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A recent Reddit post shared by a Wisconsin seller highlights a situation where a seemingly secure deal went sour due to missing earnest money. Here, we'll learn about the legalities of earnest money in Wisconsin and address the seller's concerns about their listing agent's role in this scenario.
Wisconsin Purchase Agreement
Wisconsin Listing Agreement
Wisconsin Earnest Money Laws:
Wisconsin Administrative Code ATCP 134.05(2)(a)1. dictates that a landlord cannot accept an earnest money deposit from a tenant until the specific dwelling unit is identified for tenancy. However, for real estate purchases, there's no specific regulation mandating how soon earnest money must be deposited in escrow. However, the Purchase Agreement typically outlines the timeframe.
*A sample Wisconsin Real Estate Purchase Agreement (WB-11) can be found here https://dsps.wi.gov/Pages/BoardsCouncils/RealEstate/ContractualForms/Forms.aspx
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