709.001 Definitions. In this chapter: (1) “Condominium unit” or “unit” has the meaning given for “unit” in s. 703.02 (15). (2) “Dwelling unit” has the meaning given in s. 101.61 (1). (3) “Public agency” has the meaning given in s. 66.0825 (3) (h). (4) “Qualified 3rd party” has the meaning given in s. 452.23 (2) […]
709.01 Requirements for transfer. (1) Except as provided in sub. (2), all persons who transfer real property located in this state, including a condominium unit and time-share property, by sale, exchange, or land contract, unless the transfer is exempt from the real estate transfer fee under s. 77.25, shall comply with ss. 709.02 to 709.04 […]
709.02 Disclosure. (1) In regard to transfers described in s. 709.01, the owner of the property shall furnish, not later than 10 days after acceptance of a contract of sale or option contract, to the prospective buyer of the property a completed copy of the report under s. 709.03 or 709.033, whichever is applicable, subject […]
709.03 Residential real estate condition report form. The report required under s. 709.02 with respect to real property, as defined in s. 709.001 (5) (a), shall be in substantially the following form and shall include at least all of the following information: REAL ESTATE CONDITION REPORT DISCLAIMER This condition report concerns the real property located […]
709.033 Vacant land disclosure report form. The report required under s. 709.02 with respect to real property, as defined in s. 709.001 (5) (b), shall be in substantially the following form and shall include at least all of the following information: VACANT LAND DISCLOSURE REPORT DISCLAIMER This disclosure report concerns the real property located at […]
709.035 Amendments to report. If at any time after completing a report, whether the original or an amended report, but before acceptance of a contract of sale or option contract an owner obtains information or becomes aware of any condition that would change a response on the completed report, the owner shall submit to a […]
709.04 Indication of compliance. An owner shall indicate compliance with this chapter on the contract of sale or option contract, on the closing statement or in an addendum to one of those documents. History: 1991 a. 162; 1995 a. 180.
709.05 Right to rescind. (1) Except as provided in sub. (2) (b), if a buyer receives a report after submission of a contract of sale or option contract to the owner or the owner’s agent, the buyer may, after receipt of that report by the prospective buyer and before the applicable deadline, rescind in writing […]
709.06 Good faith. The owner shall perform each act, and make each disclosure, required by this chapter with honesty in fact. History: 1991 a. 162.
709.07 Liability precluded. An owner is not liable for an error or omission in a report under s. 709.03 or 709.033 if the owner had no knowledge of that error or omission, if the error or omission was based on information provided by a public agency, by a licensed engineer, professional land surveyor, as defined […]
709.08 Waiver. A buyer may waive in writing the right to rescind under s. 709.05. If a buyer proceeds to closing, the buyer’s right to rescind under s. 709.05 is terminated. A buyer may waive in writing the right to receive the report required under s. 709.02. History: 1991 a. 162.
