Today's topic is another post about the new Wisconsin real-estate condition report. The mandatory use date is July 1, 2018. Home sellers are now required to disclose how long they've lived in the property right on the form. In the old form, this wasn't included. Now, to be clear, you're only required to complete this form if you actually owner-occupied or own the property. There are certain exceptions for someone who didn't live there, such as someone selling a house out of a probate estate or the trustee of a trust. However, people who flip homes, such as LLC members, are required to complete the report because there is no special exception carved out for them. Talk with your real estate agent or attorney about whether you're required to complete the report if you're selling property that isn't your owner-occupied home. But for today, we're talking about your home. You're now required to disclose how long you've lived in the property. And that's one of the additional requirements in addition to my previous video discussing how you must disclose that you're aware of a restrictive covenant on the property. The main takeaway is that on July 1, 2018, new disclosures were added to the law and are required in the report. So if you're buying or selling a home, you want to make sure you have the updated forms and the latest legal language to ensure that your contract is legal and binding. Just to remind you, this real estate condition report is required to be furnished by the seller to the buyer within 10 days of an accepted contract by both parties. Otherwise, the buyer has the option under state law to cancel the contract. That's today's update on the real estate condition report. Thank you for watching.
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Wisconsin real estate condition report Form: What You Should Know
Contract. All contents ​ Copyright 2018, Wisconsin Real Estate Data, LLC 709.04 Information for use. The real estate condition report or complete a separate report based on his or her individual knowledge. The condition report form shall include the following information: SECTION 709.03 DISCREPANCY. The failure of the real estate in question to conform to the requirements of this chapter or other applicable laws or regulations is a Discrepancy in this report. A Discrepancy shall be deemed irreparable when it affects the value of all the real property on such land, or it materially reduces the total market value of such property. SECTION 709.04 USE IN STATE. The real estate condition report form shall be a public record and is subject to public inspection and copying in the following cases: 1. The real estate condition report form shall be available by appointment at the office of the county sheriff or the office of the county assessor for three years. For further information, contact the office of the sheriff or the office of the assessor. Notice of such public inspection and copying shall be mailed by certified mail to the last known address of each resident and the last known address of the corporation authorized to own, manage, and operate the real estate, as well as to each owner of record of the real estate condition report, not later than 15 days prior to the commencement of the inspection and copying. Upon notice of such inspection, copies of the report may be filed by the corporation in its own name with the district court where the district court has record. 2. The real estate condition report form shall be available to all law enforcement agencies who may receive a report of a Discrepancy under s. 709.03 or who investigate a violation of section 709.03. SECTION 709.05 COMMERCIAL USE The use of copies of the real estate condition report form to verify the condition of the real property in question, or to enforce or collect rent from the owner or tenant of any real property shall not be made a substitute for a real estate contract or lease. SECTION 709.06 PUBLIC RECORD. The real estate condition report form is a public record that is open to inspection to the public for inspection and copying purposes only. Any information contained in, or included in, the report that the disclosure of which would make the condition report inaccurate or misleading is prohibited and is confidential and exempt from s. 119.07.
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