This form is a Seller's Disclosure Statement. This disclosure statement concerns the condition of property described in the document. The seller acknowledges that the information contained in the form is true and accurate.
Wisconsin Seller's Real Estate Disclosure Statement
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Full disclosure states include Arizona, California, Colorado, Connecticut, Delaware Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota,
The seller and any broker(s)/agent(s) involved are to participate in the disclosures. If more than one broker/agent is involved, the broker/agent obtaining the offer is to deliver the disclosures to the prospective buyer unless the seller instructs otherwise.
THIS CONDITION REPORT CONCERNS THE REAL PROPERTY LOCATED AT IN THE (CITY) (VILLAGE) (TOWN) OF , COUNTY OF STATE OF WISCONSIN. THIS REPORT IS A DISCLOSURE OF THE CONDITION OF THAT PROPERTY IN COMPLIANCE WITH SECTION 709.02 OF THE WISCONSIN STATUTES AS OF (MONTH) (DAY), (YEAR).
Additionally, in a seller's market such as the one in which Wisconsin currently finds itself, many sellers may be tempted to sell their homes as-is, i.e. without providing a Condition Report. While selling as is may reduce the possibility of being sued, it does not remove all potential liability for the sellers.
A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.
Stat. s. 709.02), provided the owner is required to provide this report under Wisconsin Statutes chapter 709. Real estate licensees may not provide advice or opinions concerning whether or not an item is a defect for the purposes of this report or concerning the legal rights or obligations of parties to a transaction.
The State of Wisconsin does not legally require sellers to have a lawyer for their FSBO real estate transaction. However, 21 U.S. states and the District of Columbia have deemed it lawfully necessary for all FSBO sellers to employ a lawyer during the real estate closing process.
A Seller's Disclosure is a legal document that requires sellers to provide previously undisclosed details about the property's condition that prospective buyers may find unfavorable. This document is also known as a property disclosure, and it's important for both those buying a house and for those selling a house.
The document provided by the seller that described the condition of the property is known as the Transfer Disclosure Statement. As a buyer, you should receive this document during the contract contingency period.
