WB-16: Wisconsin Offer to Purchase, Business With Real Estate Interest

At the top, write the date the licensee is drafting this Offer and strike those not applicable: agent of Buyer, agent of Seller/listing Firm, or agent of Buyer and Seller.

Write the Business Name, including both legal name and any trade names, then the Type of Business Entity and the Business Description.

Write the purchase price after "The purchase price is" and after "Dollars".

Under INTEREST IN REAL ESTATE, write the property known as the Real Estate, for example the Street Address, Parcel Number(s) or legal description, "in the" and "of" and the County, then who the Real Estate is owned by and who it is leased to.

Mark the Real Estate interest included in the purchase price: ownership, leasehold or assignment of existing lease.

The Other Assets of the Business include all goodwill, stock-in-trade, Business Personal Property and Fixtures on the Real Estate as of the date stated on line 1 of this Offer (unless excluded at lines 59-61), and additional property such as work in process, or accounts receivable, if applicable.

Identify on lines 59-61 Business Personal Property not included in the purchase price or not exclusively owned by Seller, such as licensed or rented personal property, tenants' personal property and tenants' trade fixtures.

The purchase price does not include Seller's personal property (unless included at lines 16-57) and what you write there.

This Offer may be withdrawn prior to delivery of the accepted Offer (line 78).

Write the closing date; the transaction is to be closed at the place selected by Seller, unless otherwise agreed by the Parties in writing, and if the date for closing falls on Saturday, Sunday, or a federal or a state holiday, the closing date shall be the next Business Day (lines 84, 85 and 86).

Write the sum of EARNEST MONEY that accompanies this Offer; if Offer was drafted by a licensee, receipt of the earnest money accompanying this Offer is acknowledged (lines 91, 92 and 93).

Write the sum of EARNEST MONEY that will be mailed, or commercially, electronically or personally delivered, and the days after acceptance ("5" if left blank) (lines 94 and 95).

All earnest money shall be delivered to and held by the listing Firm, the drafting Firm or other identified: strike those not applicable (listing Firm if none chosen; if no listing Firm, then drafting Firm; if no Firm then Seller) (lines 96, 97 and 98).

If a Firm does not hold earnest money, an escrow agreement should be drafted by the Parties or an attorney as lines 104-125 do not apply (lines 99 and 100).

The balance of the purchase price will be paid in cash or equivalent at closing unless otherwise agreed in writing (line 102).

"Time is of the Essence" applies to (1) earnest money payment(s), (2) binding acceptance, (3) occupancy, (4) date of closing and (5) contingency Deadlines, strike as applicable, and to all other dates and Deadlines in this Offer except those written on the lines after the list (lines 125, 126, 127 and 128). If "Time is of the Essence" applies to a date or Deadline, failure to perform by the exact date or Deadline is a breach of contract; if it does not apply, performance within a reasonable time of the date or Deadline is allowed before a breach occurs (lines 129 and 130).

Write dates for the disclosure reports that apply: Real Estate Condition Report (1-4 dwelling units), Vacant Land Disclosure Report (no buildings), Business disclosure report(s), or Other (lines 135, 136, 137 and 138).

If Assets include 1-4 dwelling units, a Real Estate Condition Report containing the disclosures provided in Wis. Stat. § 709.03 may be required (lines 144 and 145).

Failure of the parties to agree on an allocation of purchase price prior to closing may have tax implications (lines 280 and 281).

The inspection contingency shall be deemed satisfied unless Buyer, within the days written there ("30" if left blank) after acceptance, delivers to Seller a copy of the inspection report(s) dated after the date on line 1 of this Offer and a written notice listing the Defect(s) and Deficiencies identified in the inspection report(s) to which Buyer objects (Notice of Defects) (lines 540, 541 and 542).

A proposed amendment is not a Notice of Defects and will not satisfy this notice requirement (line 543).

The Financing Commitment Contingency is: this Offer is contingent upon Buyer being able to obtain a written first mortgage loan commitment within the days written there after acceptance; write the loan type or specific lender, if any (lines 565, 566 and 567).

If line 566 is not marked or is marked N/A, lines 616-627 apply (line 564).

Under REAL ESTATE TAXES, check the box for the applicable proration formula; the first choice, the net general real estate taxes for the preceding year or the current year if available (net general real estate taxes are defined as general property taxes after state tax credits and lottery credits are deducted), applies if no box is checked (lines 704, 705, 706, 707 and 708).

Seller shall give evidence of title in the form of an owner's policy of title insurance and shall pay all costs of providing title evidence to Buyer; Buyer shall pay the costs of providing the title evidence required by Buyer's lender and recording the deed or other conveyance (lines 736, 737, 738 and 739).

Terms of this Offer that are preceded by an OPEN BOX are part of this Offer ONLY if the box is marked such as with an "X"; they are not part of this offer if marked "N/A" or are left blank (lines 791 and 792).

Unless otherwise stated in this Offer, delivery of documents and written notices to a Party is effective only when accomplished by one of the authorized methods specified at lines 888-903 (lines 884, 885 and 886).

Write the name of the recipient for delivery, if any, for the Seller and for the Buyer, and the fax number for each of them (lines 889, 890, 891, 892 and 893).

Write the Address for Seller and the Address for Buyer, and the Email Address for Seller and for Buyer under (5) Email (lines 5, 898, 899, 900, 901, 902, 903 and 904).

After ADDENDA, write what is attached and made part of this Offer (line 905).

If signing for an entity use an authorized signature line and print your name and title; all persons signing on behalf of an entity represent that they have legal authority to sign for and bind the entity (line 965).

DO NOT initiate ANY wire transfer until you confirm wiring instructions IN PERSON or by YOU calling a verified number of the entity involved in the transfer of funds; never use contact information provided by any suspicious communication.

Acceptance occurs when all Buyers and Sellers have signed one copy of the Offer, or separate but identical copies of the Offer (lines 79 and 80).

This Offer is binding upon both Parties only if a copy of the accepted Offer is delivered to Buyer on or before the day written on lines 75 and 76. Deadlines expressed as a number of days from an event, such as acceptance, are calculated by excluding the day the event occurred and by counting subsequent calendar days; the Deadline expires at Midnight on the last day (lines 776, 777 and 778).