Wisconsin statutes require that a home seller provide to a buyer, not later than 10 days after acceptance of a contract of sale or option contract, a Real Estate Condition Report "Report".
The Report provides the seller the ability to disclose property defects, including the following:
- STRUCTURAL AND MECHANICAL
- WELLS, SEPTIC SYSTEMS, STORAGE TANKS
- TAXES, SPECIAL ASSESSMENTS, PERMITS, ETC.
- LAND USE
- ADDITIONAL INFORMATION
What Happens if a Seller Does Not Provide the Report?
A buyer who does not receive a fully completed copy of this report within 10 days after the acceptance of the contract of sale or option contract has the right to rescind that contract.
Are There Exceptions to the Requirement to Provide the Report?
Yes, for the most current list, see the statute. At the time this article was originally written, the requirement does not apply to any of the following persons, if those persons have never occupied the property transferred:
- Personal representatives.
- Fiduciaries who are appointed by, or subject to the supervision of, a court.
Where Can I get a Blank Copy of the Report to Complete?
We will provide you a copy of any Wisconsin disclosure form for free upon submitting a flat fee MLS listing through our website. You can also review the statute, which provides the format of the form.