 __________________________________________________________________________________________________________
8 Type of Business Entity (e.g., corporation, LLC, partnership, sole proprietorship, etc.): _____________________________________
9 Business Description: ________________________________________________________________________________________
10__________________________________________________________________________________________________________
11__________________________________________________________________________________________________________
12_______________________________________________________________ (Lines
13Insert additional description, if any, at lines
14■ PURCHASE PRICE: ______________________________________________________________________________________
15______________________________________________________ Dollars ($ __________________________________________).
16■ EARNEST MONEY of $ _______________________ accompanies this Offer and earnest money of $______________________
17will be mailed, or commercially or personally delivered within ___________________ days of acceptance to listing broker or
18_________________________________________________________________________________________________________.
19■ THE BALANCE OF PURCHASE PRICE will be paid in cash or equivalent at closing unless otherwise provided below.
20■ INCLUDED IN PURCHASE PRICE: Seller shall include in the purchase price the following:
21■ DESCRIPTION OF INTEREST IN REAL ESTATE:
22Street address is: ______________________________________________________________________________________ in the
23_______________ of ____________________________, County of __________________________, Wisconsin (the “Real Estate”).
24The Real Estate is owned by: __________________________________________________________________________________
25__________________________________________________________________________________________________________.
26The Real Estate is leased to: __________________________________________________________________________________
27_________________________________________________________________________________________ (see lines
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The interest in the Real Estate included in the purchase price is: |
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ownership |
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leasehold |
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assignment of existing |
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lease |
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______________________________________________. Insert any additional description, including further description |
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30of the type of interest in the Real Estate that is included in purchase price, at lines
31■ DESCRIPTION OF OTHER ASSETS:
32Seller shall also include in the purchase price (unless excluded at lines
33
34(consider work in process, if applicable): _________________________________________________________________________
35____________________________________________________________________ STRIKE AND COMPLETE AS APPLICABLE
36(hereinafter, including the interest in Real Estate described above, collectively the “Assets”).
37Seller shall convey Business Personal Property and any other personal property by Bill of Sale or ___________________________
38_________________________________________, free and clear of all liens and encumbrances except ______________________
39__________________________________________________________________________________________________________
40For the items below, the purchase price shall be based on the following terms: ___________________________________________
41(a)
42__________________________________________________________________________________________________________
43_______________________________________________________________________________________________________________
44(b) accounts receivable ________________________________________________________________________________________________
45__________________________________________________________________________________________________________
46__________________________________________________________________________________________________________
47(c) Other (e.g., work in process) ________________________________________________________________________________
48■ NOT INCLUDED IN THE PURCHASE PRICE: __________________________________________________________________
49__________________________________________________________________________________________________________
50__________________________________________________________________________________________________________
51CAUTION: Identify Fixtures, trade fixtures and Business Personal Property to be excluded by Seller or which are rented and
52will continue to be owned by the lessor (see lines
Property Address: ________________________________________________________________________________________________________ Page 2 of 14,
53 NOTE: The terms of this Offer, not the listing contract or marketing materials, determine what items are included/excluded.
54ACCEPTANCE Acceptance occurs when all Buyers and Sellers have signed one copy of the Offer, or separate but identical copies
55of the Offer.
56CAUTION: Deadlines in the Offer are commonly calculated from acceptance. Consider whether short term deadlines
57running from acceptance provide adequate time for both binding acceptance and performance.
58BINDING ACCEPTANCE This Offer is binding upon both Parties only if a copy of the accepted Offer is delivered to Buyer on or
59before _______________________________________________________________. Seller may keep the Assets on the market
60and accept secondary offers after binding acceptance of this Offer.
61CAUTION: This Offer may be withdrawn prior to delivery of the accepted Offer.
62OPTIONAL PROVISIONS Terms of this Offer that are preceded by an OPEN BOX ( ) are part of this offer ONLY if the box is
63marked such as with an “X.” They are not part of this Offer if marked “N/A” or are left blank.
64DELIVERY OF DOCUMENTS AND WRITTEN NOTICES Unless otherwise stated in this Offer, delivery of documents and written
65notices to a Party shall be effective only when accomplished by one of the methods specified at lines
66(1) Personal Delivery: giving the document or written notice personally to the Party, or the Party's recipient for delivery if named at
67line 68 or 69.
68Seller’s recipient for delivery (optional): __________________________________________________________________________
69Buyer’s recipient for delivery (optional): _________________________________________________________________________
70 (2) Fax: fax transmission of the document or written notice to the following telephone number:
71Seller: (_________) ___________________________________ Buyer: (_________) _____________________________________
72 (3) Commercial Delivery: depositing the document or written notice fees prepaid or charged to an account with a commercial 73 delivery service, addressed either to the Party, or to the Party's recipient for delivery if named at line 68 or 69, for delivery to the
74Party's delivery address at line 77 or 78.
75 (4) U.S. Mail: depositing the document or written notice postage prepaid in the U.S. Mail, addressed either to the Party, or to
76the Party's recipient for delivery if named at line 68 or 69, for delivery to the Party's delivery address at line 77 or 78.
77Delivery address for Seller: ___________________________________________________________________________________
78Delivery address for Buyer: ___________________________________________________________________________________
79 (5)
80If this is a consumer transaction where the property being purchased or the sale proceeds are used primarily for personal, family or
81household purposes, each consumer providing an
82documents,
83
84
85BUSINESS AND PROPERTY CONDITION PROVISIONS
86■ REPRESENTATIONS REGARDING THE BUSINESS, ASSETS AND TRANSACTION: Seller represents to Buyer that as of the
87date of acceptance Seller has no notice or knowledge of Conditions Affecting the Business, Assets or Transaction (as defined at lines
88
89 Seller disclosure report (commercial or business real estate) dated _______________________________________________
90 Real Estate Condition Report
91 Vacant Land Disclosure Report (no buildings) dated ___________________________________________________________
92 Business disclosure report(s) dated ________________________________________________________________________
93 Other: _____________________________________________ (specify) dated _____________________________________
94 which was/were received by Buyer prior to Buyer signing this Offer and which is/are made a part of this Offer by reference and
95__________________________________________________________________________________________________________
96__________________________________________________________________________________________________________
97____________________ INSERT CONDITIONS NOT ALREADY INCLUDED IN THE DISCLOSURE OR CONDITION REPORT(S).
98CAUTION: If Assets include
99Stat. § 709.03 may be required. If Assets include Real Estate without any buildings, a Vacant Land Disclosure Report
100containing the disclosures provided in Wis. Stat. § 709.033 may be required. Buyer may have rescission rights per Wis.
101Stat. § 709.05. A commercial or business disclosure report for commercial/business Real Estate may be used as well as
102business disclosure report(s) regarding Assets other than real estate. More than one report may be used.
103SALES AND USE TAX
104Sales and use tax, if any, for sales occurring prior to closing shall be paid by Seller. Within 120 days of closing, Seller shall provide
105Buyer with a sales and use tax clearance certificate from the Department of Revenue that any sales and use tax due has been paid,
106per Wis. Stat. Ch. 77. These responsibilities shall survive closing.
107 SALES AND USE TAX ESCROW: Seller agrees to escrow $_________________________ at closing to be held by
108 ___________________________________________________________________________ (escrow agent) and released to Seller
109 when Seller provides the escrow agent with a sales and use tax clearance certificate from the Department of Revenue confirming
110that any sales and use tax due has been paid, per Wis. Stat. Ch. 77. If a certificate is not provided to escrow agent within 120 days of
111closing, escrow funds shall be released to Buyer. Release of funds to Buyer shall not relieve Seller of Seller’s obligation to pay any
112sales and use tax due. All escrow fees shall be paid by Seller.
Page 3 of 14,
113DELIVERY/ACTUAL RECEIPT Delivery to, or Actual Receipt by, any named Buyer or Seller constitutes delivery to, or Actual
114Receipt by, all Buyers or Sellers.
115BUSINESS OPERATION Seller shall continue to conduct the Business in a regular and normal manner and shall use Seller’s best
116efforts to keep available the services of Seller’s present employees and to preserve the goodwill of Seller’s suppliers, customers and
117others having business relations with Seller. Seller shall maintain the equipment, appliances, business fixtures, fixtures, tools,
118furniture and other Business Personal Property in substantially the same working order as of the date of acceptance of this Offer.
119PROPERTY DAMAGE BETWEEN ACCEPTANCE AND CLOSING Seller shall maintain the physical Assets until the earlier of
120closing or occupancy of Buyer in materially the same condition as of the date of acceptance of this Offer, except for ordinary wear
121and tear. If, prior to the earlier of closing or occupancy by Buyer, the physical Assets are damaged in an amount of not more than five
122percent (5%) of the purchase price, Seller shall be obligated to repair the damaged property and restore it to the same condition that
123is was in on the day of this Offer. No later than closing, Seller shall provide Buyer with lien waivers for all lienable repairs and
124restoration. If Seller is unable to repair and restore the damaged property, Seller shall promptly notify Buyer in writing and this Offer
125may be canceled at the option of the Buyer. If the damage shall exceed such sum, Seller shall promptly notify Buyer in writing of the
126damage and this Offer may be canceled at the option of Buyer. Should Buyer elect to carry out this Offer despite such damage,
127Buyer shall be entitled to any insurance proceeds relating to the damaged property, plus a credit towards the purchase price equal to
128the amount of Seller’s deductible on such policy, if any. However, if this sale is financed by a land contract or a mortgage to Seller,
129any insurance proceeds shall be held in trust for the sole purpose of restoring the physical Assets.
130INSPECTIONS AND TESTING Buyer may only conduct inspections or tests if specific contingencies are included as a part of this
131Offer. An “inspection” is defined as an observation of the Assets which does not include an appraisal or testing of the Assets, other
132than testing for leaking carbon monoxide, or testing for leaking LP gas or natural gas used as a fuel source, which are hereby
133authorized. A “test” is defined as the taking of samples of materials such as soils, water, air or building materials from the Assets and
134the laboratory or other analysis of these materials. Seller agrees to allow Buyer’s inspectors, testers, appraisers and qualified third
135parties reasonable access to the Assets upon advance notice, if necessary to satisfy the contingencies in this Offer. Buyer and
136licensees may be present at all inspections and testing. Except as otherwise provided, Seller’s authorization for inspections does not
137authorize Buyer to conduct testing of the Assets.
138NOTE: Any contingency authorizing testing should specify the Assets to be tested, the purpose of the test, (e.g., to
139determine if the presence or absence of a source of environmental contamination), any limitations on Buyer's testing and
140any other material terms of the contingency.
141Buyer agrees to promptly restore the Assets to their original condition after Buyer’s inspections and testing are completed unless
142otherwise agreed to with Seller. Buyer agrees to promptly provide copies of all inspection and testing reports to Seller. Seller
143acknowledges that certain inspections or tests may detect environmental pollution which may be required to be reported to the
144Wisconsin Department of Natural Resources.
145BUYER’S
146agent, Buyer shall have the right to view the Assets solely to determine that there has been no significant change in the condition of
147the Assets, except for ordinary wear and tear and changes approved by Buyer, and that any Defects Seller has agreed to cure have
148been repaired in the manner agreed to by the Parties.
149CAUTION: The intention of this paragraph is only to allow Buyer to view the Assets. The Parties should consider separate
150language to address specific concerns.
151PROPERTY IMPROVEMENT, DEVELOPMENT OR CHANGE OF USE If Buyer contemplates improving, developing or changing
152the use of the Assets, Buyer may need to address municipal ordinances and zoning, recorded building and use restrictions,
153covenants and easements which may prohibit some improvements or uses. The need for licenses, building permits, zoning
154variances, environmental audits, etc. may need to be investigated to determine feasibility of improvements, development or use
155changes for the Assets. Contingencies for investigation of these issues may be added to this Offer. See lines
156If plant closings or mass layoffs will occur as a result of this Offer the Buyer and Seller should review federal and state plant closing
157laws.
158PROPERTY DIMENSIONS AND SURVEYS Buyer acknowledges that any land, building or room dimensions, or total acreage or
159building square footage figures, provided to Buyer by Seller or by a broker, may be approximate because of rounding, formulas used
160or other reasons, unless verified by survey or other means.
161CAUTION: Buyer should verify total square footage or acreage figures and land, building or room dimensions, if material to
162Buyer’s decision to purchase.
163DEFAULT Seller and Buyer each have the legal duty to use good faith and due diligence in completing the terms and conditions of
164this Offer. A material failure to perform any obligation under this Offer is a default which may subject the defaulting party to liability
165for damages or other legal remedies.
166If Buyer defaults, Seller may:
167(1) sue for specific performance and request the earnest money as partial payment of the purchase price; or
168(2) terminate the Offer and have the option to: (a) request the earnest money as liquidated damages; or (b) sue for actual
169damages.
170If Seller defaults, Buyer may:
171(1) sue for specific performance; or
172(2) terminate the Offer and request the return of the earnest money, sue for actual damages, or both.
173In addition, the Parties may seek any other remedies available in law or equity.
Page 4 of 14,
174 The Parties understand that the availability of any judicial remedy will depend upon the circumstances of the situation and the
175discretion of the courts. If either Party defaults, the Parties may renegotiate the Offer or seek nonjudicial dispute resolution instead of
176the remedies outlined above. By agreeing to binding arbitration, the Parties may lose the right to litigate in a court of law those
177disputes covered by the arbitration agreement.
178NOTE: IF ACCEPTED, THIS OFFER CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES SHOULD READ
179THIS DOCUMENT CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS OF THE
180OFFER BUT ARE PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL RIGHTS UNDER
181THIS OFFER OR HOW TITLE SHOULD BE TAKEN AT CLOSING. AN ATTORNEY SHOULD BE CONSULTED IF LEGAL
182ADVICE IS NEEDED.
183ENTIRE CONTRACT This Offer, including any amendments to it, contains the entire agreement of the Buyer and Seller regarding
184the transaction. All prior negotiations and discussions have been merged into this Offer. This agreement binds and inures to the
185benefit of the parties to this Offer and their successors in interest.
186EARNEST MONEY
187■ HELD BY: Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker (Buyer’s
188broker if Assets are not listed or Seller’s account if no broker is involved), until applied to purchase price or otherwise disbursed as
189provided in the Offer.
190CAUTION: Should persons other than a broker hold earnest money, an escrow agreement should be drafted by the Parties
191or an attorney. If someone other than Buyer makes payment of earnest money, consider a special disbursement agreement.
192■ DISBURSEMENT: If negotiations do not result in an accepted offer, the earnest money shall be promptly disbursed (after
193clearance from payor’s depository institution if earnest money is paid by check) to the person(s) who paid the earnest money. At
194closing, earnest money shall be disbursed according to the closing statement. If this Offer does not close, the earnest money shall be
195disbursed according to a written disbursement agreement signed by all Parties to this Offer. If said disbursement agreement has not
196been delivered to broker within 60 days after the date set for closing, broker may disburse the earnest money: (1) as directed by an
197attorney who has reviewed the transaction and does not represent Buyer or Seller; (2) into a court hearing a lawsuit involving the
198earnest money and all Parties to this Offer; (3) as directed by court order; or (4) any other disbursement required or allowed by law.
199Broker may retain legal services to direct disbursement per (1) or to file an interpleader action per (2) and broker may deduct from
200the earnest money any costs and reasonable attorney’s fees, in an amount up to $1,000 but no more than
201money, prior to disbursement.
202■ LEGAL RIGHTS/ACTION: Broker’s disbursement of earnest money does not determine the legal rights of the Parties in relation to
203this Offer. Buyer’s or Seller’s legal right to earnest money cannot be determined by broker. At least 30 days prior to disbursement per
204(1) or (4) above, broker shall send Buyer and Seller notice of the disbursement by certified mail. If Buyer or Seller disagree with
205broker’s proposed disbursement, a lawsuit may be filed to obtain a court order regarding disbursement. Small Claims Court has
206jurisdiction with regard to civil actions involving amounts claimed up to the amount specified in Wis. Stat. Ch. 799. Buyer and Seller
207should consider consulting attorneys regarding their legal rights under this Offer in case of a dispute. Both Parties agree to hold the
208broker harmless from any liability for good faith disbursement of earnest money in accordance with this Offer or applicable
209Department of Safety and Professional Service regulations concerning earnest money. See Wis. Admin. Code Ch. REEB 18.
210SPECIAL ASSESSMENTS/OTHER EXPENSES Special assessments, if any, levied or for work actually commenced prior to date
211of this Offer shall be paid by Seller no later than closing. All other special assessments shall be paid by Buyer.
212CAUTION: Consider a special agreement if area assessments, property owners association assessments, special charges
213for current services under Wis. Stat. § 66.0627 or other expenses are contemplated. “Other expenses” are
214or ongoing use fees for public improvements (other than those resulting in special assessments) relating to curb, gutter,
215street, sidewalk, municipal water, sanitary and storm water and storm sewer (including all sewer mains and hook-
216up/connection and interceptor charges), parks, street lighting and street trees, and impact fees for other public facilities, as
217defined in Wis. Stat. § 66.0617(1)(f).
218DEFINITIONS
219■ ACTUAL RECEIPT: “Actual Receipt” means that a Party, not the Party’s recipient for delivery, if any, has the document or written
220notice physically in the Party’s possession, regardless of the method of delivery.
221■ BUSINESS PERSONAL PROPERTY: “Business Personal Property” is defined as all tangible and intangible personal property and
222rights in personal property owned by Seller and used in the Business as of the date of this Offer, including, but not limited to,
223furniture, trade fixtures and equipment, tools used in business, telephone numbers and listings if transferable, customer lists, trade
224names, intellectual property, Internet domain names, digital media, digital marketing, databases, business records, supplies, leases,
225advance lease deposits, customer deposits, signs, all other personal property used in Business, and if transferable, all permits,
226special licenses and franchises, except those assets disposed of in the ordinary course of business or as permitted by this Offer.
227CAUTION: Identify on lines
228by Seller, such as licensed or rented personal property, tenants’ personal property and tenants’ trade fixtures.
229(Definitions Continued on Page 9)
Property Address: ________________________________________________________________________________________________________Page 5 of 14,
230TIME IS OF THE ESSENCE “Time is of the Essence” as to: (1) earnest money payment(s); (2) binding acceptance; (3) occupancy;
231(4) date of closing; (5) contingency Deadlines STRIKE AS APPLICABLE and all other dates and Deadlines in this Offer except: ____
232____________________________________________________________________________________. If “Time is of the Essence”
233applies 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" does
234not apply to a date or Deadline, then performance within a reasonable time of the date or Deadline is allowed before a breach occurs.
235ALLOCATION OF PURCHASE PRICECHECK LINE 236 OR 245
236 |
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The Parties agree to the following allocation of the purchase price: |
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237 |
Goodwill: |
$ __________________________________________ |
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238 |
$ __________________________________________ |
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239 |
Accounts receivable: |
$ __________________________________________ |
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240 |
Business Personal Property: |
$ __________________________________________ |
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241 |
Real Estate Interest: |
$ __________________________________________ |
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242 |
Other: |
$ __________________________________________ |
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243 |
Other: |
$ __________________________________________ |
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244 |
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Total |
$ __________________________________________ |
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245 |
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The Parties shall agree in writing on an allocation by the following deadline: (within _________________ days of acceptance of |
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246 |
the Offer) (_______________________________, _________) |
STRIKE AND COMPLETE AS APPLICABLE. |
If the Parties cannot |
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247 |
agree on an allocation by the deadline either Party may, within 5 days following the deadline, deliver written notice to terminate and |
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248 |
all earnest money shall be returned to Buyer. If no notice is delivered by either party within such 5 day period, the Parties agree to |
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249proceed to closing and separately allocate the purchase price.
250CAUTION: Failure of the parties to agree on an allocation of purchase price prior to closing may have tax implications. Fair
251market value of the real property must be determined prior to closing to complete the transfer return per Wis. Stat. § 77.22.
252The Parties should consult accountants, legal counsel or other appropriate experts, as necessary.
253 |
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ENVIRONMENTAL EVALUATION CONTINGENCY: This Offer is contingent upon a qualified independent environmental |
254consultant of Buyer’s choice conducting an Environmental Site Assessment of the Real Estate (see lines
255(Seller’s) STRIKE ONE (“Buyer’s” if neither is stricken) expense, which discloses no Defects. For the purpose of this contingency, a
256Defect (see lines
257the Real Estate arising under any environmental laws, the presence of an underground storage tank(s) or material levels of
258hazardous substances either on the Real Estate or presenting a significant risk of contaminating the Real Estate due to future
259migration from other properties. Defects do not include conditions the nature and extent of which Buyer had actual knowledge or
260written notice before signing the Offer.
261CAUTION: The Parties should consider additional environmental inspection or testing contingencies of the Assets.
262■ CONTINGENCY SATISFACTION: This contingency shall be deemed satisfied unless Buyer, within ______________________
263days of acceptance, delivers to Seller a copy of the Environmental Site Assessment report and a written notice listing the Defect(s)
264identified in the Environmental Site Assessment report to which Buyer objects (Notice of Defects).
265CAUTION: A proposed amendment is not a Notice of Defects and will not satisfy this notice requirement.
266■ RIGHT TO CURE: Seller (shall) (shall not) STRIKE ONE (“shall” if neither is stricken) have a right to cure the Defects. If Seller has
267the right to cure, Seller may satisfy this contingency by: (1) delivering written notice to Buyer within 10 days of Buyer's delivery of the
268Notice of Defects stating Seller’s election to cure Defects, (2) curing the Defects in a good and workmanlike manner and (3)
269delivering to Buyer a written report detailing the work done within 3 days prior to closing. This Offer shall be null and void if Buyer
270makes timely delivery of the Notice of Defects and written Environmental Site Assessment report and: (1) Seller does not have a right
271to cure or (2) Seller has a right to cure but: (a) Seller delivers written notice that Seller will not cure or (b) Seller does not timely
272deliver the written notice of election to cure.
273CLOSING Legal possession of the Assets shall be delivered to Buyer at the time of closing. This transaction is to be closed no later
274than _____________________________________ at the place selected by Seller, unless otherwise agreed by the Parties in writing.
275CLOSING PRORATIONS The following items, if applicable, shall be prorated at closing, based upon date of closing values: real
276estate taxes, personal property taxes, rents, prepaid insurance (if transferred), private and municipal charges, property owners
277association assessments, fuel, other prepaid amounts for items being transferred to Buyer, and _______________________
278_________________________________________________________________________________________________________.
279CAUTION: Provide basis for utility charges, fuel or other prorations if date of closing value will not be used.
280Any income, taxes or expenses shall accrue to Seller, and be prorated at closing, through the day prior to closing. Personal property
281taxes shall be prorated based on (the taxes for the current year, if known, otherwise on the taxes for the preceding year)
282( ________________________________________________________________) STRIKE AND COMPLETE AS APPLICABLE.
283Real estate taxes shall be prorated at closing based on CHECK BOX FOR APPLICABLE PRORATION FORMULA:
284 |
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The net general real estate taxes for the preceding year, or the current year if available (Net general real estate taxes are |
285defined as general property taxes after state tax credits and lottery credits are deducted) (NOTE: THIS CHOICE APPLIES IF NO
286BOX IS CHECKED)
287 |
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Current assessment times current mill rate (current means as of the date of closing) |