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Chapter 709 of the Wisconsin Statutes requires that owners of residential real estate make certain disclosures prior to transfer of the property. In order to comply with that statute, Sellers will provide the buyers with a Real Estate Condition Report. It is best to have a copy of that report prior to making any offer to purchase the property. Buyers should beware that the standard offer to purchase does not allow for an item listed as a defect in the condition report to be objected to as a defect in the inspection contingency. Because there are a number of important issues that can arise as a result of the condition report, buyers should have an attorney review the condition report with them prior to making an offer.
To review the standard, unedited version of a Chapter 709 compliant Real Estate Condition Report, visit WhoseHome.com.
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