Contracts
Wisconsin's WB-44 Counter-Offer form is used when:
AThe buyer submits an initial offer
BThe seller wants to modify the terms of the buyer's offer✓ Correct
CThe buyer requests a price reduction after inspection
DThe broker wants to extend the listing period
Explanation
The WB-44 Counter-Offer form is used by the seller (or buyer) to propose modified terms in response to the other party's offer or counter-offer.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Earnest MoneyA 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.
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