The WRA has released updates to three WRA forms:

• WRA-ADO: Addendum O to the Offer to Purchase — Occupancy Agreement
• WRA-CP: Listing Contract to Lease Commercial Property — Exclusive Right to Lease
• WRA-PMA: Property Management Agreement

The revisions to the Addendum O include new sections describing an optional Removal Deposit enforcement process for those situations where an Occupant fails to remove from the Premises after a pre-closing or a post-closing occupancy. A party stands to lose their Removal Deposit if they are the Occupant and fail to surrender possession of the Premises to the Owner at the appropriate time when their occupancy has ended. This creates a remedy that is potentially faster and more efficient than any effort by the Owner to go to court and ask to have the Occupant removed. The WRA Forms Committee also adjusted the sequence of the Addendum O provisions to create a more logical flow with various fees and charges grouped together.

Both the Listing Contract to Lease Commercial Property — Exclusive Right to Lease and the Property Management Agreement were revised to add the commission transparency language that was recently added to the WB listing contracts. For example, the firm and the client together agree on what the commission shall be and it is proclaimed in bold type that there is no standard market commission rate, that commissions vary and commissions are negotiable. The same dispute resolution language found in the listing contracts now appears in these forms as does the note reminding the parties of the Wis. Stat. § 452.142 time limitation on the commencement of any legal action. The WRA Forms Committee also added the Wire Fraud Warning.

Look for the updated forms in Transactions (zipForm edition) and in the PDF Library.