Attorney Thomas B. Burton discusses the first major change to the Wisconsin Real Estate Condition report that was made effective by the Wisconsin Legislature on July 1st, 2018, namely the disclosure or restrictive covenants on the property.
Transcript of Video: Change #1 to WI Real Estate Condition Report --Must Disclose Restrictive Covenants
Today's topic is the new Wisconsin
real estate condition report that went
into effect July 1 2018 after July 1 of
2018 all home sellers are required to
make certain new disclosures to
prospective buyers
if these disclosures are not made it can
provide a reason for the buyer to undo
the contract if you think about when
you're buying a home you generally don't
want to buy it with a lot of surprises
that's the intent behind the real estate
condition report the Wisconsin Realtors
Association has said the intent is to
make the report more user friendly and
less confusing and there's multiple
changes to the wording but there's four
main areas I want to cover and today I'm
going to talk about the disclosure or
existence of restrictive covenant the
old report talked about disclosing
you're aware of a homeowner's
association affecting the property but
there can be a restrictive covenant in
place without a homeowner's association
or a homeowner's association without
restrictive covenant now what's a
restrictive covenant a restrictive
covenant can be in the deed and it's
something that affects the property for
instance it may require you to paint the
house a certain way or require
you to build a garage that attaches the
property or restrict the number of pets
you could have on the property we call
this a restriction in a deed
that runs with the land meanings
sometimes a developer will develop the
property and they'll say we want only
single-family homes built one-story with
a three car garage maximum size or
they might limit unlicensed automobile
stored on the property things like that
that's a restrictive covenant in the
deed and it would run with the property
the new form makes clear that the seller
must disclose they're aware of the
existence of those restrictive
covenants so make sure if
you're buying or selling property that
you use the updated disclosure report
mandated use date July 1 2018 if you
need help buying or selling a home or
vacant property contact my office we
have all the updated forms and can help
you complete these legal contracts
Thank you 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.