Get the free land offer purchase sample 2011-2021 form

Hello and welcome to legal update live for April of 2011 my name is Tracy Rucka and I'm the director of professional standards and practices here at the Wisconsin Realtors Association and with me today we have Debbie Conrad our senior attorney and director of legal affairs so today Deb what are we going to talk about in our legal update OAC today the legal update is about the WB 13 vacant land offer to purchase and the majority of changes that were made and all the basic offer provisions that we had in the residential offer and the condominium offer were also made in the vacant land offer Aras Tracy likes to put it ditto so today we're going to talk about some of the new and unique features to the vacant land offer to purchase and the first one I'd like to mention is the new government programs contingency in this provision the seller is to develop deliver excuse me a list of all the conservation environmental governmental land use programs but the property is subject to as well as a list of any fees that are pending or deferred the buyer then we'll have five business days to either terminate the offer to purchase or in the absence of that to continue on if the buyer does continue on they are agreeing however that they are going to reimburse the seller should there be any penalties or fines as a result of a seller as a result of the buyer not continuing on in some of those programs another new provision is the managed forest land provision we have this included because there's been some recent changes to the managed forest land program and one of those changes says that it's mandatory for the seller to give a required disclosure with 10 within 10 days of acceptance but this is included here in the vacant land offers so that if that box is checked then the seller has accomplished the required mandatory disclosure if for any reason that gets missed the WRA also does have a separate form that can be used for this purpose that's available unzip form Tracy what did you like about the new offer well I kind of like page 6 and page 6 deals with the proposed use contingency and all kind of subsets of that and it's all put together in one area the buyer puts forth what they want to purchase that property for and then you just go through the list and you check off do they need any kind of pio WTS or septic do they need rezoning do they need whatever kind of contingency that they need their zoning classification confirmation in there and so the nice thing is it's kind of a summary of those primary things that a buyer is going to need to know before they are bound to buy the property the nice thing is all the time lines run together except for one and that's for the land use approval section you'll notice kind of at the bottom of that list if a buyer needs to have something rees owned or get a conditional use permit or need some other action by the municipality that timeline for that part of the contingency is offset to a different date and deadlines...