Wisconsin Real Estate Contracts Guide: WB Forms and Purchase Agreements

Wisconsin Real Estate Contracts Guide

Wisconsin uses a comprehensive system of standardized real estate forms — the WB forms — developed under DSPS oversight. These forms are unique to Wisconsin and are heavily tested on the state exam. Understanding the WB system is the single most important Wisconsin-specific competency for the licensing exam.

The WB Form System

Wisconsin's WB forms cover all major transaction types. The most important forms for the salesperson exam are:

Offer to Purchase Forms - WB-11: Residential Offer to Purchase — used for 1-4 unit residential properties - WB-13: Vacant Land Offer to Purchase — used for undeveloped land sales - WB-14: Residential Condominium Offer to Purchase — specifically for condominium units - WB-15: Commercial Offer to Purchase — used for commercial property

Listing Contract Forms - WB-1: Residential Listing Contract — Exclusive Right to Sell - WB-5: Commercial Listing Contract

Buyer Representation - WB-36: Buyer Agency/Tenant Representation Agreement — the written buyer agency contract required by Wisconsin law

Amendment and Counter Offer Forms - WB-40: Amendment to Offer to Purchase - WB-41: Notice Relating to Offer to Purchase - WB-44: Counter Offer

The WB-11: Residential Offer to Purchase

The WB-11 is the cornerstone Wisconsin residential contract. Key provisions include:

Acceptance: The offer must be accepted within the time specified (typically 24-48 hours). Acceptance must be communicated to the offeror before the deadline.

Contingencies: Wisconsin offers commonly include: financing contingency, home inspection contingency, and title contingency. Each contingency specifies a deadline for satisfaction or waiver.

Earnest Money: Wisconsin allows either the listing broker or a neutral escrow agent to hold earnest money. The WB-11 specifies the holder. The listing broker must place earnest money in a trust account promptly.

Closing Date: The WB-11 specifies a firm closing date. Both parties must perform by that date unless an extension (WB-40 Amendment) is executed.

Real Estate Condition Report

The Wisconsin Real Estate Condition Report (RECR) is a mandatory seller disclosure document for residential properties. Key rules:

• Timing: The seller must provide the RECR before or contemporaneous with the buyer making an offer (ideally before the WB-11 is signed)
• Content: Structural defects, roof condition, water systems, HVAC, environmental hazards, wetland conditions, mold, and other material conditions
• Buyer's Right to Rescind: If the RECR is not provided before the offer is signed, the buyer may rescind the offer within 2 business days of receiving it
• Exempt Transactions: New construction, court-ordered sales, and certain government sales may be exempt

Transfer Fee at Closing

The Wisconsin Real Estate Transfer Fee of $0.30 per $100 appears on the closing disclosure and is paid by the seller (unless otherwise negotiated). It is collected by the register of deeds when the deed is recorded.

Exam Focus

Know all WB form numbers and their property types — this is the single highest-yield Wisconsin state exam topic. Memorize RECR timing and the 2-business-day rescission right. Know the trust account requirement for earnest money. These three areas generate the most state contract questions on the Wisconsin exam.