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Who needs WB-15 Form Commercial Offer to Purchase?
WB-15 Commercial offer to purchase is a form authorized by the Department of Regulation and Licensing in Wisconsin. The form was created for use of real estate brokers (licensees) involved in the sale and purchase of various types of commercial property. According to the Contract there are two parties to the agreement: the Buyer and the Seller.
What is the Form for?
The Commercial Offer to Purchase is supposed to record the details of the transaction of the commercial property and legally bind the parties to follow its provisions. Therefore, it serves as a legal confirmation of the property purchase and sale.
Is WB-15 Form accompanied by other forms?
Typically, the WB-15 Form is not required to be accompanied by any supporting documentation except for the warranty deed, that must be submitted to the Buyer upon payment of the purchase price. But still, there is a provision stating that a Seller shall also present a Report on Real Estate Condition if the property meant is an apartment building having less than five units.
When is the Commercial Offer to Purchase due?
The WB-15 form doesn’t require meeting any specific deadlines as it used upon need. Logically, the conditions of the transaction, as well as the closing date, must be indicated in the Commercial Offer to Purchase. So, it precedes the transfer of the possession rights to the Buyer.
How do I fill out the WB-15 Form?
As a rule, the form is completed by the real estate broker involved in the deal, though every page of the document should be signed by the parties. The text of the form is self-explanatory, that is why it should be carefully read.
Where do I send fillable Wisconsin Commercial Offer to Purchase Form?
Two original copies of the WB-15 form must be retained by the Buyer and the Seller, and one more copy should be made for the broker’s records.
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