|
Approved by the Wisconsin Department of Regulation and Licensing |
|
Page 1 of 9, WB-14 |
|
03-1-11 (Optional Use Date) 07-1-11 (Mandatory Use Date) |
|
|
|
|
|
|
|
|
|
|
|
WB-14 RESIDENTIAL CONDOMINIUM 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 _____________________ of ______________________, County of ____________________, Wisconsin, particularly described as 6 Unit: _______ (Building ____________) of _______________________________________________________________ Condominium
7 (Insert additional description, if any, at lines 174-188 or 514-519 or attach as an addendum per line 513), on the following terms:
8 Ŷ PURCHASE PRICE: ________________________________________________________ Dollars ($_____________________ ).
9Ŷ EARNEST MONEY of $ ________________________ accompanies this Offer and earnest money of $ _______________________
10 will be mailed, or commercially or personally delivered within _____________________________ days of acceptance to listing broker or
12Ŷ THE BALANCE OF PURCHASE PRICE will be paid in cash or equivalent at closing unless otherwise provided below.
13Ŷ INCLUDED IN PURCHASE PRICE: Seller is including in the purchase price: (1) the Property; ( 6HOOHU¶VLQWHUHVWLQWKH&RPPRQ
14Elements and Limited Common Elements (see lines 75-80 and 327-332) appurtenant to the Unit, together with and subject to the rights,
15 interests, obligations and limitations as set forth in the Condominium Declaration and plat (and all amendments thereto); ( 6HOOHU¶V
16interests in any common surplus and reserves in the Condominium allocated to the Property; (4) all Fixtures on the Property on the date
17of this Offer not excluded at lines 20-21; and (5) the following additional items:_______________________________________________
18____________________________________________________________________________________________________________
19____________________________________________________________________________________________________________.
20Ŷ NOT INCLUDED IN PURCHASE PRICE: ________________________________________________________________________
21____________________________________________________________________________________________________________.
22CAUTION: Identify Fixtures that are on the Property (see lines 317-324) to be excluded by Seller or which are rented and will
23continue to be owned by the lessor.
24 Ŷ STORAGE UNIT: A storage unit (is) (is not) STRIKE ONE included in the purchase price. Storage unit number: ________________.
25Ŷ PARKING: The parking for the Unit is ______________________________________. The parking fee is $_____________________.
26NOTE: The terms of this Offer, not the listing contract or marketing materials, determine what items are included/excluded.
27Ŷ ASSOCIATION FEE: The Association fee for the Property is $_______________________________ per_______________________.
28Ŷ OTHER FEES: The Association may charge other fees at, or subsequent to, closing which may include storage, Additional
29Association, reserves, start-up, administrative, etc. fees.
30NOTE: Buyer is advised to review the Condominium disclosure materials including, but not limited to, current financial
31disclosure statements and other Condominium materials described on lines 204-234, as relevant.
32BINDING ACCEPTANCE This Offer is binding upon both Parties only if a copy of the accepted Offer is delivered to Buyer on or before
33________________________________________________________________________. Seller may keep the Property on the market
34and accept secondary offers after binding acceptance of this Offer. (See Acceptance information at lines 61-64.)
35CAUTION: This Offer may be withdrawn prior to delivery of the accepted Offer.
36 OPTIONAL PROVISIONS TERMS OF THIS OFFER THAT ARE PRECEDED BY AN OPEN BOX ( ) ARE PART OF THIS OFFER
37ONLY IF THE BOX IS MARKED SUCH AS WITH A1³;´7+(<$5(127PART OF THIS OFFER IF MARKED ³N/A´ OR ARE LEFT
38BLANK.
39DELIVERY OF DOCUMENTS AND WRITTEN NOTICES Unless otherwise stated in this Offer, delivery of documents and written
40notices to a Party shall be effective only when accomplished by one of the methods specified at lines 41-58.
41(1) Personal Delivery: JLYLQJWKHGRFXPHQWRUZULWWHQQRWLFHSHUVRQ OO\WRWKH3 UW\RUWKH3 UW\¶VUHFLSLHQWIRUGHlivery if named at line 42 or 43.
42Seller's recipient for delivery (optional): _____________________________________________________________________________
43Buyer's recipient for delivery (optional): ______________________________________________________________________________
44 |
|
|
(2) Fax: fax transmission of the document or written notice to the following telephone number: |
45 |
Seller: (_______) _______________________________________ Buyer: (_______) _______________________________________ |
46 |
|
|
(3) Commercial Delivery: depositing the document or written notice fees prepaid or charged to an account with a commercial |
47delivery service, addressed either to the Party, or to the Party's recipient for delivery if named at line 42 or 43, for delivery to the Party's
48delivery address at line 51 or 52.
49 (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
50Party's recipient for delivery if named at lines 42 or 43, for delivery to the Party's delivery address at line 51 or 52.
51Delivery address for Seller: ______________________________________________________________________________________
52Delivery address for Buyer: ______________________________________________________________________________________
53 (5) E-Mail: electronically transmitting the document or written notice to the P UW\¶VH-mail address, if given below at line 57 or 58. If
54this is a consumer transaction where the property being purchased or the sale proceeds are used primarily for personal, family or
55household purposes, each consumer providing an e-mail address below has first consented electronically to the use of electronic
56documents, e-mail delivery and electronic signatures in the transaction, as required by federal law.
57E-Mail address for Seller (optional): _______________________________________________________________________________
58E-Mail address for Buyer (optional): _______________________________________________________________________________
Page 2 of 9, WB-14
59PERSONAL DELIVERY/ACTUAL RECEIPT Personal delivery to, or Actual Receipt by, any named Buyer or Seller constitutes
60personal delivery to, or Actual Receipt by, all Buyers or Sellers.
61ACCEPTANCE Acceptance occurs when all Buyers and Sellers have signed one copy of the Offer, or separate but identical copies of
62the Offer.
63CAUTION: Deadlines in the Offer are commonly calculated from acceptance. Consider whether short term deadlines running
64from acceptance provide adequate time for both binding acceptance and performance.
65DEFINITIONS
66ACTUAL RECEIPT³$FWX O RHFHLSW´PH QVWK W 3 UW\QRWWKH3 UW\¶VUHFLSLHQWIRUGHOLYHU\LI Q\K VWKHGRFXPHQWRUZULWWHQ
67QRWLFHSK\VLF OO\LQWKH3 UW\¶VSRVVHVVLRQUHJ UGOHVVRIWKHPHWKRGRIGHOLYHU\
68 |
ASSOCIATION:LV6W W |
|
PSURYLGHVWK W³µ$VVRFL |
WLRQ¶ means all of a condominium's unit owners acting as a group, |
69 |
HLWKHUWKURXJK QRQVWRFNFRUSRU |
WLRQRU |
QXQLQFRUSRU WHG VVRFL |
WLRQLQ FFRUG QFHZLWKLWV \O ZV QGGHFO U WLRQ´The Association |
70 |
is the entity that the Unit owners typically use to act together as a group to manage and maintain the Condominium property and |
71 |
finances. Every Unit owner is automatically a member of the Association, which adopts budgets and sets the amounts of the fees or |
72assessments paid by the Unit owners.
73ADDITIONAL ASSOCIATION: Refers to any community, neighborhood, subdivision, master or umbrella association with the power to
74levy fees or assessments on the Property owner.
75 |
COMMON ELEMENTS:LV6W W |
SURYLGHVWK W³µ&RPPRQHOHPHQWV¶PH Q OORI FRQGRPLQLXPH[FHSWLWVXQLWV´ In a |
76 |
typical residential Condominium project, the Common Elements may include the land, structural and common parts of buildings |
77 |
(entranceway, halls, elevator, meeting room, etc.), landscaping, roads, any outside parking areas, outdoor lighting, any recreational |
78facilities (swimming pool, tennis courts, clubhouse, etc.) and all other common areas and amenities. The Common Elements are owned
79collectively by all of the Unit owners. For example, in a Condominium with 100 Units, each Unit owner may own a one percent interest in
80all Common Elements. Thus, the Unit owner would own an undivided one percent interest in the tennis courts, road, parking lot, etc.
81 |
CONDOMINIUM: Wis. Stat. § 703.02(4) |
provides that, ³µ&RQGRPLQLXP¶ PH QV SURSHUW\ subject to a condominium declaration |
82 |
HVW OLVKHGXQGHUWKLVFK SWHU´>:LV6W W&K |
@ |
83CONDITIONS AFFECTING THE PROPERTY OR TRANSACTION³&RQGLWLRQVAffecting the Property or TU QV FWLRQ´ UHGHILQHGWR
84include:
85a. Defects in the roof.
86b. Defects in the electrical system.
87c. Defects in part of the plumbing system (including the water heater, water softener and swimming pool) that is included in the sale.
88d. Defects in the heating and air conditioning system (including the air filters and humidifiers).
89e. Defects in the well, including unsafe well water.
90f. Property is served by a joint well.
91g. Defects in the septic system or other sanitary disposal system.
92h. Underground or aboveground fuel storage tanks on or previously located on the PURSHUW\,I³\HV´WKHRZQHU \O ZP \K YHWR
93register the tanks with the Department of Commerce at P.O. Box 7970, Madison, Wisconsin, 53707, whether the tanks are in use or
94not. Regulations of the Department of Commerce may require the closure or removal of unused tanks.)
95 |
i. |
³ 3´W QNRQWKH3roperty (specify in the additional information whether the tank is owned or leased). |
96 |
j. |
Defects in the basement or foundation (including cracks, seepage and bulges). |
97 |
k. |
Property is located in a floodplain, wetland or shoreland zoning area. |
98 |
l. |
Defects in the structure of the Property. |
99m. Defects in mechanical equipment included in the sale either as Fixtures or personal property.
100n. Boundary or lot line disputes, encroachments or encumbrances (including a joint driveway).
101o. Defect caused by unsafe concentrations of, or unsafe conditions relating to, radon, radium in water supplies, lead in paint, lead in
102soil, lead in water supplies or plumbing system, or other potentially hazardous or toxic substances on the premises. Note: specific
103federal lead paint disclosure requirements must be complied with in the sale of most residential properties built before
1041978.
105p. Presence of asbestos or asbestos-containing materials on the premises.
106q. Defect caused by unsafe concentrations of, unsafe conditions relating to, or the storage of, hazardous or toxic substances on
107neighboring properties.
108r. Current or previous termite, powder-post beetle or carpenter ant infestations or Defects caused by animal or other insect infestations.
109s. Defects in a wood burning stove or fireplace or Defects caused by a fire in a stove or fireplace or elsewhere on the Property.
110 t. Remodeling affecting the Property's structure or mechaQLF O V\VWHPV RU GGLWLRQV WR 3URSHUW\ GXULQJ 6HOOHU¶V RZQHUVKLS ZLWKRXW
111required permits.
112u. Federal, state, or local regulations requiring repairs, alterations or corrections of an existing condition.
113v. Notice of property tax increases, other than normal annual increases, or pending property reassessment.
114w. Remodeling that may increase Property's assessed value.
115x. Proposed or pending special assessments.
116y. Property is located within a special purpose district, such as a drainage district, that has the authority to impose assessments against
117the real property located within the district.
118z. Proposed construction of a public project that may affect the use of the Property.
119aa. Subdivision homeowners' associations, common areas co-owned with others, zoning violations or nonconforming uses, rights-of-
120way, easements or another use of a part of the Property by nonowners, other than recorded utility easements.
121bb. Structure on the Property is designated as a historic building or that part of the Property is in a historic district.
122cc. Any land division involving the subject Property, for which required state or local permits had not been obtained.
123dd. Violation of state or local smoke and carbon monoxide detector laws.
124ee. High voltage electric (100 KV or greater) or steel natural gas transmission lines located on but not directly serving the Property.
125ff. The Property is subject to a mitigation plan required by DNR rules related to county shoreland zoning ordinances that obligates the
126owner to establish or maintain certain measures related to shoreland conditions, enforceable by the county.
127gg. Other Defects affecting the Property.
128(Definitions Continued on page 5)
Property Address: ___________________________________________________________________________________________________________Page 3 of 9, WB-14
129PROPERTY CONDITION REPRESENTATIONS Seller represents to Buyer that as of the date of acceptance Seller has no notice or
130knowledge of Conditions Affecting the Property or Transaction (lines 83-127) with regard to the Unit, Condominium Common Elements
131and Limited Common Elements, other than those identified in Seller's Real Estate Condition Report dated ________________________
132___________________________, which was received by Buyer prior to Buyer signing this Offer and which is made a part of this Offer by
133reference ICOMPLETE DATE OR STRIKE AS APPLICABLEI and ______________________________________________________
134___________________________________________________________________________________________________________
135______________________________________ IINSERT CONDITIONS NOT ALREADY INCLUDED IN THE CONDITIONI IREPORTI
136CLOSING This transaction is to be closed no later than ______________________________________________________________
137____________________________________________at the place selected by Seller, unless otherwise agreed by the Parties in writing.
138Immediately after closing, Buyer and Seller shall notify the Condominium Association, and any Additional Association, of the transfer.
139OCCUPANCY Occupancy of the entire Property shall be given to Buyer at time of closing unless otherwise provided in this Offer at
140lines 174-188 or 514-519 or in an addendum attached per line 513. At time of Buyer's occupancy, the Unit and any Limited Common
141 Elements (used exclusively by the Unit owner) shall be in broom swept condition and free of all debris and personal
142property except for personal property belonging to current tenants, or that sold to Buyer or left with Buyer's consent. Occupancy shall be
143given subject to tenant's rights, if any.
144CLOSING PRORATIONS The following items, if applicable, shall be prorated at closing, based upon date of closing values: real estate
145taxes, rents, prepaid insurance (if assumed), private and municipal charges, property owners association and Condominium Association
146standard recurring assessments and fees, fuel and ____________________________________________________________________.
147CAUTION: Provide basis for utility charges, fuel and other prorations if date of closing value will not be used.
148Any income, taxes or expenses shall accrue to Seller, and be prorated at closing, through the day prior to closing.
149Real estate taxes shall be prorated at closing based on [CHECK BOX FOR APPLICABLE PRORATION FORMULA]:
150 |
|
The net general real estate taxes for the preceding year, or the current year if available (Net general real estate taxes are |
151defined as general property taxes after state tax credits and lottery credits are deducted) (NOTE: THIS CHOICE APPLIES IF NO
152BOX IS CHECKED)
153 |
|
Current assessment times current mill rate (current means as of the date of closing) |
154 |
|
Sale price, multiplied by the municipality area-wide percent of fair market value used by the assessor in the prior year, or |
|
155current year if known, multiplied by current mill rate (current means as of the date of closing)
156 |
|
___________________________________________________________________________________________________. |
157CAUTION: Buyer is informed that the actual real estate taxes for the year of closing and subsequent years may be substantially
158different than the AMOUNT used for proration especially in transactions involving new construction, extensive rehabilitation,
159remodeling or area-wide re-assessment. Buyer is encouraged to contact the local assessor regarding possible tax changes.
160 |
|
Buyer and Seller agree to re-prorate the real estate taxes, through the day prior to closing based upon the taxes on the actual |
161tax bill for the year of closing, with Buyer and Seller each owing his or her pro-rata share. Buyer shall, within 5 days of receipt, forward
162 |
a copy of the bill to the forwarding address Seller agrees to provide at closing. The Parties shall re- U U WHZLW L G \V I%X\HU¶V |
163receipt of the actual tax bill. Buyer and Seller agree this is a post-closing obligation and is the responsibility of the Parties to complete,
164not the responsibility of the real estate brokers in this transaction.
165LEASED PROPERTY If Property is currently leased and lease(s) extend beyond closing, Seller shall assign Seller's rights under said
166lease(s) and transfer all security deposits and prepaid rents thereunder to Buyer at closing. The terms of the (written) (oral) SSTRIKE
167ONEE lease(s), if any, are ______________________________________________________________________________________
168______________________________. Insert additional terms, if any, at lines 174-188 or 514-519 or attach as an addendum per line 513.
169CAUTION: The Association may have the power to prohibit, limit or regulate Unit rentals now or in the future.
170RENTAL WEATHERIZATION This transaction (is) (is not) SSTRIKE ONEE exempt from Wisconsin Rental Weatherization Standards
171(Wis. Admin. Code Ch. Comm 67). If not exempt, (Buyer) (Seller) SSTRIKE ONEE (³%X\HU´LI HLW HULVVWULFNH shall be responsible for
172compliance, including all costs, with Wisconsin Rental Weatherization Standards. If Seller is responsible for compliance, Seller shall
173provide a Certificate of Compliance at closing.
174ADDITIONALPROVISIONS/CONTINGENCIES _____________________________________________________________________
175___________________________________________________________________________________________________________
176___________________________________________________________________________________________________________
177___________________________________________________________________________________________________________
178___________________________________________________________________________________________________________
179___________________________________________________________________________________________________________
180___________________________________________________________________________________________________________
181___________________________________________________________________________________________________________
182___________________________________________________________________________________________________________
184___________________________________________________________________________________________________________
185___________________________________________________________________________________________________________
186___________________________________________________________________________________________________________
187___________________________________________________________________________________________________________
188___________________________________________________________________________________________________________
Page 4 of 9, WB-14
189REAL ESTATE CONDITION REPORT Wisconsin law requires owners of property which includes 1-4 dwelling units to provide buyers
190with a Real Estate Condition Report. Excluded from this requirement are sales of property that has never been inhabited, sales exempt
191from the real estate transfer fee, and sales by certain court-appointed fiduciaries (for example, personal representatives who have never
|
|
|
|
|
|
192 |
RFFXSLHGWKH3URSHUW\7KHIRUPRIWKH5HSRUWLVIRXQGLQ:LV6W W |
7KHO ZSURYLGHV³ |
'LVFORVXUH . . . |
the owner of the |
193 |
property shall furnish, not later than 10 days after acceptance of the contract of sale . . |
., to the prospective buyer of the property a |
194completed copy of the report . . . A prospective buyer who does not receive a report within the 10 days may, within 2 business days after
195the end of that 10 day period, rescind the contract of sale . . . by delivering a written notice of rescission to the owner or the owner's
196JHQW´%X\HUP \ OVRK YHFHUW LQUHVFLVVLRQULJKWVLI 5H O(VW WH&Rndition Report disclosing defects is furnished before expiration of
197the 10 days, but after the Offer is submitted to Seller. Buyer should review the report form or consult with an attorney for additional
198information regarding rescission rights. Wis. Stat. § 709.03 provides that when the Property is a Condominium Unit, the property to which
199the Real Estate Condition Report applies is the Condominium Unit, the Common Elements of the Condominium and any Limited
200Common Elements that may be used only by the owner of the Condominium Unit being transferred. Wis. Stat. § 709.02(2) requires that
201Seller also furnish a Condominium addendum to the Real Estate Condition Report and a copy of the executive summary along with the
202Real Estate Condition Report.
203NOTE: Small Condominiums may not be required to have an executive summary per Wis. Stat. § 703.365(1)(b) and (8).
204Ŷ CONDOMINIUM DISCLOSURE MATERIALS: Seller agrees to provide Buyer, within 10 days of acceptance of Offer, but no later than
205 15 days prior to closing, current and accurate copies of the Condominium disclosure materials required by Wis. Stat.
206§ 703.33. The Condominium disclosure materials include a copy of the following and any amendments to any of these [except as may be
207limited for small Condominiums with no more than 12 units per Wis. Stat. § 703.365(1)(b) and (8)]:
208(a) proposed or existing Declaration, bylaws and any rules or regulations, and an index of the contents;
209(b) proposed or existing articles of incorporation of the Association, if it is or is to be incorporated;
210(c) proposed or existing management contract, employment contract or other contract affecting the use, maintenance or access of all
211or part of the Condominium;
212(d) projected annual operating budget for the Condominium including reasonable details concerning the estimated monthly payments
213by the purchaser for assessments and other monthly charges;
214(e) leases to which Unit owners or the Association will be a party;
215(f) general description of any contemplated expansion of Condominium including each stage of expansion and the maximum number
216of Units that can be added to the Condominium;
217(g) Unit floor plan showing location of Common Elements and other facilities available to Unit owners;
218(h) the executive summary.
219 ,I WKH &RQGRPLQLXP Z V Q RFFXSLHG VWUXFWXUH SULRU WR WKH UHFRUGLQJ RI WKH &RQGRPLQLXP 'HFO U WLRQ LW LV ³FRQYHUVLRQ
220&RQGRPLQLXP QGWKH&RQGRPLQLXPGLVFORVXUHP WHUL OV´IRU FRQYHUVLRQ Condominium with five or more Units also include:
221 (1) GHFO U QW¶V VW WHPHQW VHG RQ Q LQGHSHQGHQW HQJLQHHU V RU UFKLWHFW V UHSRUW GHVFUL LQJ WKH SUHVHQW FRQGLWLRQ RI VWUXFWXUal,
222mechanical and electrical installations;
223(2) a statement of the useful life of the items covered in (1), unless a statement that no representations are being made is provided, and
224(3) a list of notices of uncured code or other municipal violations, including an estimate of the costs of curing the violations.
225As provided in Wis. Stat. § 703.33(4)(a), Buyer may, within 5 business days of receipt of all the required disclosure documents,
226rescind this Offer by written notice delivered to Seller. If the disclosure materials are delivered to Buyer and Buyer does not receive all
227of the discloVXUHGRFXPHQWV%X\HUP \ZLWKLQ XVLQHVVG \VRI%X\HU¶VUHFHLSWRIWKHGLVFORVXUHP WHUL OVHLWKHUUHVFLQGWKH2IIHU
228RUUHTXHVW Q\PLVVLQJGRFXPHQWV6HOOHUK V XVLQHVVG \VIROORZLQJUHFHLSWRI%X\HU¶VUHTXHVWIRUPLVVLQJGRFXPHQWVWRGHliver
229thHUHTXHVWHGGRFXPHQWV%X\HUP \UHVFLQGWKHV OHZLWKLQ XVLQHVVG \VRIWKHH UOLHURI%X\HU¶VUHFHLSWRIUHTXHVWHGPLVVLng
230GRFXPHQWVRUWKHGH GOLQHIRU6HOOHU¶VGHOLYHU\RIWKHGRFXPHQWV>:LV6W W§ 703.33(4)(b)].
231The Parties agree that the 5 businHVV(GD\V(EHJLQ(XSRQ(WKH(HDUOLHU(RIs(RhS(%X\HU¶V($FWXDO(5HFHLSW(RI(WKH(GLVFORVXUH(PDWHULDOV(
232RU(UHTXHVWHG(PLVVLQJ(GRFXPHQWV(RU(RiS(XSRQ(WKH(GHDGOLQH(IRU(6HOOHU¶V(GHOLYHU\(RI(WKH(GRFXPHQWVe
233NOTE: BUYER SHOULD READ ALL DOCUMENTS CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF
234THE PROVISIONS OF THE DOCUMENTS BUT ARE PROHIBITED BY LAW FROM GIVING LEGAL ADVICE OR OPINIONS.
235Ŷ ADDITIONAL CONDOMINIUM ISSUES: In addition to review of the disclosure materials required to be provided by Wis. Stat. §
236703.33, Buyer may wish to consider reviewing other Condominium materials as may be available, such as copies of: the
237&RQGRPLQLXP$VVRFL WLRQ¶VILQ QFL OVW WHPHQWVIRUWKHO VWWZR\H UVthe minutes of the last 3 Unit owners¶ meetings, the minutes of
238Condominium board meetings during the 12 months prior to acceptance, information about contemplated or pending Condominium
239special assessments, the Association's certificate of insurance, a statement from the Association indicating the balance of reserve
240accounts controlled by the Association, a statement from the Association of the amount of any unpaid assessments on the Unit (per
241Wis. Stat. § 703.165), any Common Element inspection reports (e.g. roof, swimming pool, elevator and parking garage inspections,
242etc.), any pending litigation involving the Association and the Declaration, bylaws, budget and/or most recent financial statement of
243any master association or Additional Association the Unit may be part of. Contingencies for review and approval of those additional
244materials which may be available may be provided for in additional contingencies per lines 174-188 or 514-519 or in an addendum per
245line 513. Because not all of these materials may exist or be available from the Condominium Association, Seller may wish to verify
246availability prior to acceptance if the Offer is contingent upon Seller providing these materials to Buyer.
|
Property Address: ___________________________________________________________________________________________________________Page 5 of 9, WB-14 |
247 |
|
|
NOTE: IF LINE 248 IS NOT MARKED OR IS MARKED N/A LINES 285-291 APPLY. |
248 |
|
|
FINANCING CONTINGENCY: This Offer is contingent upon Buyer being able to obtain a written____________________[INSERT |
249 |
LOAN PROGRAM OR SOURCE] first mortgage loan commitment as described below, within __________ days of acceptance of this |
250Offer. The financing selected shall be in an amount of not less than $ ___________________ for a term of not less than _______ years,
251amortized over not less than _______ years. Initial monthly payments of principal and interest shall not exceed $ ____________________.
252Monthly payments may also include 1/12th of the estimated net annual real estate taxes, hazard insurance premiums, and private
253mortgage insurance premiums. The mortgage may not include a prepayment premium. Buyer agrees to pay discount points and/or loan
254origination fee in an amount not to exceed ________% of the loan. If the purchase price under this Offer is modified, the financed amount,
255unless otherwise provided, shall be adjusted to the same percentage of the purchase price as in this contingency and the monthly
256payments shall be adjusted as necessary to maintain the term and amortization stated above.
257CHECK AND COMPLETE APPLICABLE FINANCING PROVISION AT LINE 258 or 259.
258FIXED RATE FINANCING The annual rate of interest shall not exceed __________%.
259ADJUSTABLE RATE FINANCING The initial annual interest rate shall not exceed __________%. The initial interest rate shall
260be fixed for __________ months, at which time the interest rate may be increased not more than __________% per year. The
261maximum interest rate during the mortgage term shall not exceed __________%. Monthly payments of principal and interest may
262be adjusted to reflect interest changes.
263If Buyer is using multiple loan sources or obtaining a construction loan or land contract financing, describe at lines 174-188 or 514-519 or
264in an addendum attached per line 513.
265Ŷ %8<(5¶6 2$1&200,70(17: Buyer agrees to pay all customary loan and closing costs, to promptly apply for a mortgage loan,
266and to provide evidence of application promptly upon request of Seller. If Buyer qualifies for the loan described in this Offer or another
267loan acceptable to Buyer, Buyer agrees to deliver to Seller a copy of the written loan commitment no later than the deadline at line 249.
268Buyer and Seller agree that delivery of a copy of any written loan commitment to Seller (even if subject to conditions) shall
269VDWLVI\,oX\HU¶V,financing contingency, if after review of the loan commitment Buyer has directed, in writing, delivery of the loan
270FRPPLWPHQWO,oX\HU¶V,ZULWWHQ,GLUHFWLRQ,VKDOO,DFFRPSDQ\,WKH,ORDQ,FRPPLWPHQWO,rHOLYHU\,VKDOO,QRW,VDWLVI\,WKLV,FRQWLQJHQF\,LI,
271accompanied by a notice of unacceptability.
272CAUTION: The delivered commitment may contain conditions Buyer must yet satisfy to obligate the lender to provide the loan.
273o8<s5M,o8<s5¶6,■s1rs5,n1r,nus176,2t,o8<s5,25,6s■■s5,6vn■■,127,rs■,9s5,n,■2n1,p200,70s17,72,6s■■s5,
27425, 6s■■s5¶6, nus17, :,7v287, BUYER'S PRIOR WRITTEN APPROVAL OR UNLESS ACCOMPANIED BY A NOTICE OF
275UNACCEPTABILITY.
276Ŷ SELLER TERMINATION RIGHTS: If Buyer does not make timely delivery of said commitment, Seller may terminate this Offer if Seller
277delivers a written notice of termination to Buyer prior to Seller's Actual Receipt of a copy of Buyer's written loan commitment.
278Ŷ FINANCING UNAVAILABILITY: If financing is not available on the terms stated in this Offer (and Buyer has not already delivered an
279acceptable loan commitment for other financing to Seller), Buyer shall promptly deliver written notice to Seller of same including copies of
280lender(s)' rejection letter(s) or other evidence of unavailability. Unless a specific loan source is named in this Offer, Seller shall then have
28110 days to deliver to Buyer written notice of Seller's decision to finance this transaction on the same terms set forth in this Offer, and this
282Offer shall remain in full force and effect, with the time for closing extended accordingly. If Seller's notice is not timely given, this Offer shall
283be null and void. Buyer authorizes Seller to obtain any credit information reasonably appropriate to determine Buyer's credit worthiness
284for Seller financing.
285Ŷ IF THIS OFFER IS NOT CONTINGENT ON FINANCING: Within 7 days of acceptance, a financial institution or third party in control of
286 %X\HU¶VIXQGVVK OOSURYLGH6HOOHUZLWKUH VRQ OHZULWWHQYHULILF WLRQWK W%X\HUK V WWKHWLPHRIYHULILF WLRQVXIILFLent funds to close. If
287such written evidence is not provided, Seller has the right to terminate this Offer by delivering written notice to Buyer. Buyer may or may
288QRWR W LQPRUWJ JHILQ QFLQJ XWGRHVQRWQHHGWKHSURWHFWLRQRI ILQ QFLQJFRQWLQJHQF\6HOOHU JUHHVWR OORZ%X\HU¶V Spraiser
289access to the Property for purposes of an appraisal. Buyer understands and agrees that this Offer is not subject to the appraisal meeting
290any particular value, unless this Offer is subject to an appraisal contingency, nor does the right of access for an appraisal constitute a
291financing contingency.
292 |
|
|
APPRAISAL CONTINGENCY: 7KLV 2IIHU LV FRQWLQJHQW XSRQ WKH %X\HU RU %X\HU¶V OHQGHU K |
YLQJ WKH 3URSHUW\ SSU LVHG W |
293 |
|
%X\HU¶VH[SHQVH \ :LVFRQVLQOLFHQVHGRUFHUWLILHGLQGHSHQGHQW SSU LVHUZKRLVVXHV Q SSU LV |
OUHSRUW dated subsequent to the |
294date of this Offer indicating an appraised value for the Property equal to or greater than the agreed upon purchase price. This contingency
295shall be deemed satisfied unless Buyer, within _________ days of acceptance, delivers to Seller a copy of the appraisal report which
296indicates that the appraised value is not equal to or greater than the agreed upon purchase price, accompanied by a written notice of
297termination.
298CAUTION: An DSSUDLVDO, RUGHUHG, E\, oX\HU¶V, OHQGHU, PD\, QRW, EH, UHFHLYHG, XQWLO, VKRUWO\, EHIRUH, FORVLQJO, pRQVLGHU, ZKHWKHU,
299deadlines provide adequate time for performance.
300DEFINITIONS CONTINUED FROM PAGE 2
301Ŷ DEADLINES³'H GOLQHV´H[SUHVVHG V QXP HURI³G \V´IURP QHYHnt, such as acceptance, are calculated by excluding the day
302the event occurred and by counting subsequent calendar days. The deadline expires at midnight on the last day. Deadlines expressed as
303VSHFLILFQXP HURI³ XVLQHVVG \V´H[FOXGH6 WXUG \V6XQG \s, any legal public holiday under Wisconsin or Federal law, and any
304other day designated by the President such that the postal service does not receive registered mail or make regular deliveries on that
305G \'H GOLQHVH[SUHVVHG V VSHFLILFQXP HURI³KRXUV´IURPWKHRFFXUUHQFHRI QHYHQWVXFK VUHFHLSWRI QRWLFH UHF OFXO WHG
306from the exact time of the event, and by counting 24 hours per calendar day. Deadlines expressed as a specific day of the calendar year
307or as the day of a specific event, such as closing, expire at midnight of that day.
308Ŷ DECLARATION: Wis. Stat. § 703.02(8) provides that, ³µ'HFO U WLRQ¶PH QVWKHLQVWUXPHQW \ZKLFK SURSHUW\ HFRPHVVX MHFWWR
309WKLVFK SWHU QGWK WGHFO U WLRQ V PHQGHGIURPWLPHWRWLPH´The Declaration is a written document that creates a Condominium
