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Remley Law, S.C.
Remley Law, S.C.
920-725-2601
Accomplished lawyers serving the Fox Cities with integrity

Legal Guidance For Residential And Commercial Real Estate Transactions

In Wisconsin, conveyances of real estate are governed by Wisconsin Statutes Chapter 706. At Remley Law, S.C., our residential and commercial real estate attorneys provide legal guidance to buyers and sellers in Wisconsin. Our real estate lawyers have been helping clients in Neenah and the surrounding communities since 1962.

Understanding The Buyer’s And Seller’s Roles In A Real Estate Transaction

If you are selling a residential property, you probably have a lot of questions. Here, we answer a few of the questions our residential real estate lawyers are commonly asked. For answers to questions about your specific situation, our real estate attorneys are available by appointment.

As a seller, do I need to work with a broker?

You are not required to work with a broker or an agent; you can sell your home yourself. However, a licensed real estate broker can:

  • Provide a reasonable estimate of what your property should sell for
  • Organize the important information a typical buyer will need to know
  • Advertise your property
  • Facilitate showings of your property
  • Solicit offers
  • Negotiate the terms of your transaction
  • Facilitate the closing of the transaction

Additionally, a broker can also prepare an offer to purchase, handle counter-offers and prepare the closing statements. However, brokers will typically charge about 6% commission for improved residential property. It is important to know that real estate agency contracts must comply with the requirements of Wisconsin Statutes section 240.10(1).

What is an attorney’s role in a real estate transaction for a seller?

Sometimes, sellers choose to sell their home without a broker but seek the advice of a real estate attorney instead. No matter what stage of the real estate transaction you are in, an experienced real estate attorney can help with:

  • Listing your home: An attorney can review and negotiate the terms and obligations of a listing contract with a broker (i.e., when commission is earned, amount of commission, terms of contract, terms of sale, broker obligations, etc.) as well as advise you on tax and other consequences of the sale of your real estate.
  • Reviewing offers: If you have an interested buyer and have received an offer to purchase, an attorney can review your offer and help you understand any buyer contingencies, seller representations and warranties) and help you determine how to respond.
  • Countering offers: If a counter-offer is necessary, an attorney can assist with the proper preparation of the same.
  • Preparing disclosures: Additionally, an attorney can counsel you on the necessary real estate disclosures.

If you have a signed and accepted offer to purchase, an attorney can also assist with contingency satisfaction and the preparation and review of your closing documents. An attorney can also represent you at your closing.

What is an attorney’s role in a real estate transaction for a buyer?

No matter what stage of the real estate transaction you are in, an attorney can help. If you are just starting to look for a new home, an attorney can advise you on:

  • Homeownership
  • Review and negotiate a buyer agency contract
  • Provide advice on the financial elements of your real estate transaction

If you have found a home, an attorney can assist with the preparation and review of your offer to purchase the home. In addition, a real estate attorney can help with counteroffers, buyer’s contingencies and understanding the seller’s representations and warranties.

If you have a signed and accepted offer to purchase, an attorney can assist with contingency satisfaction, determining how to hold title, preparation and/or review of closing documents, as well as representing you at closing.

What are the steps in a real estate transaction?

Each real estate transaction is unique. However, a “typical” real estate transaction starts with a buyer finding a home. Once the buyer finds the home, the listing broker, buyer’s broker, or buyer’s attorney will generally draft an offer to purchase the home that reflects the buyer’s wishes. The seller may accept the buyer’s offer or draft a counteroffer. Back-and-forth counteroffers may be exchanged until the buyer and seller reach a deal. If there are any contingencies, those will then need to be satisfied before the deal can close. Lastly, if all contingencies are satisfied or waived, the parties will be able to close on the property.

What are the appropriate terms of an offer to purchase?

An offer to purchase must describe the property intended to be purchased, set a purchase price and set a closing date. Among other important terms of the transaction, the offer may also include a down payment, deadline for acceptance, appropriate buyers’ conditions and contingencies, sellers’ warranties and representations.

What are contingencies?

Contingencies are conditions that must be satisfied before the party is obligated to conclude the transaction. Some typical contingencies included in an offer to purchase are:

  • Financing contingency
  • Appraisal contingency
  • Survey contingency
  • Closing of buyer’s existing property contingency
  • Secondary offer contingency
  • Home Inspection contingency
  • Well water and septic systems test contingency
  • Environmental condition contingency
  • Rezoning contingency
  • Building permit contingency
  • Title review contingency

An experienced real estate attorney can help you negotiate contingencies and advise you on your obligations in a real estate deal when contingencies are involved.

What are seller warranties and representations?

Warranties and representations are assurances made by the seller regarding the condition of the property. Some typical warranties and representations included in an offer to purchase are:

  • Property condition at closing
  • Property defects
  • Well and septic system operation
  • Inspection before closing
  • Compliance with laws
  • Compliance with subdivision regulations
  • Compliance with codes
  • Compliance with land-division ordinances

If you need assistance with warranties and representations during your real estate transaction, an experienced lawyer can provide guidance and advice.

What sorts of disclosures are required by law?

Sellers are required to be honest about any known defects with the home. The seller is required to complete a disclosure form, pursuant to Wisconsin Statutes chapter 709 as part of their transaction. In addition, they must also provide a lead-based paint disclosure, if it is appropriate.

What is required for closing?

Since each transaction is unique, every closing will be different. However, generally, before closing can occur, contingencies must be satisfied or waived, title insurance must be procured and a closing statement must be prepared. In addition, all necessary legal documents must be prepared, like the deed, land contract or mortgage. Also, a real estate transfer tax return must be prepared, along with any other miscellaneous documents that may be needed, such as a municipal status letter, mortgage payout letter, escrow agreement or bill of sale.

Talk To A Neenah Real Estate Transactions Lawyer Today

Real estate transactions can be complex. Our lawyers at Remley Law, S.C., have more than 200 years of combined experience. They are available by appointment and can help with any real estate sale or purchase transaction. To schedule an appointment, you can call our Neenah office at 920-725-2601 or send us a message using our online form. We look forward to hearing about your real estate transaction and answering your questions.