Back on March 30th I wrote that homebuyers needed to act fast to meet the then fast approaching expiring deadline for closing on the purchase of a residence. Since then, Congress has acted once again by extending the closing deadline from June 30 to September 30, 2010, for eligible homebuyers. Again, for qualifying purchases in
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