The Wisconsin residential real estate purchase agreement (“residential real estate purchase contract”) is a contract that is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property.
Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties agree on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.
Do Sellers in Wisconsin Have to Disclose Property Defects?
Wisconsin does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Wisconsin
Along with any material defects with the property, sellers in Wisconsin will also need to provide the following:
- Real Estate Condition Report. The state of Wisconsin states that a seller must inform the potential buyer of any physical issues that they are aware of concerning the property that could decrease the real estate value. The condition report is to be provided for the buyer within ten days of sales offer acceptance and signed by both parties for valid conveyance.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
- Condominium Addendum to Real Estate Condition Report. Condominiums require further documentation of the current condition of the space that also communicates additional information on common areas of the building and auxiliary fees.
