Notice To All Buyers And Sellers
The purpose of this notice is to acquaint prospective real estate buyers and sellers with some common or suggested practices within the real estate industry and to alert prospective real estate buyers and sellers to various issues which may be important to different types of real estate transactions they may be contemplating.
This notice also provides an authorization from the undersigned Buyers/Sellers to allow Broker to contact Buyers/Sellers with information about prospective real estate transactions and affiliate services per State and Federal telemarketing laws.
EQUAL OPPORTUNITY/FAIR HOUSING All associates of First Weber Group are committed to give equal service to all as provided by law. Buyers/Sellers are advised that local, state, and federal fair housing laws prohibit discrimination by Broker.
MLS (Multiple Listing Service) First Weber Group is associated with various MLS services. Information supplied through the MLS services is provided by sellers, listing brokers, and other parties, and may not have been verified. First Weber Group assumes information in the MLS is current but does not guarantee or assume responsibility for its accuracy. Information in the MLS services, if concerning subjects material to Buyers, must be independently verified by Buyers. Subjects such as school district, number of bedrooms, type of electrical service, insulation, etc., should also be verified by Buyers.
TOTAL SQUARE FOOTAGE/MEASUREMENTS Buyers acknowledge that any land, building, or room dimensions, building square footage, or total acreage figures, are often only approximations, based upon rounding of measurements or various formulas used to calculate area totals. If the size or dimensions of any particular part of the property or total square footage or acreage is material to Buyers’ decision to purchase, Buyers understand they must independently verify the sizes, dimensions, square footage or acreage. Buyers understand that the Broker does not warrant the accuracy of any such measurements or figures, and Buyers are not to rely upon unverified measurements or figures supplied by Broker.
FINANCING Broker may recommend a financial institution or other lender for Buyers to consider when Buyers are in need of a mortgage, and Broker may assist in obtaining prequalification or preapproval for a loan, but Broker is not responsible for determining the type or terms of the mortgage. Buyers should compare rates and programs. Choice of lender and type of mortgage are at Buyers’ discretion. (See Notice of Affiliated Business Arrangement Disclosure.)
TITLE INSURANCE/ABSTRACT OF TITLE Broker will facilitate any closing by assisting Buyers to obtain a title commitment, or an updated abstract, as called for in the Offer. The title company may also be retained to collect necessary information (e.g., mortgage payoffs, tax prorations, etc.), and to prepare closing statements. Absent written direction from the parties, First Weber Group shall select a title company. Cost of a title policy is customarily paid by Sellers. The parties should compare rates and policies at their discretion. (See Notice of Affiliated Business Arrangement Disclosure.)
HOME WARRANTY Broker recommends parties consider a home warranty program. A home warranty may be purchased by Seller to provide coverage prior to closing and for one year from closing, or by Buyers upon closing, to cover one year from closing. Coverage is dependent upon the program selected and limited to the policy terms of the home warranty. No coverage on mobile homes. (See Notice of Affiliated Business Arrangement Disclosure.)
FEDERAL LEAD BASED PAINT (LBP) DISCLOSURE Federal law requires Sellers/landlords of most residential housing built before 1978 to disclose the presence of known LBP, to provide any records or reports about LBP in the housing, and to provide Buyers/tenants with a federally-approved lead hazard information pamphlet. http://www.epa.gov/lead/pubs/leadprot.htm. Offers/leases must contain disclosures and acknowledgments. The regulations do not require testing for LBP or removal of such paint or hazards; but Buyers have the right to include a contingency allowing for inspection for LBP.
ASBESTOS, LEAD, RADON GAS, MOLD AND LEAD BASED PAINT, ETC. Buyers/Sellers are aware that public information sources indicate that asbestos, vermiculite, lead in drinking water, radium, radon gas, mold, lead based paint, and other toxic substances and chemicals within a structure or in soils or water supplies can cause serious health hazards. First Weber Group recommends that Buyers/Sellers have the property thoroughly inspected and tested by professionally qualified inspectors or testers addressing the presence of these and other substances or potential hazards of concern to Buyers.
TESTING If Buyers desire the “testing” of any substance, drinking water, soils, air, or other elements on the property, a testing contingency must be specifically added for that purpose in the Offer to Purchase. NOTE: Sellers’ authorization for inspections does not authorize testing of the property.
INSPECTION Sellers are supposed to disclose known defects and certain conditions affecting the property, as provided in ch. 709, Wis. Stats. Buyers remain responsible for performing a reasonably vigilant inspection and confirming if the property is satisfactory for Buyers’ purpose. Buyers may not be able to hold Sellers or Broker liable for failure to disclose defects that are readily observable. First Weber Group recommends that Buyers have the property being purchased thoroughly inspected by a professionally qualified inspector (e.g., State of Wisconsin registered Home Inspector and/or licensed professional engineer). Inspection(s) should cover all material features of the property, including structural, mechanical, heating, electrical, plumbing, wells, septic systems, etc., and may require specialized inspectors or professionals
THIRD PARTY PROFESSIONALS Broker, Broker’s agents, or Broker’s Concierge service may recommend names of various lenders, contractors, inspectors, inspection and/or testing companies, surveyors, contractors, attorneys, and other third party professionals for Buyers’ or Sellers’ consideration. Buyers and Sellers understand that they remain responsible for selection of any such third party professionals, comparison of prices and services, and are responsible for determining whether any third party professionals have the adequate expertise and are sufficiently qualified to render the desired services. Buyers and Sellers understand that the Broker does not perform inspections, tests, surveys, and other such activities, and that the Broker does not ensure the quality of service of third parties and is not responsible for the actions of third party professionals utilized by Buyers or Sellers.
NOTE: Material adverse facts made known to Broker must be disclosed, but Broker does not warrant the condition of the property being purchased.
Broker is not responsible for maintenance or conditions on a property. Owners/sellers are responsible for all maintenance, including preventive and seasonal maintenance, e.g., winterization of vacant properties, ice and snow-removal, and safety and security on their property.
LAND USE RESTRICTIONS, REGULATIONS, AND NONCONFORMING USES Buyers/Sellers are aware many different laws, regulations and land use restrictions, including zoning and subdivision statutes and ordinances, building codes, restrictions on nonconforming properties and uses, as well as deed restrictions, restrictive covenants, subdivision regulations, and homeowners’ association rules, may affect the use and value of property. For instance, non-conforming properties or uses may restrict Buyers’ ability to build, rebuild, remodel, replace, or enlarge an existing structure, and may restrict Buyers’ use of an existing structure or property. Buyers should contact the state, county, or local municipal authorities regarding any potential non-conforming structure or use as well as deed restrictions, restrictive covenants, or subdivision regulations, to verify suitability to Buyer and Buyers’ intended use of the property.
COMMUNITY FACILITIES, SCHOOL DISTRICTS, PARKS, ETC. Buyers are aware that various community amenities, such as a particular school district, or proximity to parks, green spaces, conservancy districts, access to cable and other such services, and other community attributes and facilities, may be material to their purchase of a given property. Buyers are also aware that school districts may change and the existence and usage of parks, green spaces, conservancy districts, and other community attributes and facilities may change. If such community features and amenities are material to Buyers, Buyers acknowledge and understand that they must verify all such information directly with the municipality, school district, or other community entities involved.
AREA CONDITIONS Properties are affected by existing and proposed developments, public projects, and construction in the area surrounding the property. If such existing or future conditions of the area or neighboring properties are of concern to Buyer, Buyer should thoroughly investigate the surrounding areas, prior to writing an Offer, and should contact state and local municipal officials regarding any proposed development or projects as may be known. Buyers should also consult the appropriate governmental or private authorities regarding information about any natural features in the area material to Buyer. For example, for waterfront property it is recommended Buyers contact the DNR and local governmental officials about lake information and topics such as boating, docks and piers, usage regulations, stocking, invasive species, access rights and shoreland zoning.
FLOOD PLAINS/WETLANDS Buyers are aware that the flood plain and wetland maps referred to in the offer often lack detail, are difficult to interpret, and may not be accurate. If material, Buyers should consult with appropriate government officials to verify accuracy or applicability. Buyers/Sellers are aware that site elevations may need to be verified by professionals. The cost of flood plain insurance, if required by Buyers’ lender, is customarily paid by Buyers.
SANITARY DISTRICT, POWTS or DRAINAGE DISTRICTS Property in a sanitary district may be subject to taxes, special assessments, or other charges for sewer planning or construction, user fees, and related costs. Property served by septic, or “private onsite wastewater treatment systems” (POWTS), is subject to state and local regulation. Some counties require a maintenance plan and may impose notification or inspection requirements for transfer of ownership. Property in a drainage district may be subject to special assessments and other requirements as imposed within the district.
USE-VALUE ASSESSMENTS/AGRICULTURAL LAND Under Wis. Stats.§ 70.32(2r)(use-value assessment) Sellers must disclose whether the land sold with the property is subject to use-value assessment, whether the land is subject to a penalty under the use-value system, and whether a penalty on the land has been deferred. Change of use of agricultural or other property subject to use-value taxation may subject Buyers/Owners to substantial penalties. Note: Buyers of rural, agricultural, cropland, forest land, etc., should inquire with Sellers and governmental authorities whether the property is subject to conservation, farmland, environmental or other land use programs, agreements, or restrictions affecting use and taxation of the property, and whether any penalties, assessments, or payback obligations are pending, deferred, or will accrue upon change in use of the property.
ELECTRIC SERVICE: Parties are aware if a property has tube or aluminum wiring or the electrical service uses fuses or is less than 100 amps, lender and insurance companies may require the service be upgraded to no less than 100 amp circuit breaker service and may require tube or aluminum wiring be replaced with wiring consistent with current codes. Certain breaker boxes, e.g. Federal Pacific, are a safety concern to many inspectors.
INSURANCE/INSURABILITY Buyers/Sellers are aware that homeowners insurance carriers may decline to insure certain properties or certain Buyers. Buyers/Sellers understand that Broker is not an insurance expert and cannot guarantee insurability of any particular properties or Buyers. Broker recommends Buyers consult Buyers’ insurance agent or insurance company before committing to purchase, to confirm Buyers’ insurability and insurability of the property by Buyers. If insurability is or may be a concern, a contingency may be included in the offer to purchase to allow verification of insurability.
FWG INSURANCE SERVICES, LLC is an independent insurance agency, partly owned by First Weber Group, providing homeowners and other insurance products for consideration of First Weber Group clients/customers and other prospective Buyers or homeowners. Buyer contact and property information may be forwarded to FWG Insurance Services to provide a complimentary insurance quotation. Buyers should compare quotations and possible discounts. FWG Insurance Services may be contacted directly or may contact prospective Buyers directly. Note: First Weber Group provides your real estate services, but is not responsible for securing or advising about insurance. (See Notice of Affiliated Business Arrangement Disclosure.)
MLS AND CO-BROKERAGE COMPENSATION POLICY (50-50) The amount of co-brokerage offering is a very important factor in marketing effectiveness and in distinguishing between brokerages. Assuming use of First Weber Group’s recommended commission percentage, First Weber Group’s basic co-brokerage policy is to split commission Fifty-Fifty (50-50) with qualified brokers. The policy provides effective incentive to subagent and buying-side brokers. First Weber Group cannot comment on other companies’ policies or the overall commission market, but First Weber Group believes splitting Fifty-Fifty (50-50) provides a competitive incentive for sale and most effective use of client’s commission dollars. Unless a different percentage is stated in the MLS, First Weber’s Fifty-Fifty (50-50) commission split applies to all MLS members and other qualifying cooperating brokers, subject to specific broker agreement or policy letter. The base split/offering will be indicated in client’s listing contract, subject to any other applicable agreement or policy letter. Listing client may view any policy letter applicable to a given transaction upon written request. First Weber’s base commission structure for a transaction under agency contract is composed of the recommended percentage of purchase price, which for listings is subject to the Fifty-Fifty (50-50) co-brokerage offering, plus $295 as additional commission charged by the brokerage for each transaction.
BUYER AGENCY NOTICE Buyers represented by a Buyer’s Agent may often write offers requesting that their Buyer’s Agency fee be paid from Sellers’ proceeds at closing. First Weber Group recommends attempting to facilitate this by keeping the Buyer’s Agency fee intact in the offer to purchase. Should the Buyers’ Agency fee be greater than the amount of commission offered for co-brokerage, the First Weber Group agent can calculate Sellers’ net proceeds, and if necessary, recommend a counteroffer at a price sufficient to retain Sellers’ desired net proceeds and accommodate Buyers’ agency fee.
DUAL AGENCY AND DESIGNATED AGENCY POLICY In transactions where both Sellers’ agent and Buyer’s agent are agents of First Weber Group, the amount of the base commission will be limited to the amount previously determined by the listing contract.
TRANSACTION FEE The transaction fee charged by First Weber Group, noted in an agency contract, and which may be included an Offer, is additional commission. For a description and rationale for this charge, ask the First Weber Group agent for a copy of the brochure entitled “Transaction Fee.”
TELEMARKETING AND E-MAIL LAWS To facilitate Broker’s services, First Weber Group requests permission from all prospective buyers and sellers who have contacted First Weber Group, its agents, or affiliates, to conduct telephone, e-mail, or fax communications with respect to real estate and sales information. Buyers/Sellers hereby permit First Weber Group, its agents and affiliates, to contact Buyers/Sellers, even if Buyers/Sellers are on a “do not call” list, for purposes of providing information or services related to presently contemplated or prospective real estate transactions and related services or products. Buyer/Seller requests, but does not require, Broker, Broker’s Concierge and/or affiliates to telephone, fax, or e-mail Buyer/Seller regarding any such goods and services. Prospective Buyer information may be referred to FWG Insurance Services, LLC, who may per authorization below, communicate a quotation for insurance coverage for Buyer and a given prospective property. Please provide contact information below. Buyers/Sellers may alter or withdraw this authorization at any time in writing to Broker.
CHILD SUPPORT LIEN: Wisconsin's child support collection system affects Sellers and Buyers of real estate. The State "dockets" child support arrears in an electronic database. The arrearage becomes a lien against the delinquent payor's real and titled personal property. If you now pay, or have paid, child support you must determine whether any arrearages have been docketed. The Wisconsin Department of Workforce Development oversees the Child Support Lien Docket. You may check at: https://www.dwd.state.wi.us/liendocketweb. The access code is 1708.
SEX OFFENDER DISCLOSURE Notice: You may obtain information about the sex offender registry and persons registered with the registry by contacting the Wisconsin Department of Corrections on the Internet at http://www.widocoffenders.org or by phone at 877-234-0085.
LEGAL AND TAX ADVICE State law prohibits real estate licensees from giving legal or tax advice. Real estate agents may explain and assist with approved contract form provisions and procedures, consistent with their licensure, but cannot be expected or understood to provide legal or tax advice. First Weber Group recommends all parties have independent legal counsel for legal questions or legal disputes, and consult a tax attorney or accountant regarding tax issues in any given situation or transaction, including the Housing & Economic Recovery Act or other governmental or stimulus programs.
AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE NOTICE
This is to give you notice that First Weber Group and its affiliated companies of First Weber Group Southeastern Wisconsin, First Weber Group Northern Wisconsin, and First Weber Group Northeast Wisconsin, First Weber Group Southern Wisconsin and/or shareholders of First Weber Group or of those entities, have a business relationship with Universal Home Protection, LLC (40% ownership); Priority Mortgage Corporation (100%); Shelter Mortgage Company LLC, D/B/A Guaranty Mortgage (50% ownership); County Land & Title, Inc. (20% ownership); Land Title and Closing Services, LLC (20% ownership); Northwoods Title and Closing Services, LLC (30%); Point Title, LLC (100% ownership); Preferred Title, LLC (40% ownership); Priority Title Corporation (100%); Wisconsin River Title Consultants, LLC (50% ownership); and FWG Insurance Services, LLC (50%); Eagan Title, Inc. (100% ownership). Because of these relationships and ownership interests, referrals may provide First Weber Group, or one or more of its affiliated First Weber entities, and/or shareholders of one or more of the identified entities a financial or other benefit.
Set forth below is the estimated charge or range of charges by the listed service providers for the settlement services listed.
| Service Provider |
Estimated Charges |
| Universal Home Protection, LLC |
$425 to $1,000 depending on size, price, and number of units. The Real Estate company may receive $45-$85 for processing the application and follow-up services with the home warranty company. |
Priority Mortgage Corporation
Shelter Mortgage Company LLC,
D/B/A Guaranty Mortgage |
$295 to $2,500 depending on the price of the house being sold, the amount of mortgage, loan-to-value of the mortgage, down payment, other factors.* |
County Land & Title, Inc.
Eagan Title, Inc.
Land Title and Closing Services, LLC
Northwoods Title & Closing Services, LLC
Point Title, LLC
Preferred Title, LLC
Priority Title Corporation
Wisconsin River Title Consultants, LLC |
$150 to $2,500 depending on the price of the house being sold, whether the policy is a new or reissue policy, depending on the amount of mortgage, and other factors.** |
| FWG Insurance Services, LLC |
$1.50 to $7.50 per thousand, annual premium, depending upon insurability and value/amount of property/risk insured. Quotation provided on information submitted. Application and procurement of insurance depends upon insurability of applicant and/or property and other underwriting limitations.*** |
*Total fees may vary depending upon type of loan, buyer’s loan profile, prepayment penalty or mortgage insurance, if any, and type of property.
**Should a buyer’s purchase be for cash, not involving a mortgage, or should it involve a land contract, the title company has a customary fee of $100 to $300 as a closing fee to the buyer. The title company may also be retained to collect necessary information (e.g., mortgage payoffs, tax proration, etc.) and to prepare a closing statement. The title company may charge the seller $50 to $150 for this service.
***FWG Insurance Services, LLC is a licensed insurance agency and may contact you to provide a quotation for home and/or auto insurance. FWG Insurance Services, LLC is affiliated with First Weber, but operates separately. First Weber and its real estate agents cannot determine insurability or provide specific insurance advice. First Weber and its agents and do not take applications for insurance and cannot bind or guarantee any insurance.
NOTICE OF ADDITIONAL AFFILIATED BUSINESS: The prospective Buyer/Seller understands that some shareholders of First Weber Group have a financial interest in Princeton Custom Homes (including its subsidiaries) and Norwood Custom Homes (including its subsidiaries). Additionally, some shareholders of First Weber Group may have financial interest in certain subdivision developments from time to time with additional disclosures by these shareholders required to be made at the time of purchase.
You are NOT required to use the listed service providers as a condition for your purchase, sale, or refinance of the subject property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.
