A business owner financing the sale of assets. A landlord fronting a tenant money for a new pizza oven. A farmer selling a tractor to his neighbor on credit. These three have at least one thing in common: each is acting as a lender. And as a lender, each wants to ensure the security of.
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Clients frequently contact FOS to discuss purchasing a home or vacation property that is for sale by owner. Often, the parties know each other and/or simply want to avoid paying a broker’s fee. Whatever the reason, most parties will use the Wisconsin Residential Offer to Purchase form. While the buyer likely has a good handle.
You and your neighbor both access the street through a driveway which is located on the neighbor’s property. To confirm your right to use the driveway, your neighbor has provided you with an easement approved by your FOS attorney. Now that the easement is recorded, you’re done, right? Not necessarily. Under an often overlooked Wisconsin.
Offers to purchase typically condition a purchase contract on a third-party’s physical inspection of the property. If the inspection discloses a material deficiency under the offer, depending on the offer language, the buyer may rescind the offer and obtain return of the earnest money. Or, depending on the offer language, the buyer may require that.
For years, municipalities were able to enact various requirements that needed to be met before title to property could be transferred. These obligations were known as Time of Sale Requirements and their content and enforcement was generally left to the municipality’s discretion. Such requirements could range from having the property inspected to having improvements made.