Wisconsin's WB-40 amendment form is used to:
Correct Answer
B) Modify or amend terms of an existing accepted Offer to Purchase with both parties' consent
The WB-40 is Wisconsin's standard amendment form used to change agreed-upon terms in an existing Offer to Purchase. It requires signatures from all parties to be effective.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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