Contracts
Wisconsin's WB-36 Buyer's Temporary Occupancy Agreement is used when a buyer:
AWants to purchase a property but delay closing
BNeeds to occupy the property before closing for a short period, typically with a daily occupancy fee✓ Correct
CRents a property with an option to buy
DWants to conduct extended inspections before making an offer
Explanation
The WB-36 governs pre-closing buyer occupancy, including the occupancy fee, responsibility for damage, insurance, and termination if closing does not occur.
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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.
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