Fillable Wb-11 Residential Offer To Purchase (Page 4 of 5) in pdf

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PROVISION OF MERCHANTABLE TITLE: Seller shall pay all costs of providing title evidence. For purposes of closing, title

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evidence shall be acceptable if the commitment for the required title insurance is delivered to Buyer’s attorney or Buyer not less

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than 3 business days before closing, showing title to the Property as of a date no more than 15 days before delivery of such title

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evidence to be merchantable, subject only to liens which will be paid out of the proceeds of closing and standard title insurance

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requirements and exceptions, as appropriate. CAUTION: BUYER SHOULD CONSIDER UPDATING THE EFFECTIVE DATE OF

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THE TITLE COMMITMENT PRIOR TO CLOSING OR A “GAP ENDORSEMENT” WHICH WOULD INSURE OVER LIENS FILED

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BETWEEN THE EFFECTIVE DATE OF THE COMMITMENT AND THE DATE THE DEED IS RECORDED.

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TITLE ACCEPTABLE FOR CLOSING: If title is not acceptable for closing, Buyer shall notify Seller in writing of objections to title

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by the time set for closing. In such event, Seller shall have a reasonable time, but not exceeding 15 days, to remove the objections,

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and the time for closing shall be extended as necessary for this purpose. In the event that Seller is unable to remove said

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objections, Buyer shall have 5 days from receipt of notice thereof, to deliver written notice waiving the objections, and the time for

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closing shall be extended accordingly. if Buyer does not waive the objections, this Offer shall be null and void. Providing title

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evidence acceptable for closing does not extinguish Seller’s obligations to give merchantable title to Buyer.

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SPECIAL ASSESSMENTS: Special assessments, if any, for work actually commenced or levied prior to date of this Offer shall

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be paid by Seller no later than closing. All other special assessments shall be paid by Buyer. CAUTION: Consider a special agreement

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if area assessments, property owner’s association assessments or other expenses are contemplated. “Other expenses” are one-time charges

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or ongoing use fees for public improvements (other than those resulting in special assessments) relating to curb, gutter, street,

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sidewalk, sanitary and stormwater and storm sewer (including all sewer mains and hook-up and interceptor charges), parks, street

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lighting and street trees, and impact fees for other public facilities, as defined in Wis. Stat. §66.55(1)(c) & (f).

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DELIVERY/RECEIPT Unless otherwise stated in this Offer, any signed document transmitted by facsimile machine (fax) shall be treated

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in all manner and respects as an original document and the signature of any Party upon a document transmitted by fax shall be

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considered an original signature. Personal delivery to, or actual receipt by, any named Buyer or Seller constitutes personal delivery to,

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or actual receipt by Buyer or Seller. Once received, a notice cannot be withdrawn by the Party delivering the notice without the consent

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of the party receiving the notice. A Party may not unilaterally reinstate a contingency after a notice of a contingency waiver has been

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received by the other Party. The delivery/receipt provisions in this Offer may be modified when appropriate (e.g., when mail delivery is not desirable

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(see lines 24 - 30) or when a party will not be personally available to receive a notice (see line 286)). Buyer and Seller authorize the agents of

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Buyer and Seller to distribute copies of the Offer to Buyer’s lender, appraisers, title insurance companies and any other settlement

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service providers for the transaction as defined by the Real Estate Settlement Procedures Act (RESPA).

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DEFAULT Seller and Buyer each have the legal duty to use good faith and due diligence in completing the terms and conditions

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of this Offer. A material failure to perform any obligation under this Offer is a default which may subject the defaulting party to liability

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for damages or other legal remedies.

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If Buyer defaults, Seller may:

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(1) sue for specific performance and request the earnest money as partial payment of the purchase price; or

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(2) terminate the Offer and have the option to: (a) request the earnest money as liquidated damages; or (b) direct Broker to

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return the earnest money and have the option to sue for actual damages.

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If Seller defaults, Buyer may:

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(1) sue for specific performance; or

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(2) terminate the Offer and request the return of the earnest money, sue for actual damages, or both.

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In addition, the Parties may seek any other remedies availble in law or equity.

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The Parties understand that the availability of any judicial remedy will depend upon the circumstances of the situation and the

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discretion of the courts. If either Party defaults, the Parties may renegotiate the Offer or seek nonjudicial dispute resolution instead

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of the remedies outlined above. By agreeing to binding arbitration, the Parties may lose the right to litigate in a court of law those

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disputes covered by the arbitration agreement.

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NOTE: IF ACCEPTED, THIS OFFER CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES SHOULD READ THIS DOCUMENT

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CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS OF THE OFFER BUT ARE PROHIBITED BY LAW FROM

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GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL RIGHTS UNDER THIS OFFER OR HOW TITLE SHOULD BE TAKEN AT CLOSING. AN

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ATTORNEY SHOULD BE CONSULTED IF LEGAL ADVICE IS NEEDED.

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EARNEST MONEY

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HELD BY: Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker (buyer’s

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agent if Property is not listed or Seller’s account if no broker is involved), until applied to purchase price or otherwise disbursed as

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provided in the Offer. CAUTION: Should persons other than a broker hold earnest money, an escrow agreement should be drafted by the Parties

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or an attorney. If someone other than Buyer makes payment of earnest money, consider a special disbursement agreement.

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DISBURSEMENT: If negotiations do not result in an accepted offer, the earnest money shall be promptly disbursed (after

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clearance from payor’s depository institution if earnest money is paid by check) to the person(s) who paid the earnest money. At

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closing, earnest money shall be disbursed according to the closing statement. If this Offer does not close, the earnest money shall

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be disbursed according to a written disbursement agreement signed by all Parties to this Offer (Note: Wis. Adm. Code s. RL

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18.09(1)(b) provides that an offer to purchase is not a written disbursement agreement pursuant to which the broker may disburse).

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If said disbursement agreement has not been delivered to broker within 60 days after the date set for closing, broker may disburse

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the earnest money: (1) as directed by an attorney who has reviewed the transaction and does not represent Buyer or Seller; (2)

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into a court hearing a lawsuit involving the earnest money and all Parties to this Offer; (3) as directed by court order; or (4) any

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other disbursement required or allowed by law. Broker may retain legal services to direct disbursement per (1) or to file an

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interpleader action per (2) and broker may deduct from the earnest money any costs and reasonable attorneys fees, not to exceed

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$250, prior to disbursement.

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LEGAL RIGHTS/ACTION: Broker ’s disbursement of earnest money does not determine the legal rights of the Parties in

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relation to this Offer. Buyer’s or Seller’s legal right to earnest money cannot be determined by broker. At least 30 days prior to

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disbursement per (1) or (4) above, broker shall send Buyer and Seller notice of the disbursement by certified mail. If Buyer or

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Seller disagree with broker’s proposed disbursement, a lawsuit may be filed to obtain a court order regarding disbursement.

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Small Claims Court has jurisdiction over all earnest money disputes arising out of the sale of residential property with 1-4

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dwelling units and certain other earnest money disputes. Buyer and Seller should consider consulting attorneys regarding their

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legal rights under this Offer in case of a dispute. Both Parties agree to hold the broker harmless from any liability for good faith

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disbursement of earnest money in accordance with this Offer or applicable Deparment of Regulation and Licensing regulations

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concerning earnest money. See Wis. Adm. Code Ch. RL 18.

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ENTIRE CONTRACT This Offer, including any amendments to it, contains the entire agreement of the Buyer and Seller regarding

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the transaction. All prior negotiations and discussions have been merged into this Offer. This agreement binds and inures to

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the benefit of the Parties to this Offer and their successors in interest.

FSBO Madison

Wb-11 Residential Offer To Purchase Page 4

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