What is the Wisconsin Real Estate Condition Report and are Sellers Required to Give One to Buyers?
The Wisconsin Real Estate Condition Report is a legally required disclosure document that sellers in Wisconsin must complete and provide to prospective buyers. The report discloses the condition of the property, including any known defects or issues that may affect the property's value or the buyer's decision to purchase it.
According to Wisconsin Statutes § 709.02, most sellers are required to provide the Real Estate Condition Report to a buyer within 10 days of accepting a purchase offer. However, there are certain exemptions, and not all sellers are obligated to provide the report. Some exemptions include:
Transfers pursuant to court order: This includes transfers resulting from a foreclosure, bankruptcy, divorce, or other court orders.
Transfers between co-owners: When the transfer of ownership is between co-owners, a Real Estate Condition Report may not be required.
Transfers by a fiduciary: If the property is being transferred by a trustee, personal representative, or guardian as part of their fiduciary duties, a Real Estate Condition Report may not be required.
Transfers of newly constructed homes: If the property being sold is a newly constructed home that has not been previously occupied, the seller is not required to provide a Real Estate Condition Report. Instead, they must provide a New Home Construction Report, which is a separate disclosure document.
It's essential for both sellers and buyers to be aware of their obligations and rights related to the Wisconsin Real Estate Condition Report. Sellers should ensure they provide accurate and complete information to protect themselves from potential legal disputes, while buyers should carefully review the report to make informed decisions about the property purchase.
If you have questions or concerns about the Wisconsin Real Estate Condition Report or other aspects of a real estate transaction, it's a good idea to consult with an experienced Wisconsin real estate attorney for guidance.