Watch Out If You Are Buying Real Estate in Wisconsin!

Posted on March 31, 2010 by Tom Schober

Buying residential real estate in Wisconsin almost always entails using an "Offer to Purchase," also known as form WB-11. In a recent article written for the March issue of the Wisconsin Lawyer magazine, entitled "Using the New, Flawed Residential Offer Form," Richard J. Staff criticized the current draft of the form which requires mandatory use by real estate licensees in Wisconsin after March 1, 2010.

Staff points out problems with the new form that relate to:

  • closing prorations
  • financing contingencies
  • the "gap" endorsement
  • conveyance of title

Lawyers are not bound to use this form and those knowledgeable in handling real estate transactions will undoubtedly either use the old forms of consider substantial modifications to the new form.

This is another good reason to have a competent attorney represent you if you are contemplating doing a residential real estate transaction in Wisconsin.
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