Contracts
Wisconsin's WB-24 Amendment to a Offer to Purchase is used when:
AA new offer is being written
BBoth parties want to modify an existing accepted purchase contract after execution✓ Correct
CA listing agreement is being extended
DAn earnest money dispute arises
Explanation
The WB-24 Amendment is used after an offer is accepted (creating a contract) to modify specific terms by mutual agreement of both buyer and seller.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
Math Concepts
State-Specific Concepts
Escrow Disputes
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