The most important document you sign when buying or selling a home is the “offer to purchase.” The “offer to purchase” is the contract that sets forth the many conditions under which a sale will be made. It becomes a legally binding contract once the buyer and seller have signed it.
In Wisconsin, the standard “offer to purchase” is now a multi-page document with various contingencies. There are many important issues to consider before signing an “offer to purchase.” Besides the sales price and closing terms, these issues include the physical condition of the property, the obligations to obtain financing, the right to inspect the property, the sale of the buyer's old home and the manner in which secondary offers are handled.
If you are buying or selling a home, we firmly believe that you should have legal advice to decide whether you wish to modify the language in the standard “offer to purchase.” Many lawsuits can be avoided if buyers and sellers would consult their attorney before signing an offer to purchase.