Today's topic is the new Wisconsin real estate condition report that went into effect July 1, 2018, after July 1 of 2018 all home sellers are required to make certain new disclosures to prospective buyers if these disclosures are not made it can provide a reason for the buyer to undo the contract if you think about when you're buying a home you generally don't want to buy it with a lot of surprises that's the intent behind the real estate condition report the Wisconsin Realtors Association has said the intent is to make the report more user-friendly and less confusing and there are multiple changes to the wording, but there's four main areas I want to cover, and today I'm going to talk about the disclosure or existence of restrictive covenant the old report talked about disclosing you're aware of a homeowner's association affecting the property, but there can be a restrictive covenant in place without a homeowner's association or a homeowner's association without restrictive covenant now what's a restrictive covenant a restrictive covenant can be in the deed, and it's something that affects the property for instance it may require you to paint the house a certain way, or only we require you to build a garage that attaches the property or restrict the number of pets you could have on the property we call this a restriction if it didn't a deed that runs with the land meanings sometimes a developer will develop the property, and they'll say we want only single-family homes built one-story with a three-car garage maximum size, or they might limit unlicensed automobile stored on the property things like that that's a restrictive covenant in the deed, and it would run with the property the new form makes clear that the seller must...
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About Wisconsin Real Estate Condition Report
The Wisconsin Real Estate Condition Report is a legal document that must be completed by a seller of residential real estate in Wisconsin. The report provides details about the condition of the property and includes information about any known defects, repairs, or other issues that could affect the value or safety of the property. The report is designed to help buyers make informed decisions about whether to purchase the property and at what price. It is also intended to protect sellers from liability for defects that may be discovered after the sale. Any seller of residential real estate in Wisconsin is required by law to complete and provide a Real Estate Condition Report to potential buyers. This includes owners of single-family homes, condominiums, townhouses, and multi-unit buildings with four or fewer units. Buyers are advised to carefully review the report and seek advice from a qualified real estate professional before making an offer to purchase.
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