Wisconsin Buy Sell Clauses and Related Material
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FAQ
The WB-45 Cancellation Agreement and Mutual Release is a form which permits the parties to an agreement or contract to cancel the contract and to authorize any real estate broker holding funds on behalf of the parties to disburse those monies.
Bump clauses allow the seller to ''bump'' a preexisting, contingent offer out of first position in the event that the seller receives a second, non-contingent offer and the maker of the first offer cannot remove one or more of their contingencies in a specified amount of time.
The seller may declare the land contract to be at an end and file a quiet title action to remove the land contract as a cloud on the seller's title to the property. This remedy generally is only used if the buyer's equitable interest in the property is insignificant.
Definition of Bump Clause For example, if the first offer is contingent upon the first buyer selling his home, a seller can bump the first offer in favor of a subsequent offer that is not contingent upon the buyer selling his home.
During the term of the contract, the purchaser has ?equitable title? to the property. The vendor has legal title to the property until the contract is paid in full, and then must convey the property by deed to the purchaser.