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Greater Madison Area January­2019 Asking Lease Rates


Office­Rates­ East:­$12.72 Central:­$18.23 West:­$14.71


Other Real Estate Transaction Forms & Agreements – Counter-Offers


QuESTION: An­agent­received­an­offer­and­the­seller­would­like­ to­counter­it.­Must­the­date­for­binding­acceptance­be­specifically addressed­in­the­body­of­the­counter-offer,­or­is­does­inclusion­of­a new­date­for­binding­acceptance­on­line­31­effectively­counter­the original­date­for­binding­acceptance­in­the­original­offer?­


Also,­when­the­seller­counters­an­offer,­the­seller­will­typically­send the­full­offer­and­the­counter­back­to­the­buyer.­If­a­buyer­then­ counters­again,­must­the­full­offer­be­delivered­with­all­subsequent counter-offers?­­­­­


ANSWER: The­binding­acceptance­date­that­matters­is­in­the­last counter-offer,­not­in­the­original­offer.­The­acceptance­deadline­in the­buyer's­offer­is­irrelevant­because­the­WB-44­Counter-Offer­re- jects­the­original­offer­and­establishes­a­new­acceptance­deadline (on­line­31)­to­meet­in­accepting­the­new­offer­made­on­the­WB-44. It­is­not­necessary­to­specifically­reference­the­original­date­for­bind- ing­acceptance­in­the­body­of­the­counter­offer­at­lines­6-27.­The counter-offer­must­be­accepted­in­the­manner­stated­on­lines­30-33 of­the­WB-44­before­the­contract­will­be­binding.


Asking­rates­Office­from­01/01/12­–­01/31/19 Retail­Rates­ East:­$12.62­ Central:­$21.19 West:­$16.12


For­proper­legal­delivery­of­the­accepted­offer,­the­entire­offer­with all­pages­and­signatures­should­be­returned.­The­Real­Estate­ Examining­Board­(REEB)­considers­it­incompetent­practice­for­a­ licensee­to­return­less­than­all­of­the­pages­of­an­offer­when­ delivering­the­offer.­Even­when­there­has­been­no­modification­to the­“boilerplate”­pages,­minimum­standards­of­competent­practice require­returning­all­pages.


Wis.­Admin.­Code­§­REEB­15.02­requires­that­the­parties­receive exact­and­complete­copies­of­all­transaction­documents.­One­good rule­of­thumb­is­that­every­contractual­document­should­make­the round­trip­from­one­party­to­the­other­and­back­again.­When­a­seller is­countering­a­buyer's­offer,­to­ensure­proper­delivery,­the­seller needs­to­deliver­back­the­entire­offer­to­purchase­and­the­WB-44 Counter-Offer.­


Asking­rates­Retail­from­01/01/12­–­01/31/19 Office/Whse East:­$6.15 Central:­$8.31­ West:­$6.64


however,­if­the­parties­already­have­a­copy­of­the­offer,­it­is­not legally­necessary­to­include­a­copy­of­the­offer­when­delivering­ another­counter-offer­or­an­amendment.­For­example,­if­the­buyer submitted­an­offer­and­the­seller­rejected­it­or­countered­by­noting this­on­line­461­of­the­WB-11­Residential­Offer­to­Purchase­and­ delivering­the­entire­contract­back­to­the­buyer­(accompanied­by­a counter-offer­if­the­seller­was­countering),­the­buyer­would­not­need to­also­include­the­original­offer­if­he­or­she­countered­back­to­the seller.­Note­that­the­language­of­both­the­counter-offer­and­the amendment­incorporates­and­reaffirms­the­terms­of­the­original offer.­Therefore,­after­the­seller’s­first­response­to­the­offer,­contract law­does­not­require­attachment­of­the­offer­to­any­subsequent counter-offer­or­amendment.


___________________________________________________ Asking­rates­Office/Warehouse/Flex­from­01/01/12­–­01/31/19 January­2019 ­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­


READ­MORE­ABOuT­IT:­For­further­information­about­counter-offers, see­Pages­6-7­of­the­November­2001­Legal­update,­“Best­of­the­Legal­hotline­– Offer­to­Purchase­Issues,”­at­www.wra.org/Lu0111­and­Pages­8-9­of­the­; September­2006­Legal­update,­“Contract­Law­Basics,”­at­www.wra.org/Lu0609.


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