A Wisconsin land contract is a legally binding agreement in which two parties record all the terms that affect a real estate transaction for undeveloped land. The contract binds the financial conditions, such as the agreed purchase price of the property and any applicable financing, as well as the documents on the information of the parties and those of the land for sale; The contract must include the legal description of the property or land as it appears on the deed for record-keeping purposes. After negotiation and conclusion of an agreement, the parties must execute the agreement by making their signatories available. The parties then participate (in person or virtually via online services) in the scheduled closing period in order to submit the certificate accordingly. The Wisconsin Vacant Land Offer form was designed by the Wisconsin Association of Realtors to be used as a standard offer document that specifies the amount and terms of the offer forwarded by a potential buyer to a seller of the property. This form must be completed by a buyer or their respective representative. Form WB-13 is a standard form of an offer to purchase that, if accepted by a seller, results in the conclusion of a contract. This contract differs from the usual contracts for the sale of immovable property only in that one of the objects of the contract is undeveloped land. This takeover bid establishes the common rights and obligations of the parties, the amount of a transaction and describes the condition of the land for sale. The signatory parties to the offer agree on a possible inspection of the soil by the buyer and determine all the provisions that could lead to the breach of contract. Vacant Land Disclosure Report (WI Stat § 709.033) – Sellers must disclose the environmental condition of the property and its general use by issuing this report to buyers within ten (10) days of acceptance of the offer.
This form is explicit: each point of the proposal is described in detailed comments. In general, you must provide the following information to complete this offer to purchase: Disclosure of Lead-Based Paints (42 U.S. Code § 4852d) – For real estate buildings manufactured in 1978 or earlier, additional disclosure is required to recognize the serious hazards posed by lead-containing paints. Where should it be registered? (WI Stat § 706.05) – Deeds must be filed with the county register of deeds in the jurisdiction of the transferred property, along with a declaration of transfer of immovable property (RETR). Condominium Addendum to the Real Estate Condition Report – Condominiums need additional documentation on the current state of the space, which also provides additional information about the common elements of the building and incidental costs. .