Wisconsin Condominium Addendum to Real Estate Condition Report March Form
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People also ask
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What is a property condition disclosure statement?
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.
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What happens if a seller decides not to complete the property condition disclosure statement?
If a required disclosure is not timely made, then the buyer will have the right to cancel the purchase within the time period stated in the contract. If required disclosures are not made at all, the seller may then be responsible for the cost of repairs and other damages resulting from the undisclosed defect.
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Which of the following property owners must complete the recr in wisconsin?
Generally sellers of one-to-four dwellings or vacant land are required to complete a RECR or VLDR.
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Is a real estate condition report required in Wisconsin?
Most, but not all, sellers of real estate in Wisconsin are required to submit a so-called "real estate condition report" to any potential buyer. (See Chapter 709 of the Wisconsin Statutes.) The law doesn't, however, apply to multi-unit properties (more than four dwelling units).
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How long are you liable after selling a house in Wisconsin?
Therefore, a real estate licensee, including their company, may be sued based upon a listing, buyer agency agreement or offer to purchase anytime within a 6-year period after a closing on a transaction, or a listing or buyer agency agreement.
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