The Wisconsin Notice of Waiver of Preferential Purchase Right is an important document used in real estate transactions in the state of Wisconsin. When a property owner is selling their agricultural land or a farm, a Preferential Purchase Right (PPR) may be granted to a government agency, such as the Wisconsin Department of Natural Resources (DNR), or a nonprofit organization dedicated to preserving farmland. This PPR allows the designated entity to purchase the property before other potential buyers if the owner decides to sell. However, in certain circumstances, the property owner may want to waive this Preferential Purchase Right and sell the property to another buyer without giving the designated entity the opportunity to purchase it first. To do so, a Wisconsin Notice of Waiver of Preferential Purchase Right must be prepared and filed. The Notice of Waiver of Preferential Purchase Right is a legal document that acknowledges the property owner's decision to waive the PPR. It details the property's information, including its legal description, parcel number, and address. It also specifies the current owner's name and contact information, along with the designated entity (if applicable) that holds the Preferential Purchase Right. The document should clearly state the owner's intent to waive the Preferential Purchase Right and should be signed and dated by all necessary parties involved. Additionally, it is advisable to have the document notarized to ensure its authenticity. It is important to note that while the Wisconsin Notice of Waiver of Preferential Purchase Right is a general term, there are specific types of waivers that may be encountered in different contexts. One common type is the Waiver of Preferential Purchase Right for Farmland Preservation Agreements, which specifically addresses properties enrolled in farmland preservation programs. Another type could be the Waiver of Preferential Purchase Right for Conservation Easements, which applies when a property is encumbered by a conservation easement. In conclusion, the Wisconsin Notice of Waiver of Preferential Purchase Right is a crucial document that allows property owners in Wisconsin to waive the preferential purchase rights granted to government agencies or nonprofit organizations. By using this document, property owners can choose to sell their property to buyers of their choice without making it available to the designated entity first.
Wisconsin Notice of Waiver of Preferential Purchase Right
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How to fill out Wisconsin Notice Of Waiver Of Preferential Purchase Right?
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