The WB-45 Cancellation Agreement & Mutual Release form, approved by the Wisconsin Department of Regulation and Licensing, marks a significant document in the realm of real estate transactions within the state. As of July 1, 2000, its usage became mandatory, underscoring its importance. This form serves as a crucial instrument for parties wishing to mutually agree on the termination of an existing real estate agreement—be it a contract of sale, lease, option, or any other form of property-related agreement. By signing this document, all parties involved consent to relinquish any claims tied to the agreement, effectively voiding their rights, titles, and interest in the property in question. Moreover, it provides explicit instructions for the disbursal of trust funds that may have been held by brokers on behalf of the parties, while also absolving these brokers of liability once the funds are distributed as directed. The form stipulates that its effectiveness is contingent upon the acquisition of identical signatures from all parties on the agreement and the delivery of this fully-executed document to the initiating party by a specified deadline. In essence, the WB-45 form embodies a fair and structured approach to dissolving real estate agreements, safeguarding the interests of all parties and ensuring clarity and peace of mind during what can otherwise be a complex process.
| Question | Answer |
|---|---|
| Form Name | Wb 45 Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | wisconsin agreement release, cancellation wisconsin, wisconsin agree online, cancellation agreement |
Approved by Wisconsin Department of Regulation and Licensing
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The UNDERSIGNED Parties agree that the |
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(Agreement) |
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INSERT TYPE OF AGREEMENT e.g. CONTRACT OF SALE, LEASE, OPTION, etc. |
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, for |
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property located at |
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, in the |
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of |
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, State of |
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, be canceled and the Parties hereby release all of their |
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5right, title, and interest in and to the Agreement, and any and all claims arising out of the transaction.
6 The Parties hereby authorize and direct the broker(s) to disburse the trust funds held on behalf of the Parties as follows:
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shall be disbursed to |
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the following address |
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$ |
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shall be disbursed to |
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the following address |
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11and the Parties hereby release the broker(s) from any and all liability for disbursing the trust funds as directed.
12This Cancellation Agreement and Mutual Release shall be effective only if all Parties to the Agreement have signed an identicall
13 copy of this Cancellation Agreement and Mutual Release (including signatures on separate but identical copies of the
14Cancellation Agreement and Mutual Release), and if the
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delivered to the Party proposing the Cancellation Agreement and Mutual Release on or before |
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Delivery may be made in any manner authorized in the Agreement. |
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17(x)
18Party’s Signature ▲ Print Name Here:
19x)
20Party’s Signature ▲ Print Name Here:
21x)
22Party’s Signature ▲ Print Name Here:
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24Party’s Signature ▲ Print Name Here:
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26Party’s Signature ▲ Print Name Here:
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27x)
28Party’s Signature ▲ Print Name Here:
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30Party’s Signature ▲ Print Name Here:
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