What Is Required in the New WI Real Estate Condition Report Mandatory Use Date July 1st 2018


Attorney Thomas B. Burton discusses the changes to the new Wisconsin Real Estate Condition Report which is required to be given to a buyer by a seller within 10 days of a signed offer to purchase, and discusses how the new report differs from the old report in regard to disclosures a seller must make to a buyer.


Transcript of Video: What Is Required in the New Wisconsin Real Estate Condition Report Mandatory Use Date July 1, 2018

Today's topic concerns the Wisconsin

real estate condition report and the new

requirements that went into effect July

1 2018 in Wisconsin when you're buying

or selling a piece of property and you

are the owner you are required to give

the prospective buyer a real estate

condition report this report is mandated

under state law and goes through a

variety of things concerning knowledge

you may have the language it uses is I

am aware of certain defects to the

property this can involve the well the

septic system underground storage tanks

etc well on July 1st the Wisconsin

Legislature passed new disclosure rules

that are required to be provided to the

buyer of a residential property on the

real estate condition report I'll get

into the details of these changes later

but it's important to know that if

you're selling a property you need to

use the updated form that went into

effect July 1 2018 many times people are

still using old forms and this could be

a reason your buyer could rescind the

contact if they were to seek a way out

of it

for any buyer or seller

the disclosure report must be

provided within 10 days of the signed

offer to purchase being signed by both

parties so if you're either a buyer or a

seller make sure you have that real

estate condition report filled out make

sure it's the updated form and if you're

the seller make sure you provide it

within 10 days of the signed contract

otherwise the buyer has the right to

rescind the contract under Wisconsin

statutes so that is an overview of the

new Wisconsin real estate condition

report and watch my other videos for

details on how it differs from the old

report I help represent buyers and

sellers and For Sale By Owner

transactions if you need help with the

updated forms or filling them out

contact my office and we'll be happy to

help you thanks for watching and have a

great day!

© 2018 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

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