When is an offer to purchase considered a contract?

[jasonelki]

What is the name of your state? Wisconsin

I noticed in a few other posts, a few of the offer to purchase documents are not considered contracts, which it clearly states on the document, or so that is what some folks have posted. Is that the case in certain states? I have a signed offer to purchase and am wondering if the seller is bound by this paperwork? As far as I know they are, but the threads I've seen have me doubting.

[I AM ALWAYS LIABLE]

Originally Posted by jasonelki

What is the name of your state? Wisconsin

I noticed in a few other posts, a few of the offer to purchase documents are not considered contracts, which it clearly states on the document, or so that is what some folks have posted. Is that the case in certain states? I have a signed offer to purchase and am wondering if the seller is bound by this paperwork? As far as I know they are, but the threads I've seen have me doubting.

My response:

First, you need to understand what is a contract; i.e., what are the "elements" (the pieces) that make up a contract. When you know that, you'll have your answer.

IAAL

[jasonelki]

I thought my question was fairly cut and dry, but I'll make it a bit more simple.
In Wisconsin, is a signed by both parties offer to purchase considered a binding contract?
Other posts in this forum have made me skeptical.

[nextwife]

Basically, an ACCEPTED offer to purchase becomes a contract (upon delivery as decribed in the offer/counter offer), subject to the contingencies. You used WB11?

[jasonelki]

Yup, WB-11 Residential Offer to Purchase.

[I AM ALWAYS LIABLE]

Originally Posted by jasonelki

Yup, WB-11 Residential Offer to Purchase.

My response:

Did money leave your hands, and into the hands of the seller?

IAAL

[jasonelki]

Originally Posted by I AM ALWAYS LIABLE

My response:

Did money leave your hands, and into the hands of the seller?

IAAL

Apart from the earnest money, there hasn't been any other transfer of funds.

[I AM ALWAYS LIABLE]

Originally Posted by jasonelki

Apart from the earnest money, there hasn't been any other transfer of funds.

My response:

So, why the hell didn't you write this, and the other facts, in your initial post?

Why do we have to play guessing games with you?


IAAL

[jasonelki]

Originally Posted by I AM ALWAYS LIABLE

My response:

So, why the hell didn't you write this, and the other facts, in your initial post?

Why do we have to play guessing games with you?


IAAL

I apologize for not relating all the facts, I can type in word for word the offer if that helps!
In all seriousness, what does it matter if any money changed hands? If the offer was accepted and signed by both parties, isn't that enough?
Apparantly my simple question was more complex than I first thought.
Anything else you'd like to know? I'm not sure what information is relevant.

[I AM ALWAYS LIABLE]

Originally Posted by jasonelki

I apologize for not relating all the facts, I can type in word for word the offer if that helps!
In all seriousness, what does it matter if any money changed hands? If the offer was accepted and signed by both parties, isn't that enough?
Apparantly my simple question was more complex than I first thought.
Anything else you'd like to know? I'm not sure what information is relevant.

My response:

Okay, I'll repeat myself - -

"First, you need to understand what is a contract; i.e., what are the "elements" (the pieces) that make up a contract. When you know that, you'll have your answer."

IAAL

[jasonelki]

A contract, in my opinion, is an agreement between 2 or more parties who agree on terms set in the contract and subsequently sign that document. In my example, I would say we have a binding contract, I guess the more important question would be, would that stand up in court? I recently had another thread in this forum which you can see on page 2, regarding fire damage and the seller not willing to sign an extension to close. Just trying to figure out options should the seller refuse to sign the extension.

[I AM ALWAYS LIABLE]

Originally Posted by jasonelki

A contract, in my opinion, is an agreement between 2 or more parties who agree on terms set in the contract and subsequently sign that document. In my example, I would say we have a binding contract, I guess the more important question would be, would that stand up in court? I recently had another thread in this forum which you can see on page 2, regarding fire damage and the seller not willing to sign an extension to close. Just trying to figure out options should the seller refuse to sign the extension.

My response:

Did anyone here ask you for your "opinion"?

Thanks for stopping by, but it's an absolute waste of time to try to teach you anything.

IAAL

[tigger22472]

Originally Posted by I AM ALWAYS LIABLE

My response:

Did anyone here ask you for your "opinion"?

Thanks for stopping by, but it's an absolute waste of time to try to teach you anything.

IAAL

Ya know isn't it amazing how someone can find this site but they can't google the 'elements of a contract'? I just finished my contracts class so I could answer your question but even if I couldn't I know how to use the computer I'm sitting at!

[I AM ALWAYS LIABLE]

Originally Posted by tigger22472

Ya know isn't it amazing how someone can find this site but they can't google the 'elements of a contract'? I just finished my contracts class so I could answer your question but even if I couldn't I know how to use the computer I'm sitting at!

My response:

Of course you could answer the question. Hell, a third-grader could answer the question.

Some people are just too stupid to be alive.

IAAL

[jasonelki]

If the issue of contracts is so cut and dry, why are there so many questions/problems being asked/addressed on this site? Apparantly most people struggle with the easy things in life, including myself.
Sorry I provided my opinion, it was not a slap to anyones monster ego here, I just wanted an answer to my question, not a lecture, a yes or no would have worked, but if it makes you feel better to berate me, feel free, I can take it.