Course 2 - Wisconsin Offers to Purchase

Overview

Most Wisconsin residential offers to purchase include contingencies that must be addressed to facilitate a successful real estate transaction. Common contingencies include how financing is to be handled, appraisal of the property, and what property inspections and testing are required. Some transactions may also require the buyer to sell their property as a condition of the purchase. In addition to contingencies, many transactions include multiple offers, counteroffers, and counter proposals as part of the negotiation process.

This course provides a comprehensive review of the contingencies in the WB-11 Residential Real Estate Offer to Purchase form and also examines the bump clause, secondary offers, and the WB-44 and WB-46 forms for handling multiple offer and counteroffer situations that can occur in real estate negotiations.

Learning Objectives

Upon completion of this course, you will be able to:

  • describe the clauses and provisions in the WB-11 Residential Real Estate Offer to Purchase form
  • explain how financing and appraisal contingencies, inspection and testing contingencies, and a buyer's property contingency are handled in the residential offer to purchase form
  • describe notices and amendments and how they are handled in the WB-41 Notice Relating to Offer to Purchase and the WB-40, Amendment to Offer to Purchase
  • describe the Wisconsin rules for the Buyer's Inspection Report and how the form is completed
  • explain the purpose of the bump clause
  • describe how secondary offers are handled in the residential offer to purchase form
  • explain how to complete the Counter Offer form WB-44 and the Multiple Counter-Proposal form WB-46

Designed For

Wisconsin real estate brokers and salespersons.
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