Contracts
Wisconsin's WB-15 (Vacant Land Offer to Purchase) is specifically designed for:
ANew construction purchases
BVacant land and land with no significant improvements✓ Correct
CCondominium purchases
DCommercial building purchases
Explanation
The WB-15 Vacant Land Offer to Purchase is used for transactions involving unimproved land or land without significant structures, addressing issues specific to raw land.
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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.
State-Specific Concepts
DRE Regulation
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