On September 1, 2020, Wisconsin’s WB-14 form become the standard form used by real estate brokers on behalf of their clients to purchase condominiums.  As drafted, it is a trap for the Seller, and any Broker using it should, at a minimum, cross out lines 158-160.  Although this new form offer may make the broker’s job easier, it puts Sellers (but not real estate brokers) at significant risk for no particular reason.

Specifically, WB-14 includes on lines 149-166 a “Contingency for Additional Condominium Information”.  If checked, which it likely always will be, it requires the Seller to deliver to Buyer at Seller’s expense, within 10 days of acceptance, if they exist, the following:

1. Line 152 – Association financial statements “for the 2 two years.”
2. Line 153 – Minutes of “the last 3 Unit owners’ meetings.”
3. Line 154 – Minutes of “Condominium board meetings during the 12 months prior to acceptance of this Offer.”
4. Line 155 – “Information about contemplated or pending Condominium special assessments.”
5. Line 156 — The Association’s “certificate of insurance.”
6. Line 157 – “The balance of reserve accounts controlled by the Association.”
7. Line 158 – “Any Common Element inspection reports … held by the Association.”
8. Line 160 – “Information regarding any pending litigation involving the Association.”

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Continue Reading Wisconsin’s WB-14 Residential Condominium Offer to Purchase (CONDO SELLERS BEWARE)