Contracts
In Wisconsin, a counteroffer by the seller on a WB-11:
AExtends the acceptance deadline automatically
BVoids the original offer and creates a new offer✓ Correct
CBinds the buyer immediately
DMust be submitted to DSPS
Explanation
A counteroffer in Wisconsin voids the original offer and creates a new offer, which the original offeror may then accept, reject, or counter.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA 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.
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