Offers and Closing Documents
Wisconsin practice runs on approved forms: the WB-11 Residential Offer to Purchase, the WB-13 for vacant land, the WB-14 for commercial property, the WB-40 amendment, WB-41 notice relating to offer, WB-44 counter-offer, and WB-45 cancellation agreement. Learn the architecture of the WB-11 rather than memorizing line numbers: parties, legal description, purchase price and financing terms, earnest money, title evidence and objections, inspections and testing contingencies, appraisal contingency, property condition and smoking/lead disclosures, closing and possession dates, and default remedies.
Binding acceptance is the pivotal WB-11 concept: the offer becomes binding when acceptance is delivered to the offeror (or their agent) while the offer is still in effect and any required earnest money is delivered. Backup offers are permitted; a seller with a binding contract must not accept a competing offer.
Closing file checklist
Deed (warranty or quitclaim) with correct legal description; title commitment and any curative documents; payoff letters; loan documents; the Closing Disclosure; prorations of taxes, rents, and utilities; the transfer return and transfer fee; and recording at the register of deeds in the county where the land sits.
Worked example
Taxes of $4,800 were paid in advance for the year; closing occurs after six months of the year have run. The seller has used half, so the seller is debited/credited accordingly and the buyer receives the benefit of the unused half - proration to the day of closing.
Trap: confusing the inspection contingency (right to inspect and rescind) with the appraisal contingency, or assuming a seller may accept a better offer after binding acceptance.