Contracts
A Wisconsin WB-11 offer specifies that closing is 'on or before' a specific date. This means closing can occur:
AOnly on the exact closing date stated
BAny time up to and including the stated date, by mutual agreement✓ Correct
COnly if both parties agree to waive the deadline
DAfter the stated date if the seller requests
Explanation
'On or before' a closing date means the parties may close at any time up to and including the stated date; closing earlier requires mutual agreement but is permitted.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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