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New listing contract forms for farms, vacant land, residential condominiums and commercial properties were approved by the Department of Regulation and Licensing. The mandatory use date for the new listings is January 1, 2009. Forms will be available in paper format October 7 and on ZipForm October 9. Samples of the forms and a video presentation of form changes is available under the Helpful Tools section of this page.
To complement the new farm, vacant land and commercial listings, the WRA has updated the seller disclosure forms WRA-F, WRA-RV and WRA-RCC. The farm condition report as well as residential condition reports (WRACR and WRASCR) due out late October, include a new statement, 24.m. This new disclosure language on special purpose districts such as drainage districts is required beginning November 1. In addition, the condominium addendum to the condition report (WRACACR) and Addendum C (WRAAC) are currently being revised and will be released in December.
Addendum W – Wetlands
A new addendum for buyers interested in purchasing properties containing or possibly containing wetlands is also available at this time. Developed in conjunction with the Department of Natural Resources, this addendum alerts buyers to important considerations and resources available with regard to wetlands. Click here to view a sample of Addendum W.
All forms are available for purchase at www.wra.org/forms and in downloadable format for ZipFormDesktop at www.zipform.com/support/updates.asp. ZipFormOnline users receive automatic updates. New listings are labeled as WB-2T, WB-3T, WB-4T and WB-5T.
Why new forms now?
The
primary reason for the revisions at this time is to
incorporate the statutory "Broker Disclosure to Clients"
language into the forms. In addition, while the current forms
have generally served REALTORS® well, the time has come for an
update to clarify language, create better definitions and fix
provisions that do not work well in day-to-day practice – to
improve the forms for the benefit of consumers and licensees
alike.
How are the new forms developed?
The
forms are prepared and approved for use by the DRL. In
addition, the Wisconsin REALTORS® Association (WRA)
Forms Committee, chaired by REALTOR® Dwight Kruse,
has reviewed drafts of the forms and provided valuable
recommendations and suggestions.
Helpful Tools
Here are some tools to help you learn about the new forms.
- Line-by-Line video
explanation of form changes by Attorney Dave Sayas.
Download
sample forms for review with the video:
- Print Sample Forms:
- Legal Update 08.09* - WB-2 Farm Listing and Farm Real Estate Condition Report
- Legal Update 08.11* - WB-3 Vacant Land Listing and Seller Disclosure Report - 2008 Revisions.
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