Contracts
A Wisconsin offer to purchase includes a 'rezoning contingency' meaning:
AThe seller must rezone the property before closing
BThe buyer's obligation to close is contingent on receiving approval for a specific zoning change✓ Correct
CThe municipality must approve all offers before closing
DThe buyer agrees to rezone the property after purchase
Explanation
A rezoning contingency makes the buyer's obligation to close contingent on obtaining a specific zoning approval; if the rezoning is denied, the buyer may void the contract.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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