Today's topic concerns the Wisconsin real estate condition report and the new requirements that went into effect on July 1, 2018, in Wisconsin. When you are 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 covers various items, including any defects you may be aware of regarding the property such as the well, septic system, underground storage tanks, etc. On July 1st, the Wisconsin Legislature passed new disclosure rules. These rules require that the buyer of a residential property receive the real estate condition report. I will provide more details about these changes later, but it is crucial to note that if you are selling a property, you must use the updated form that went into effect on July 1, 2018. Many people are still using old forms, which can give the buyer a reason to rescind the contract if they choose to do so. For both buyers and sellers, the disclosure report must be provided within 10 days of the signed offer to purchase by both parties. Therefore, it is essential to ensure that you have the real estate condition report filled out using the updated form and if you are the seller, make sure to provide it within 10 days of the signed contract. Failure to do so may allow the buyer to rescind the contract under Wisconsin statute. This is just an overview of the new Wisconsin real estate condition report, and for more details on how it differs from the old report, please watch my other videos. I can assist buyers and sellers, including those involved in for-sale-by-owner transactions. If you need help with the updated forms or filling them out, feel...
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2020-2024 wisconsin real estate condition report Form: What You Should Know
Contract — Right of First Refusal; DSP Real Estate Real Property Library ​Settlement Rights — Limited Sale — No Fee and Deposit; DSP Real Estate Real Property Relating Library ​Realignment of Title; DSP Real Estate Real Property Relating Library ​Realty Sale and Transfer — Real Property Transfer — No Fee and Deposit; DSP Real Estate Real Property RealÂity Library ​Assigned Interests— Property Owner Obligations.
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Video instructions and help with filling out and completing 2020-2024 wisconsin real estate condition report
