Attorney Thomas B. Burton discusses the residential real estate condition report required to be given to buyers by sellers under Wisconsin law and discusses important changes that were made to this report, including new required disclosures as of July 1, 2018.
Transcript of Video: What is the Wisconsin Real Estate Condition Report and What Changes Were Made on July 1st 2018
Today's topic is changes the Wisconsin
Legislature made to real estate law
specifically the required disclosures
required to be made by sellers to buyers
on the Wisconsin real-estate condition
report the real estate condition report
looks something like this it's a
multi-page form that covers many
questions concerning your property that
the owner must certify and sign and
provide to the buyer within 10 days of
an accepted offer to purchase being
signed by both the buyer and the seller
so if you're selling property you need
to make sure you're using the updated
seller disclosure form to ensure that
you're complying with the new law and
making all the required disclosures
under the law some of the new
disclosures relate to insurance claims
against the property they relate to
knowing about the possible manufacture
of methamphetamine on the property or
the existence of restrictive covenants
on the property watch my other videos
for the full details and the new
disclosures the important takeaways to
know that July 1 2018 was the required
use date for the new Wisconsin real
estate condition report and if you're
selling your home make sure you're using
that form if your buyer makes sure the
sellers using the correct form because
in either case not using it could be a
way for an unwilling buyer or seller to
get out of the contract that's the
updates to the Wisconsin real estate
condition sellers condition report if
you need help buying or selling your
home I represent buyers and sellers and
help you complete all this paperwork to
make sure it's legally valid and you
have a binding contract and the sale
goes through as you intended thanks for
watching.
© 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.