July 1, 2016 Update
The WB-1 Residential Listing Contract and the WB-42 Amendment to Listing Contract have been updated by the Real Estate Examining Board of the Department of Safety and Professional Services. The updated WB-1 and updated WB-42 have mandatory use dates of July 1, 2016. However, these forms are unusual because they have no optional use date.
In this unique situation, the WB-1 uses revised client disclosure language that is quoted from the updated Chapter 452 of the statutes, which does not go into effect until July 1, 2016. Using the revised disclosure language before that language becomes law creates a risk that a listing could be challenged and a firm could lose out on a commission if a contract with the revised language is used before that language is law.
- LegalTalks videos: “WB-1: 2016 Changes with Debbi Conrad” video series.
- Wisconsin Real Estate Magazine: “Top 10 Things You Should Know about the WB-1” in the June 2016 issue.
- Legal Update: March 2016 Legal Update: “WB-1 Residential Listing Contract and WB-42 Amendment to Listing Contract — 2016 Revisions.”
Sample copies of July 1 forms:
- WB-1 Residential Listing Contract: click for sample
- WB-42 Amendment to Listing Contract: click for sample
The language in the agency disclosure forms was also modified by the new legislation and thus should only be used starting July 1. The updated disclosure forms include:
- WRA-BDCL Disclosure to Clients: click for sample.
- WRA-BDCU Disclosure to Customers: click for sample.
- WRA-BDNC Disclosure to Non-Residential Customers: click for sample.
WB-1, WB-42 and agency disclosure forms will be available to purchase the week of June 20 and available on zipForm July 1
The Disclosure to Clients form will be used to update listings and other agency agreements that will have incorrect disclosure language starting July 1 until they are updated by the REEB. Beginning July 1, all such forms appearing in zipForm will have the old language lined out and will automatically appear together with the new Disclosure to Clients. For the instructions for making this modification when using paper forms: click here.
WRA Addendum A
This form has been revised to eliminate references to time of sale requirements and to allow for the use of an average radon level where multiple readings are taken.
Visit the Rental Resources page for information about updated rental forms.
January 1, 2016 Update
Four forms received modifications, all with a mandatory use date of January 1, 2016. These forms are:
- WB-40 Amendment to Offer to Purchase
- WB-41 Notice Relating to Offer to Purchase
- WB-44 Counter-offer
- WB-45 Cancellation Agreement & Mutual Release
Learn more about the updates to these forms in the WRA’s 2016 Forms Update Video.
The Real Estate Examining Board (REEB) of the Department of Safety and Professional Services has made revisions to the WB-11 Residential Offer to Purchase, WB-13 Vacant Land Offer to Purchase, WB-14 Residential Condominium Offer to Purchase and WB-12 Farm Offer to Purchase.
Latest REEB-approved forms
- WB-6 Business Listing Contract — Exclusive Right to Sell
- WB-16 Offer to Purchase — Business Without Real Estate Interest
- WB-17 Offer to Purchase — Business Without Real Estate Interest
Latest WRA forms — now available
- WRA Addendum TRID to the Offer
- TRID Information for Consumers
- WRA Addendum A
- WRA Addendum B
- Business Disclosure Report
- Signature Block Addendum
Also see the rental resources page about updated rental forms.
How are the new forms developed?
The WB forms are prepared and approved for use by the REEB. Prior to approval, drafts are reviewed by the Wisconsin REALTORS® Association Forms Committee, chaired by REALTOR® Tom Sykora, and comments are forwarded on to the DSPS Real Estate Contractual Forms Advisory Committee. Once the DSPS state forms are finalized, WRA-drafted forms are examined to see if changes are warranted.