Contracts
The Wisconsin WB-11 Residential Offer to Purchase becomes a binding contract when:
AThe buyer signs and submits the offer
BThe earnest money is deposited
CThe seller accepts the offer and communicates acceptance to the buyer within the acceptance deadline✓ Correct
DA title search is ordered
Explanation
A WB-11 offer becomes a binding contract when the seller accepts all terms and communicates acceptance to the buyer before the stated acceptance deadline.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Math Concepts
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