Contracts
Under Wisconsin law, a 'merger' doctrine means that once a real estate transaction closes:
AAll prior negotiations are preserved and can be enforced
BMost prior agreements and representations merge into the deed and are extinguished, unless preserved in the contract✓ Correct
CThe buyer's and seller's rights merge into shared ownership
DThe listing agreement automatically extends for 6 months
Explanation
The merger doctrine holds that most contractual representations and warranties merge into the deed at closing and are extinguished; buyers should ensure important representations survive closing in the contract.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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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