Product Showcase: Forms Update

Fall is in the air, and revised forms are here


 October 18, 2021
product showcase

Happy Forms, Happy Fall

Five new forms are now available for your use in Wisconsin real estate transactions. Last month, the Real Estate Examining Board approved updated versions of four WB forms, all of which have a mandatory use date of October 1, 2021. These forms are available on the DSPS website, in zipForm and in the WRA PDF forms library at www.wra.org/FormsLibrary (for subscribers only).

In addition, the WRA also updated the broker disclosure form, the WRA-BDR, last month. The updated WRA-BDR is available in zipForm and in the WRA PDF forms library at www.wra.org/FormsLibrary (for subscribers only).

WB-16 and WB-17

The WB-16 Offer to Purchase — Business With Real Estate and the WB-17 Offer to Purchase — Business Without Real Estate were updated to reorganize the sequence of provisions to echo the transactional flow in the other WB offers to purchase and to incorporate the standard provisions used in the other offers such as Earnest Money and the Inspection Contingency.

The terminology in the WB-16 was recalibrated to use the terms Real Estate, Other Assets of the Business, and Assets, avoiding the term Property as it is confusing in the business offer context. In the WB-16 and WB-17, references assuming the inclusion of accounts receivable were removed, and the provisions for Allocation of Purchase Price, Sales and Use Tax, and the Appraisal Contingency were updated and improved.

WB-25

The WB-25 Bill of Sale was modified so that it is effective only upon the successful closing of the buyer’s purchase of the seller’s real estate,
and an entity signature block was added to the form.

WB-46

The WB-46 Multiple Counter-Proposal was updated to streamline the language and add a place at the end where the seller can reject or counter an approved multiple counter-proposal.

WRA-BDR

The WRA Business Disclosure Report was updated to include standard real estate disclosure items and upgrade the disclosures to be more thorough and encompassing. The disclosure items in the report substantially mirror the disclosure items in the definition of “Conditions Affecting the Business, Assets or Transaction” in the WB-16.

Learn more

To learn more about these revised forms, visit the WRA forms update resource webpage at www.wra.org/FormsUpdate. There you can access yellow-highlighted samples of the revised WB forms as well as see the full list of all WRA resources related to these October 2021 form changes.

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