This form is a Seller's Disclosure Statement for use in a residential sales transaction in Wisconsin. This disclosure statement concerns the condition of property and is completed by the Seller.
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Wisconsin Residential Real Estate Sales Disclosure Statement
Wisconsin Disclosure Statement
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Wisconsin
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WI-37014
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Description Residential Estate Disclosure
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Related legal definitions
How to fill out Wisconsin Residential Real?
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Real Disclosure Statement Other Form Names
Residential Disclosure Statement
Wi Estate Disclosure
Wi Residential Disclosure
Sales Disclosure Statement
Wisconsin Estate Disclosure
Real Sales Disclosure
Wisconsin Residential Real Estate Contract
Wi Real Estate Disclosure Form FAQ
The typical seller disclosure form is several pages long, and it asks the seller to report known defects in the home. This will include the appliances, as well as information about electrical, heating, sewer, water or other mechanical systems.
A real estate broker or licensee also has specific duties outlined in Oklahoma's Condition Disclosure Act. A seller's real estate broker is required to obtain the disclaimer statement or the disclosure statement from the seller as well as any amendments the seller makes, 60 O.S. §836(A).
The PCDS is a disclosure document a seller is required by law to complete and provide the buyer in addition to the purchase agreement. The PCDS forms part of the purchase agreement and the buyer is permitted to rely on the seller's disclosure as set out in it.
A: An appraisal is generally considered a professional opinion of the market value of a property, not a fact. Although it's both legally and ethically necessary to disclose a material fact, the same requirement doesn't apply to an opinion.
Property disclosure statements essentially outline any flaws that the home sellers (and their real estate agents) are aware of that could negatively affect the home's value. These statements are required by law in most areas of the country so buyers can know a property's good and bad points before they close the deal.
Who Must Make These Seller Disclosures in California. As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the buyer.
If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
Buyers must sign off on all disclosures and reports. So it's important to review them carefully and ask questions if you need to. Full disclosure upfront is the way to go. Providing full disclosure can help a seller.
The Property Condition Disclosure Act requires the seller of residential real property to cause this disclosure statement or a copy thereof to be delivered to a buyer or buyer's agent prior to the signing by the buyer of a binding contract of sale.
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Wisconsin Disclosure Statement
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Law summary
Residential Real Estate Sales Disclosure Statement
CHAPTER 709 DISCLOSURES BY OWNERS OF RESIDENTIAL REAL ESTATE
   709.01 Requirements for transfer.
   709.02 Disclosure.
   709.03 Report form.
   709.035 Amendments to report.
   709.04 Indication of compliance.
   709.05 Right to rescind.
   709.06 Good faith.
   709.07 Liability precluded.
   709.08 Waiver.
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, as defined in s. 703.02 (15), and time-share property, as defined in s. 707.02 (32), but excluding property that has not been inhabited, that includes 1 to 4 dwelling units, as defined in s. 101.61 (1), 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 and 709.06.
                (2) Subsection (1) does not apply to any of the following persons, if those persons have never occupied the property transferred:
                (a) Personal representatives.
                (b) Trustees.
                (c) Conservators.
                (d) Fiduciaries who are appointed by, or subject to the supervision of, a court.
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History: 1991 a. 162; 1995 a. 180.
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709.02 Disclosure.
                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, subject to s. 709.035, except that the owner may substitute for any entry information supplied by a licensed engineer, land surveyor or structural pest control operator or by an individual who is a qualified 3rd party, as defined in s. 452.23 (2) (b), or by a contractor about matters within the scope of the contractor's occupation if the information is in writing and is furnished on time and if the entry to which it relates is identified and except that the owner may substitute for any entry information supplied by a public agency, as defined in s. 66.0825 (3) (h). Information that substitutes for an entry on the report under s. 709.03 and that is supplied by a person specified in this section may be submitted and certified on a supplemental report prepared by the person, as long as the information otherwise satisfies the requirements under this section. A prospective buyer who does not receive a report within the 10 days may, within 2 business days after the end of that 10-day period, rescind the contract of sale or option contract by delivering a written notice of recision to the owner or to the owner's agent.
               ÂÂ
History: 1991 a. 162; 1995 a. 180; 1999 a. 150 s. 672.
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709.03 Report form.
         The report required under s. 709.02 shall be in substantially the following form and shall include at least all of the following information:
[See USLF form WI-37014]
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 prospective buyer, within the time required under s. 709.02, a complete amended report or an amendment to the previously completed report, along with a copy of the previously completed report if not already submitted to the prospective buyer, that states all of the following:
                (1) The address of the property.
                (2) The owner's name.
                (3) The date of the report being amended.
                (4) The number of any statement on the report that is affected by the new information.
                (5) How the owner's original response to the statement is changed and, if the response is changed to "yes", an explanation of the reason why the response to the statement is "yes".
               ÂÂ
History: 1995 a. 180.
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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.
               ÂÂ
History: 1991 a. 162; 1995 a. 180.
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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 a contract of sale or option contract if a defect, as defined in the report, is disclosed, without any liability on his or her part, and a buyer is entitled to the return of any deposits or option fees paid in the transaction. A prospective buyer who receives a report that is incomplete or that contains an inaccurate assertion that an item is not applicable and who is not aware of the defects that the owner failed to disclose may, within 2 business days after receipt of that report, rescind in writing a contract of sale or option contract without any liability on his or her part and is entitled to the return of any deposits or option fees paid in the transaction.
                (2)(a) 1. Except as provided in subd. 2., a buyer may not rescind a contract of sale or option contract under this section if he or she receives a complete report before submitting the contract of sale or option contract to the owner or the owner's agent.
                2. Unless par. (b) applies, a buyer under subd. 1. who, after submitting the contract of sale or option contract to the owner or the owner's agent, receives an amended report, or an amendment to the report previously received, that discloses a defect that was not disclosed in the report previously received may, after receipt of the amended report or amendment to the report and before the applicable deadline, rescind in writing the contract of sale or option contract and is entitled to the return of any deposits or option fees paid in the transaction.
               (b) A buyer may not rescind a contract of sale or option contract under this section on the basis of a defect disclosed in a report, amended report or amendment to a report if the buyer was aware, or had written notice, of the nature and extent of the defect at the time the contract of sale or option contract was submitted to the owner or the owner's agent.
                (3) Rescissions under this section are timely if they are delivered to the owner or the owner's agent within 2 business days after the prospective buyer or the prospective buyer's agent receives the report, amended report or amendment to the report.
                (4) The right to rescind under this section is the only remedy under this chapter.
               ÂÂ
History: 1991 a. 162; 1995 a. 180.
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709.06 Good faith.
                The owner shall perform each act, and make each disclosure, required by this chapter with honesty in fact.
               ÂÂ
History: 1991 a. 162.
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709.07 Liability precluded.
                An owner is not liable for an error or omission in a report under s. 709.03 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, as defined in s. 66.0825 (3) (h), or by a licensed engineer, land surveyor, structural pest control operator or qualified 3rd party, as defined in s. 452.23 (2) (b), or by a contractor about matters within the scope of the contractor's occupation.
               ÂÂ
History: 1991 a. 162; 1999 a. 150 s. 672.
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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.
Legal definition
Residential Real Estate Sales Disclosure Statement
CHAPTER 709 DISCLOSURES BY OWNERS OF RESIDENTIAL REAL ESTATE
   709.01 Requirements for transfer.
   709.02 Disclosure.
   709.03 Report form.
   709.035 Amendments to report.
   709.04 Indication of compliance.
   709.05 Right to rescind.
   709.06 Good faith.
   709.07 Liability precluded.
   709.08 Waiver.
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, as defined in s. 703.02 (15), and time-share property, as defined in s. 707.02 (32), but excluding property that has not been inhabited, that includes 1 to 4 dwelling units, as defined in s. 101.61 (1), 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 and 709.06.
                (2) Subsection (1) does not apply to any of the following persons, if those persons have never occupied the property transferred:
                (a) Personal representatives.
                (b) Trustees.
                (c) Conservators.
                (d) Fiduciaries who are appointed by, or subject to the supervision of, a court.
               ÂÂ
History: 1991 a. 162; 1995 a. 180.
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709.02 Disclosure.
                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, subject to s. 709.035, except that the owner may substitute for any entry information supplied by a licensed engineer, land surveyor or structural pest control operator or by an individual who is a qualified 3rd party, as defined in s. 452.23 (2) (b), or by a contractor about matters within the scope of the contractor's occupation if the information is in writing and is furnished on time and if the entry to which it relates is identified and except that the owner may substitute for any entry information supplied by a public agency, as defined in s. 66.0825 (3) (h). Information that substitutes for an entry on the report under s. 709.03 and that is supplied by a person specified in this section may be submitted and certified on a supplemental report prepared by the person, as long as the information otherwise satisfies the requirements under this section. A prospective buyer who does not receive a report within the 10 days may, within 2 business days after the end of that 10-day period, rescind the contract of sale or option contract by delivering a written notice of recision to the owner or to the owner's agent.
               ÂÂ
History: 1991 a. 162; 1995 a. 180; 1999 a. 150 s. 672.
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709.03 Report form.
         The report required under s. 709.02 shall be in substantially the following form and shall include at least all of the following information:
[See USLF form WI-37014]
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 prospective buyer, within the time required under s. 709.02, a complete amended report or an amendment to the previously completed report, along with a copy of the previously completed report if not already submitted to the prospective buyer, that states all of the following:
                (1) The address of the property.
                (2) The owner's name.
                (3) The date of the report being amended.
                (4) The number of any statement on the report that is affected by the new information.
                (5) How the owner's original response to the statement is changed and, if the response is changed to "yes", an explanation of the reason why the response to the statement is "yes".
               ÂÂ
History: 1995 a. 180.
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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.
               ÂÂ
History: 1991 a. 162; 1995 a. 180.
ÂÂ
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 a contract of sale or option contract if a defect, as defined in the report, is disclosed, without any liability on his or her part, and a buyer is entitled to the return of any deposits or option fees paid in the transaction. A prospective buyer who receives a report that is incomplete or that contains an inaccurate assertion that an item is not applicable and who is not aware of the defects that the owner failed to disclose may, within 2 business days after receipt of that report, rescind in writing a contract of sale or option contract without any liability on his or her part and is entitled to the return of any deposits or option fees paid in the transaction.
                (2)(a) 1. Except as provided in subd. 2., a buyer may not rescind a contract of sale or option contract under this section if he or she receives a complete report before submitting the contract of sale or option contract to the owner or the owner's agent.
                2. Unless par. (b) applies, a buyer under subd. 1. who, after submitting the contract of sale or option contract to the owner or the owner's agent, receives an amended report, or an amendment to the report previously received, that discloses a defect that was not disclosed in the report previously received may, after receipt of the amended report or amendment to the report and before the applicable deadline, rescind in writing the contract of sale or option contract and is entitled to the return of any deposits or option fees paid in the transaction.
               (b) A buyer may not rescind a contract of sale or option contract under this section on the basis of a defect disclosed in a report, amended report or amendment to a report if the buyer was aware, or had written notice, of the nature and extent of the defect at the time the contract of sale or option contract was submitted to the owner or the owner's agent.
                (3) Rescissions under this section are timely if they are delivered to the owner or the owner's agent within 2 business days after the prospective buyer or the prospective buyer's agent receives the report, amended report or amendment to the report.
                (4) The right to rescind under this section is the only remedy under this chapter.
               ÂÂ
History: 1991 a. 162; 1995 a. 180.
ÂÂ
709.06 Good faith.
                The owner shall perform each act, and make each disclosure, required by this chapter with honesty in fact.
               ÂÂ
History: 1991 a. 162.
ÂÂ
709.07 Liability precluded.
                An owner is not liable for an error or omission in a report under s. 709.03 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, as defined in s. 66.0825 (3) (h), or by a licensed engineer, land surveyor, structural pest control operator or qualified 3rd party, as defined in s. 452.23 (2) (b), or by a contractor about matters within the scope of the contractor's occupation.
               ÂÂ
History: 1991 a. 162; 1999 a. 150 s. 672.
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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.