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.