The legal aspects of a contract are vital to ensure your document is legally binding and enforceable. That’s why you shouldn’t miss out on any of these terms.
Before you can create a comprehensive document, ensure it satisfies these four (4) elements: 1. Buyer makes a valid offer in writing.
2. Seller accepts the offer, typically also in writing.
3. Consideration happens when both parties agree on exchanging valuable items.
4. Mutual assent is when the seller and buyer mutually consent to the agreement.
When drafting the actual agreement, you must include the following critical pieces of information: Parties:Identify both parties, their names, and contact details.
Property:Describe the property in its legal capacity.
Price: List the purchase price both parties agreed upon.
Contingencies: Explain any contingencies the buyers or sellers must complete.
Closing Date:State when the transaction will be complete, usually within 30-60 days in Wisconsin.
Signatures: The agreements require the signatures of both the seller and buyer.
Other terms you can add to protect your interest are: Earnest Money Deposit: Most sellers start at 1% of the total price, but it can increase depending on the property’s value, location, and demand.
Financial Details:Add any terms regarding specific payment methods the buyer must use or the financing of either party.
Other Terms: Include any terms specific to this sale, though ensure they don’t break any laws.
There are four (4) required disclosures, though one is optional depending on the buyer’s identity. Below, we discuss these disclosures and see what sellers must notify buyers of about the property:
Lead-Based Paint Disclosure: Sellers must inform the buyer that lead-based paint is used in the building. This clause is only valid on buildings built before or during 1978.
Estate Conditions Report: Sellers must provide the buyer with a report on the property. This report must include defects and physical issues. They must give it to the buyer at least 10 days before completing the transaction.
Condominium Addendum to Real Estate Condition Report: Should the property be a condominium, the sellers must attach an addendum to the original report. This document must discuss the common areas, additional details regarding the dwelling’s condition, and auxiliary fees.
Property Disclosure Statement:Sellers must disclose the property’s condition. However, this clause is only valid if the buyer isn’t a personal representative, trustee, fiduciary, or conservator.
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The Wisconsin Real Estate Purchase Agreement is a legally binding contract that delineates the terms and conditions governing the sale of real property in the state of Wisconsin. This agreement typically includes crucial details such as the purchase price, earnest money deposit, closing date, and contingencies agreed upon by the buyer and seller, serving as a foundational document for a regulated real estate transaction in Wisconsin.
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